jan 1, 1518 - 1518: Spanish crown issues first asiento

Description:

The asiento system was a precursor to the Triangle Trade, a term for the global exchange of goods across the Atlantic between Africa, the New World, and Europe. An asiento was a contract issued by the Spanish crown that granted a country or company the right to be the sole vendor of African slaves in all Spanish colonies. This allowed Spain to profit off the slave trade even though its citizens were the ones paying for slaves. The system was necessitated by the Treaty of Tordesillas, which forbade Spain from establishing its own colonies in Africa.

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