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Capitalism can be define as an "economic or political where the country's trade and and industry are controlled by private owners for profit rather than the state."(Dictionary.com) During this time period there were 2 waves of colonial expansion that capitalism brought. By expanding its grip to North and South America. Spain, Portugal, and Britain sought out to invade the Americas. Longterm consequences were severe and long term, the native people were permanently displaced due to the Europeans and Africans. The "second wave" of colonial expansion occurred in Africa, Asia, and Australia by most European countries including Britain, France, and the Netherlands. For the Australian people, the closest colonial expansion would be the first wave due to the impact it had on the Natives. Many of which were killed due to diseases and others.