Questions and Answers
What was the Commercial Revolution?
A period of economic expansion, colonialism, and mercantilism.
How long did the Commercial Revolution last?
From the late 13th century to the early 18th century.
Where did the Commercial Revolution take place?
In Europe, mostly Italian city-states.
What caused the Commercial Revolution?
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What are some effects of the Commercial Revolution? (Select all that apply)
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What is mercantilism?
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What was another economic system that gained popularity during the Commercial Revolution?
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What is capitalism?
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How did the Commercial Revolution change European society? (Select all that apply)
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What is a favorable balance of trade?
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Study Notes
Commercial Revolution Overview
- A period characterized by economic expansion, colonialism, and the rise of mercantilism.
- Lasted from the late 13th century to the early 18th century.
- Primarily took place in Europe, with a significant focus on Italian city-states.
Causes of the Commercial Revolution
- Population growth in Europe led to increased demand for goods and supplies.
- Desire for new resources and markets spurred exploration and expansion.
Effects of the Commercial Revolution
- Significant increase in global trade and commerce.
- Growth of the middle class, enhancing social mobility and economic participation.
- Led to inflation known as the "Price Revolution," where the prices of goods rose dramatically.
Mercantilism
- Economic theory emphasizing state intervention in the economy to realize a surplus in exports over imports.
- Focused on accumulating wealth through trade and colonial expansion.
Rise of Capitalism
- Emerged as an influential economic system alongside mercantilism during the Commercial Revolution.
- Defined as a system where trade and industry are controlled by private owners for profit rather than by the state.
Social Transformations
- Growth of the bourgeoisie or middle class, which gained social and economic power.
- Increased authority of European monarchies, which leveraged trade for greater power.
- Strengthening of major European nations like Spain, England, and France.
- Urbanization led to population increases in towns and cities, transforming societal structures.
Favorable Balance of Trade
- Economic condition where a country exports more than it imports.
- Indicates a strong economy as the nation sells more goods abroad than it purchases from other countries.
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Description
Explore the key aspects of the Commercial Revolution, a transformative period from the late 13th century to the early 18th century. Delve into the causes, effects, and the rise of mercantilism that shaped early global trade and capitalism. Understand the economic changes that led to the growth of the middle class and significant inflation during this era.
