Source: Inikori, J. E. 2002. Africans and the Industrial Revolution in England: A Study in International Trade and Economic Development. Cambridge, Cambridge University Press, table 4.7, p. 197.  
As noted earlier, at the time Columbus embarked on his voyages to the Americas in the late fifteenth century, the market economy was yet to be firmly established in Western Europe; non-market sectors remained extensive in the region's economies. The massive import of American treasure expanded the volume of currency in circulation all over Western Europe (urban and rural), contributing immensely to the price revolution which raised the tempo of the commercializing process (Stein and Stein, 2000; Macleod, 1984, p. 366; Drelichman, 2005, pp. 313-336; Hamilton, 1929, pp. 338-357; Gould, 1964, pp. 249-266; Inikori, 2002, pp. 203-206). The export of American silver to Asia also helped to pay for the import of Asian goods (textiles, tea and porcelains) which, together with the import of plantation products (particularly sugar and tobacco) from the Americas, revolutionized the consumption habits of all classes in Western Europe and pulled non-market producers into market-oriented production, contributing significantly to the development and geographical spread of the market economy in Western Europe (Inikori, 2002, pp. 203-206).  
Although silver and gold production in Spanish America (enslaved Africans providing about 40 percent of the labour employed (Inikori, 2002, p. 185) was important in the growth of the market economy in Spanish America and