During the period of 1500-1850, the rise of Western Europe is almost entirely due to growth of nations with access to the Atlantic Ocean. The Atlantic trade refers to Britain, France, the Netherlands, Portugal and Spain which directly involved in trade and colonialism in the New World. In addition, the trade and colonialism affected Europe not only directly, but also indirectly by inducing significant reforms in political institutions. The more rapid economic growth took place in societies with relatively nonabsolutist initial institutions. In the countries with highly absolutist institutions such as Spain, trades were occupied by the monarchy and its allies. Consequently, it is hard to appear obviously efficient institutional change since
