European overseas expansion led to the rise of colonial empires, producing the Columbian Exchange. The combination of resource inflows from the New World and the Industrial Revolution of Great Britain, allowed a new economy based on manufacturing instead of subsistence agriculture.
What resulted from Europe's exploration of the New World? What institution of mercantilism was established with New World colonies? What replaced agriculture as the focus of European economy with the establishment of overseas colonies? Aside from the activities of colonies, what other event fostered the transition from agriculture to manufacturing?