Final answer:
Before October 12, 1492, the global economic superpowers were India and China, dominating world commerce. Europe was secondary, with shifting powers from Portugal and Spain to England, France, and the Netherlands by the seventeenth century.
Step-by-step explanation:
Before October 12, 1492, the global economic superpowers were the Asian empires, notably India and China. These regions dominated world commerce and industry, together producing 80% of the world's goods. China was buoyed by its economic dominance and had a substantial influence due to its trade activities, particularly involving silver from the Americas. India had a wealthiest massive Hindu empire and was very interested in expanding trade with the West. Europe's position in Asia stood in contrast to its American colonies, as European nations were unable to dominate in Asia due to the strength and wealth of Asian empires and their powerful armies.
In Europe, while Portugal and Spain made early advancements in establishing colonies and trade routes, especially after Vasco da Gama's voyage in 1498, by the seventeenth century the economic power started shifting as England, France, and the Netherlands began establishing their own territories and trade posts, impacting the world economy and the balance of power internationally.