Major Economic Consequences of the Expansion of Global Trade Networks

The expansion of global trade networks had several major economic consequences that transformed the world economy:

Growth of International Commerce

With the expansion of global trade networks, international commerce grew exponentially. Countries were able to trade goods and services more easily across borders, leading to a significant increase in economic activity.

Spread of Wealth and Resources

The expansion of global trade networks facilitated the spread of wealth and resources across different regions. Countries that were rich in natural resources could export them to other nations, leading to economic prosperity and development.

Development of New Industries

Global trade networks spurred the development of new industries as demand for goods increased. This led to the industrial revolution and the creation of manufacturing sectors that transformed economies around the world.

Rise of Economic Interdependence

As global trade networks expanded, nations became increasingly interdependent economically. Countries relied on each other for resources, markets, and investment, creating a complex web of economic relationships that connected the world in unprecedented ways.