What was Commercial Revolution in Europe?

commercial revolution, 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 focus of commerce shifted from Mediterranean to Atlantic ports, chartered companies were organized, and continued improvements in navigation and ship construction sped long voyages. As a worldwide trade evolved, the principles of mercantilism were adopted, and local trade barriers were abrogated, stimulating internal commerce. Modern credit facilities also appeared; new institutions included the state bank, the bourse, and the futures market, and the promissory note and other new media of exchange were created. Quickened commercial activity brought economic specialization, thus leading to the transformations in production associated with modern capitalism. By 1700 the stage was set for the Industrial Revolution.

See H. A. Miskimin, The Economy of Early Renaissance Europe, 1300–1460 (1969); J. Gies, Merchants and Moneymen (1972); M. M. Postan, Medieval Trade and Finance (1973); P. Spufford, Power and Profit: The Merchant in Medieval Europe (2003).

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    What was Commercial Revolution in Europe?

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    1. Commercial Revolution

      The Commercial Revolution was a period of European economic expansion, colonialism, and mercantilism which lasted from approximately the 13th century until the early 18th century. It was succeeded in the mid-18th century by the Industrial Revolution. Beginning with the Crusades, Europeans rediscovered spices, silks, and other commodities rare in Europe. This development created a new desire for trade, and trade expanded in the second half of the Middle Ages. European nations, through voyages of discovery, were looking for new trade routes in the 15th and 16th centuries, which allowed the European powers to build vast, new international trade networks. Nations also sought new sources of wealth. To deal with this new-found wealth, new economic theories and practices were created. Because of competing national interest, nations had the desire for increased world power through their colonial empires. The Commercial Revolution is marked by an increase in general commerce, and in the growth of financial services such as banking, insurance, and investing.

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    Numerology

    1. Chaldean Numerology

      The numerical value of commercial revolution in Chaldean Numerology is: 7

    2. Pythagorean Numerology

      The numerical value of commercial revolution in Pythagorean Numerology is: 9


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    What did the Commercial Revolution do?

    The Commercial Revolution helped to connect Europe with the rest of the world through trade, commerce, and investing. It brought the European influence to other countries, and in turn these countries influenced Europe when it came to food, clothing, and other items.

    What caused the Commercial Revolution in Europe?

    Commercial Revolution, Great increase in commerce in Europe that began in the late Middle Ages. It received stimulus from the voyages of exploration undertaken by England, Spain, and other nations to Africa, Asia, and the New World.

    Why did the Commercial Revolution happen?

    The Commercial Revolution was an economic, social, and political revolution that affected cities, regions, and states throughout Europe. It happened because of a number of factors, including the discovery of America, the rise of colonialism, and the beginning of specialization.

    What was the most significant effect of the Commercial Revolution in Europe?

    One of the economic developments to come out of the Commercial revolution was the development of banking. Various legal and religious developments in the late Middle Ages allowed for development of the modern banking system at the beginning of the 16th century.