Our hypothesis is that Atlantic trade—the opening of the sea routes to the New World,
Africa, and Asia and the building of colonial empires—contributed to the process of West
European growth between 1500 and 1850, not only through direct economic effects, but also indirectly by inducing fundamental institutional change. Atlantic trade in Britain and the Netherlands
(or, more appropriately, in England and the Duchy of Burgundy) altered the balance of political power by enriching and strengthening commercial interests outside the royal circle, including various overseas merchants, slave traders, and various colonial planters. Through this channel, it contributed to the emergence of political institutions protecting merchants against royal power.21
Africa, and Asia and the building of colonial empires—contributed to the process of West
European growth between 1500 and 1850, not only through direct economic effects, but also indirectly by inducing fundamental institutional change. Atlantic trade in Britain and the Netherlands
(or, more appropriately, in England and the Duchy of Burgundy) altered the balance of political power by enriching and strengthening commercial interests outside the royal circle, including various overseas merchants, slave traders, and various colonial planters. Through this channel, it contributed to the emergence of political institutions protecting merchants against royal power.21