After the Back Death of the 14th Century, Europe’s population began to grow again in the 15th Century. Many new economies were based on market exchange, private ownership and the accumulation of capital for investment. Merchants were eager to bypass Venetian control of the Mediterranean and Muslim control of Indain Ocean trade. Led by Vasco de Gama, Portugal begins to establish an Indian Ocean trading network. This was called a trading post empire, but they didn’t dominate Indian Ocean trade, becoming heavily involved in “carrying trade.” This trading post empire declined steeply by 1600.The Spanish were the first to challenge Portugal and established themselves on the Philippine Islands where they became a colonial presence. Eventually, the islands become a major outpost for Christianity in Asia. Around 1600, the British & Dutch organize their Indian Ocean ventures through private trade companies: The British East and Dutch East India Companies.