The discovery of the New World significantly transformed European economies by opening new trade routes and introducing valuable commodities such as gold, silver, and agricultural products like tobacco and sugar. This influx of wealth accelerated the rise of mercantilism and capitalism in Europe, leading to increased competition among nations. Colonization efforts resulted in the establishment of plantations and extraction industries, while also spurring technological advancements in navigation and shipbuilding. Moreover, the transatlantic slave trade emerged, creating profound social and ethical ramifications. Overall, the New World stimulated economic growth and power dynamics across Europe.