Economic historian Erlichman reviews the sixteenth-century European exploration of the Americas and Far East in the light of the search for precious metals and the subsequent change in world economic balance. He traces the rise and fall of Spain and Portugal as they found and squandered unbelievable amounts of American silver in their European wars. The economic hegemony of Venice, Genoa and Istanbul was destroyed by eastward expansion that eventually reached China and Japan. Erlichman also details the decimation of Native Americans and the consequent rise of the slave trade. His main focus is the eventual financial success of the Dutch Republic in establishing an empire through control of resources brought back from the New World. His argument has clear parallels to current economic redistributions. The book is footnoted and indexed but there is no bibliography and the reliance on secondary sources is disappointing. Annotation ©2011 Book News, Inc., Portland, OR (booknews.com)