The discovery of the New World significantly transformed European economies by expanding trade routes, introducing new commodities, and creating opportunities for wealth accumulation. The influx of gold and silver from the Americas led to inflation and the development of a more capitalist economy. Additionally, new agricultural products, such as potatoes and corn, were introduced to Europe, enhancing food security and population growth. European nations raced to establish colonies for resources, which further fueled competition and conflict, ultimately reshaping global trade networks and economic structures. Overall, the discovery opened up vast economic possibilities that would have lasting impacts on Europe and beyond.