Discuss the economic impact on Europe of the exploration of the Indian Ocean.

The question requires that candidates offer a considered and balanced review of the economic impact that the exploration of the Indian Ocean had on Europe. Candidates may argue that a range of expensive goods, such as gold, ivory, porcelain, and silk, transformed European markets and fuelled further competition in Europe. They may argue that the exploration of the Indian Ocean stimulated further collaboration between business and government, one of the outcomes of which was the emergence of the Dutch bourgeoisie. The development of new financial instruments, for example joint stock companies and stock exchanges, can be viewed as having a central economic impact. Other factors that may be explored are the importance of other raw materials such as cotton, food and tea and their relationship to the social and market transformations that were taking place.