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The European economy went through a decline from the mid-fourteenth to the mid-fifteenth centuries. Plague and wars led to depopulation in many parts of Europe, trade grew slack, and there was a shortage of gold and silver, used for making European coins. This situation was in stark contrast to the proceeding period (from the eleventh to the mid-fourteenth centuries) when growing trade had supported Italian city-states and led to the accumulation of capital.
In the late fourteenth century, long-distance trade declined, and then became difficult after the Turks conquered Constantinople in 1453. Italians managed to do business with Turks, but were now required to pay higher taxes on trade.
The possibility that many more people could be brought into the fold of Christianity made many devout Christian Europeans ready to face adventure.

As it happened, the Crusades against the Turks began as a religious war, but they increased Europe's trade with Asia and created a taste for the products of Asia, especially spices.
If trade could be followed by political control, with European countries establishing 'colonies' in regions with a warmer climate, they would benefit further.

When thinking of new regions where gold and spices might be found, one possibility was West Africa, where Europeans had not traded directly so far. Portugal a small country which had gained independence from Spain since 1139, and which had developed fishing and sailing skills, took the lead. Prince Henry of Portugal (called the Navigator) organised the coa
sting of West Africa and attacked Ceuta in 1415. After that, more expeditions were organised, and the Protuguese established a trading station in Cape Bojador in Africa. Africans were captured and enslaved, and gold dust yielded the precious metal.

In Spain, economic reasons encouraged individuals to become knights of the ocean. The memory of the Crusades and the success of the Reconguista fanned private ambitions and gave rise to contracts known as capitulaciones.
Under these contracts the Spanish ruler claimed rights of soverigntly over newly conquered territories and gave rewards to leaders of expeditions in the form of titles and the right to govern the conquered lands.

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(M.lmp.)