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Summary. Europe's colonial empires have shaped the world's political and economic systems for over 500 years. From Portugal's early ventures in the 1400s to Britain's massive empire in the early 20th century, European nations have competed for control of territory and trade across nearly every continent. They seized lands in North and South America, Australia and New Zealand, Africa and Asia as colonies. By the end of the 20th century, Europeans had colonized nearly 80 percent of the world.
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