outset, Western colonialism was operated as a joint public-private venture. Columbus' voyages to the Americas were partially funded by Italian investors, but whereas the Spanish state maintained a tight rein on trade with its colonies (by law, the colonies could only trade with one designated port in the mother country and treasure was brought back in special convoys), the English, French and Dutch granted what were effectively trade monopolies to joint-stock companies such as the East India Companies and the Hudson's Bay Company. In the exploration of Africa, there was the proliferation of conflicting European claims to African territory. By the 15th century, Europeans explored the African coast in search of a water route to India. These expeditions were mostly conducted by the Portuguese, who had been given papal authority to exploit all non-Christian lands of the Eastern Hemisphere. The Europeans set up coastal colonies to prosecute the Atlantic slave trade, but the interior of the continent remained unexplored until the 19th century. This was a cumulative period that resulted in European colonial rule in Africa and altered the future of the African continent. Imperialism in Asia traces its roots back to the late 15th century with a series of voyages that sought a sea passage to India in the hope of establishing direct trade between Europe and Asia in spices. Before 1500 European economies were largely self-sufficient, only supplemented by minor trade with Asia and Africa. Within the next century, however, European and Asian economies were slowly becoming integrated through the rise of new global trade routes; and the early thrust of European political power, commerce, and culture in Asia gave rise to a growing trade in lucrative commodities—a key development in the rise of today's modern world capitalist economy. European colonies in India were set up by several European nations beginning at the beginning of the 16th century. Rivalry between reigning European powers saw the entry of the Dutch, British and French among others. Ming Maritime world Zheng He voyages In the 15th century, before the European Age of Discovery began the Chinese Ming Dynasty carried out a maritime operation that, like the European's late expeditions, was primarily carried out to expand power, increase trade, and in some instances forcibly subdue local populations. In 1405 Zheng He, a Muslim eunuch, was ordered by the Ming dynasty to lead a fleet of over 27,000 sailors and anywhere between 62