Some other source of early capital accumulation or enrichment for European countries was their penetration into African land in the middle of the 15 th century. Its gold and silver poured into Europe where they powerfully stimulated trade and provided some of the capital, which was soon to make European nations the most advanced in trade, industry, and science.Īmerica became a new and inexhaustible market for European manufacturers. The new continent was rich in precious metals. Vasco da Gama returned with a cargo, which sold for 60 times the cost of his voyage.Ĭolumbus and Vasco da Gama’s sea routes along with other navigational discoveries opened a new chapter in the history of the world.Īdam Smith wrote later that the discovery of America and the Cape route to India were "the two greatest and most important events recorded in the history of mankind." He sailed around Africa via the Cape of Good Hope (South Africa) and reached Calicut (as shown in the map given below). In 1498, Vasco da Gama of Portugal discovered a new and all-sea route from Europe to India.
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