Explanation:

Italy was the first to establish virtual monopoly in trade with rest of the world. Later the trade got a boost with discovery of new lands of America, Asia and Africa at the end of 15th century. This changed the economy of many European nations. Also, with the discovery of these new lands, Colonialism began its march. The early colonial powers were Portugal and Spain. They were soon joined by, and in many cases replaced from their colonies by Dutch, Britain and France.