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This colonization has lasted until the very end of 20th century.
In the text book has divided world economic history in four parts namely:
? Mercantilism(1500-1770)
? Industrial Capitalism(1770-1870)
? Imperialism(1870-1940)
? Monopoly Capitalism(World War II to present)
The above periods were very important for the understanding of world economic history due to spread of colonization. At the end of 15th century there were many civilizations in the world including Aztecs and Incas in America, Sierra Leone, Benin, Zimbabwe in Africa, and India, China in Asia who were at a comparable level of economic and cultural standards with the European countries...
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