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Commerical Revolution

Page history last edited by PBworks 14 years, 9 months ago

Weeks 15-17: Rise of the West IDs

 

*A dramatic change in the economy of Europe at the end of the Middle Ages. It is characterized by an increase in towns and trade, the use of banks and credit, and the establishment of guilds to regulate quality and price.

 

 

*in European history, a fundamental change in the quantity and scope of commerce. In the later Middle Ages steady economic expansion had seen the rise of towns and the advent of private banking, a money economy, and trading organizations such as the Hanseatic League. Under the new national monarchies, most notably those of Portugal, Spain, the Netherlands, and England, markets grew wider and more secure. Commercial expansion was supported by technical improvements in seafaring, and from about 1450 explorations were made, first to Africa, then to the Asia and the New World. By the mid-16th cent. the Asia carrying trade had been wrested from the Arabs, and Eastern goods poured into Europe. From the New World came gold and silver, which in less than a century more than doubled European prices and greatly stimulated economic activity.

The Columbia Encyclopedia, Sixth Edition. 2001-05.

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