Europe and the World. Overseas trading of Europe. History Essay

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1 One of the main themes of our readings so far has been overseas trade: how it was conducted, what merchants expected to find, what investments they made, and what profits they expected. In Shakespeare’s Merchant of Venice, as well as in the readings in Mancall (Envisioning America), Lane (Piracy), and Boxer (Tragic History of the Sea), we have seen merchants attempting to create new ventures overseas, but not always with success. Often, their plans went sorely awry; but new ideas continually emerged. Using evidence found in these sources, discuss the clash between early modern economic policies and outcomes, being sure to include both successes and failures. What do you think were the highest ambitions of these traders? And what do you think were their most enormous difficulties?
Outline:
* Overseas trading of Europe
* The contribution of Venice in trading as depicted in The Merchant of Venice
* Challenges and losses in overseas trading (Piracy, etc.)
* Conclusion
Overseas trading contributed significantly to the development of economic growth between Europe and regions outside Europe between the period of the fifteenth and twentieth century. During early capitalism, trading in Europe played an essential role in the mercantilist period that gained a remarkable economic advantage compared to other countries. The exchange of material goods and the diversity of rich cultures were the primary focus of this trade. From the early modern period to the contemporary period, the volume of global trade rises exponentially. Global trading resulted in a smoother integration of national markets brought about by various innovations such as energy supply, infrastructure, and transportation. In Western Europe, products, knowledge, and commercial innovations were often exchanged across borders. Another factor that contributed to the distinctiveness of Europe is the economic and cultural diversity of its states wherein migration and communication also played a significant role in its progress. Its fast growth towards modernity is due to the expansion of trade, advancement of skills, and industrial labor which is depicted in Shakespeare’s The Merchant of Venice with its focus on property and money. The play portrayed the city of Venice a world of wealth, materiality, and commerce.
Venice was considered as the center of cultural and economic development. With its strategic location, Venice’s significant economic development can be contributed to the collaborative work among the merchants involved in long-distance trades, the contractual innovation, and its network effects. Venetian merchants were vital players in the development of business across borders in the Mediterranean since it is located midway between the gateway to the East – Constantinople – and Western Europe. As depicted in The Merchant of Venice, the lack of infrastructure and proper communication system impeded coordination during overseas trading that made it complicated and time-consuming. The merchants’ knowledge regarding new market strategies in trading was also limited. To be successful in foreign trading, the risks were high such ...