9781422281239

The voyages of Christopher Columbus and others dur- ing the “Age of Discovery” (1400–1779) were made primarily to develop new trade routes that would enable valuable goods to be brought to Europe.

became commonplace, and wealth from foreign lands paid for lavish lifestyles of the rulers. But European imperialism did not last. By the early twentieth century, the European empires had begun to crumble. The negative aspects of imperialism, including slavery, crippling taxes, and corrupt local offi- cials, caused the conquered peoples to crave the freedoms of self-rule. Through revolt or, in some cases, negotiation, local populations regained control of their land and resources. After hundreds of years of imperial rule, these new governments were determined to be self-sufficient. To reduce competition from foreign interests, high taxes (called tariffs ) were placed on imported goods. Tariffs pro- vided operating funds for the new governments and, by rais- ing the price of imported goods, helped encourage purchase of cheaper, locally produced products. Governments also

A Brief History of Global Trade 9