The great geographic discoveries then in process were integrating Europe into a world economic system. New commodities, many of them imported from recently discovered lands, enriched material life. Not only trade but also the production of goods increased as a result of new ways of organizing production. Merchants, entrepreneurs, and bankers accumulated and manipulated capital in unprecedented volume. Most historians locate in the 16th century the beginning, or at least the maturing, of Western capitalism. Capital assumed a major role not only in economic organization but also in political life and international relations. Culturally, new values—many of them associated with the Renaissance and Reformation—diffused through Europe and changed the ways in which people acted and the perspectives by which they viewed themselves and the world (https://www. britannica.com/topic/history-of-Europe/The emergence- of-modern-Europe-1500-1648).