Global trade underwent significant changes after 1500, with the most notable development being the Age of Exploration and the subsequent European colonization of the Americas. This era saw the rise of European powers like Spain, Portugal, the Netherlands, and England, which embarked on voyages of discovery to explore new trade routes and establish colonies around the world.
This increased competition and colonization led to the development of new trade networks and the emergence of global trade. The American continents, in particular, became a major source of raw materials and precious metals, which European traders used to purchase goods from other parts of the world. This led to the growth of trade between Europe, the Americas, and Africa.
Another important development was the expansion of maritime trade. With the discovery of new trade routes and the development of new technologies like the caravel ship, Europeans were able to navigate the open seas more easily, which allowed them to establish trade links with faraway countries like China and India.
In addition, the use of New World crops like potatoes, tomatoes, corn and tobacco which was grown in America by the indigenous people, helped to revolutionize agricultural practices around the world, leading to a massive increase in food production which leads to population growth and urbanization.
In Asia, the trading systems had long been in place, the Portuguese and the Dutch established trading posts along the coast of India and Southeast Asia, which led to the growth of trade between Europe, Asia and Africa.
Overall, the period after 1500 saw a significant increase in the volume and variety of goods traded around the world, as well as the expansion of trading networks and the emergence of global trade. This development has had a profound impact on the economies and societies of the world, and it continues to shape the global economy to this day.