How were the economies of Latin American colonies and European countries connected by trade?
1 Answer
The economies of Latin American colonies, e.g. Brazil, was based on metal, e.g. cold, plants, e.g. spices.
Explanation:
Nowadays the world's economy is based on Petroleum, nonetheless, it was not the case decades ago.
The colonization process, about 1500, was initiated by the British, but soon dominated by other countries such as Spain and Portugal.
Some foodstuff such as spices or plants such as tabacco at the time was quite demanded and expensive. Others would come, such as coffee, which became essential. Later sugar. In order to have an idea, about 60% of the economy of Brazil was around coffee exportation.
Further, precious metals such as cold was found in abundance on these lands.
Therefore, precious metals and special food components were the based of the economy between Latin America and Europe until the end of the colonies.
