ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Old World refers to Europe, Africa, and Asia, while New World refers to North America, South America, and the Caribbean. This system of naming these two different “worlds” is largely Eurocentric.

Detailed explanation-2: -The New World is one of the names used for the American continents, in use since the 16th century. The Americas were at that time new to the Europeans, to whom the “Old World” consisted of only Europe, Asia, and Africa.

Detailed explanation-3: -Generally, Old World history focuses on past events in Africa, Asia, and Europe-continents with ancient beginnings and places known before the exploration of the Americas. In contrast, New World history focuses on North America, Central America, and South America.

Detailed explanation-4: -Generally, the list of countries considered part of the old world are: Italy, France, Spain, Portugal, and Germany. And the list of countries considered part of the new world are: USA, Canada, Argentina, Chile, South Africa, Australia, and New Zealand.

Detailed explanation-5: -North America and South America together are often called the “New World”. The label came about in the wake of European voyages across the Atlantic Ocean. The Europeans discovered these two continents only in the late 15th century. So, to the Europeans, these lands were new compared to the older civilisations.