Final answer:
The time when Great Britain was the hegemonic power in terms of trade and economy is often referred to as the British Empire or the Pax Britannica. During the 19th century, the British Empire had extensive control over territories such as Canada, South Africa, India, and ports in China. It had a dominant influence in global trade, with a significant impact on industrialization and economic growth.
Step-by-step explanation:
The time when Great Britain was the hegemonic power in terms of trade and economy is often referred to as the British Empire or the Pax Britannica. During the 19th century, the British Empire had extensive control over territories such as Canada, South Africa, India, and ports in China. It had a dominant influence in global trade, with a significant impact on industrialization and economic growth. The British Empire's economic strength was supported by factors such as the availability of raw materials from its colonies, a strong navy for protection and trade, and the establishment of free markets.