With reference to the period up to 1550, evaluate the economic impact on Europe of the voyages of exploration.

Candidates will make an appraisal of the economic impact of the voyages of exploration on Europe up to c.1550. Candidates may use a chronological approach or a comparative approach. The evaluation of the impact of the voyages may include the shift of economic power from the Mediterranean to the Iberian Peninsula, with the growth of major cities in Spain and Portugal as well as other cities such as Antwerp, which handled much of the trade in northern Europe. The influence of bullion and its impact on the general price rise is a much-debated point. Spain was certainly hit hard and the arrival of gold and silver from the New World has been blamed for inflation. It might be argued that the impact of bullion was variable across Europe and not everywhere was affected in the same way, suggesting the impact might have been limited and the changes were due to other issues.