By the end of the seventeenth century,

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During the seventeenth century, international trade was not as developed as it would later become, and much of the commerce was still conducted on a local or regional level. Intra-European trade was also significant but not yet the dominant force it would become. Some wealth was certainly transferred from the New World to Europe, particularly in the form of precious metals, but it is not accurate to say that raw materials were the primary driver of this transfer. Slavery was still very much in use in both Africa and the New World, and European imperialism was just beginning to grow in strength.

By the End of the Seventeenth Century