MTW and M2TW both tried to incorporate the influence of religion in that period as much as possible into the campaign. I hope they do the same with respect to economics in ETW. Im not sure exactly how they can do this without overcomplicating the game (anyone who played Raiload Tycoon II will know what Im talking about)
Factions should have different options for how they develop their empires such as the Spanish model (exploit indigenous pop for resources) the French Model (small, strategic trading posts for select trade goods) or the English model (repopulation with imported Europeans and african slaves)