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The Commercial Revolution

The Commercial Revolution. 1500-1700. Causes. Population Growth 1500, 70 Million 1600, 90 Million “Price Revolution” Increase food prices, increased volume of money, and influx of gold and silver States wanted to increase economic power Rise in Capitalism (laissez-faire). Banking.

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The Commercial Revolution

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  1. The Commercial Revolution 1500-1700

  2. Causes • Population Growth • 1500, 70 Million • 1600, 90 Million • “Price Revolution” • Increase food prices, increased volume of money, and influx of gold and silver • States wanted to increase economic power • Rise in Capitalism (laissez-faire)

  3. Banking • The Fuggers in Germany and the Medicis in Italy were among the leading bankers in Europe • Antwerp in Flanders became the banking and commercial centers of Europe in 16th century • Amsterdam became leader in 17th century after Dutch Revolt against Spain

  4. Hanseatic League • Evolved within the German states in the Middle ages that eventually controlled trade in the much of northern Europe well into the 16th century • The league was a mercantile association of numerous cities and towns

  5. Chartered Companies • State provided monopolies in certain areas • British East India Company • Dutch East India Company • Chartered companies used large fleets of ships and military power

  6. Joint Stock Companies • Investors pooled resources for common purpose • Early example of capitalism

  7. Stock Market • Investors financed a company by purchasing shares of stock • As the value of the company grew so did the value of the stock, making investors profit

  8. Enclosures • Wealthy land owners enclosed their land to improve sheep herding • Led to great supply of wool for production of textiles

  9. New Industries • Cloth production • Mining • Printing • Book Trade • Shipbuilding • Arms (Muskets and Cannons)

  10. New Consumer Goods • Sugar • Led to enormous slave trade in Atlantic • Rice • Tea

  11. Mercantilism • Nations looked to become self-sufficent • Created a favorable balance of trade • Exported more then imported • Gold and Silver • “Bullionism” • Acquire as much gold as possible

  12. Significance • Change in society • Completely rural and isolated more developed towns • Brought forth age of exploration • “Price Revolution” • Large Population  High Demand  Increasing Prices • Bourgeoisie grew in political and economical significance • Increased standard of living (upper/middle class)

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