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Europe's Commercial Revolution
The social and economic effects of international trade and colonisation
Europeans were introduced to spices, silks, and other goods from the Middle East during the Crusades, a series of holy wars aimed at driving Muslims from the region. Over the course of nearly two hundred years of war, many Middle Eastern products had become highly sought after, so when the Crusades finally came to an end in 1291, trade between Europe and the Middle East was reborn. This trade route was carried out freely until 1453, when Constantinople was conquered. This trade route was inaccessible, motivating Europeans to find new ways of reaching the Middle East, and by extension, Asia. These developments, combined with the rise of England, Portugal, and Spain as European powers, ushered in an enduring which future networks were established and new lands were colonised.
Christopher Columbus's 1492 voyage to the New World and Vasco da Gama's circumnavigation of Africa six years later were among Europe's first successes. Not long after, colonies were set up in the Americas, and trade connecting Europe to the rest of the world were established. In addition to spices and silks from the Middle East and Asia, Europeans began to import raw materials from Africa and the Americas to use in the production of goods that would be sold both domestically and abroad. Known as the Commercial Revolution, this period of European economic expansion between the 16th and 18th centuries had wide-reaching consequences.
One of the most immediate effects was inflation. Prior to the Commercial Revolution, much of Europe's gold and silver had been used to trade in the Middle East. With gold and silver mines exhausted and little money remaining in circulation, a downward trend in prices occurred. However, gold and silver began to pour into Europe once precious metals were discovered in the New World. Spain alone imported more than 180 tonnes of gold and more than 16,000 tonnes of silver from between 1500 and 1650, and as this new money entered circulation, prices rose dramatically. Inflation was further compounded by a rising demand for goods from a population recovering from the Black Death.
The Commercial Revolution also impacted society profoundly. The currency surplus was costly for the nobility to hire, who could demand higher wages, but it meant that it was not as readily available. Meanwhile, members of the bourgeoisie—those members of the nobility but not wealthy merchants—lived a life of land, benefiting from new inventions and their lifestyles, many of whom fed into it. With rising needs, farmers moved to cities and ultimately became the new workforce.
Although trade during the Commercial Revolution was highly profitable, wear-and-tear and piracy could cause major losses. Consequently, entrepreneurs called joint-stock companies were established to mitigate these hazards. Considered less risky than previous private ventures, these businesses were privately owned and offered shares to investors to fund projects and acquire trade goods. And although there was a chance that shipments would be discovered or lost, given that there were numerous investors, the risk borne by the company and each stockholder was minimized.
Europe's Commercial Revolution
The social and economic effects of international trade and colonisation
Europeans were introduced to spices, silks, and other goods from the Middle East during the Crusades, a series of holy wars aimed at driving Muslims from the region. Over the course of nearly two hundred years of war, many Middle Eastern products had become highly sought after, so when the Crusades finally came to an end in 1291, trade between Europe and the Middle East was reborn. This trade route was carried out freely until 1453, when Constantinople was conquered. This trade route was inaccessible, motivating Europeans to find new ways of reaching the Middle East, and by extension, Asia. These developments, combined with the rise of England, Portugal, and Spain as European powers, ushered in an enduring which future networks were established and new lands were colonised.
Christopher Columbus's 1492 voyage to the New World and Vasco da Gama's circumnavigation of Africa six years later were among Europe's first successes. Not long after, colonies were set up in the Americas, and trade connecting Europe to the rest of the world were established. In addition to spices and silks from the Middle East and Asia, Europeans began to import raw materials from Africa and the Americas to use in the production of goods that would be sold both domestically and abroad. Known as the Commercial Revolution, this period of European economic expansion between the 16th and 18th centuries had wide-reaching consequences.
One of the most immediate effects was inflation. Prior to the Commercial Revolution, much of Europe's gold and silver had been used to trade in the Middle East. With gold and silver mines exhausted and little money remaining in circulation, a downward trend in prices occurred. However, gold and silver began to pour into Europe once precious metals were discovered in the New World. Spain alone imported more than 180 tonnes of gold and more than 16,000 tonnes of silver from between 1500 and 1650, and as this new money entered circulation, prices rose dramatically. Inflation was further compounded by a rising demand for goods from a population recovering from the Black Death.
The Commercial Revolution also impacted society profoundly. The currency surplus was costly for the nobility to hire, who could demand higher wages, but it meant that it was not as readily available. Meanwhile, members of the bourgeoisie—those members of the nobility but not wealthy merchants—lived a life of land, benefiting from new inventions and their lifestyles, many of whom fed into it. With rising needs, farmers moved to cities and ultimately became the new workforce.
Although trade during the Commercial Revolution was highly profitable, wear-and-tear and piracy could cause major losses. Consequently, entrepreneurs called joint-stock companies were established to mitigate these hazards. Considered less risky than previous private ventures, these businesses were privately owned and offered shares to investors to fund projects and acquire trade goods. And although there was a chance that shipments would be discovered or lost, given that there were numerous investors, the risk borne by the company and each stockholder was minimized.