Unit 1 Commercial Revolution

Commercial revolution

Shift in Europe where money became more valuable than land, leading to wealth as a new social status.

Innovations to banking

Transition towards a money-based economy, exemplified by cities like Amsterdam, Genova, and London.

Price revolution

Rising prices due to uneven distribution of wealth during the Commercial Revolution.

Commercial Companies

Entities like the Dutch East India Company, a joint-stock company engaging in trade across the Indian Ocean and British East India company

Joint stock

A private enterprise where investors purchase shares, as seen in companies like the British East India Company.

Agricultural revolution

Introduction of new farming techniques and the Enclosure movement, boosting agricultural production and shifting from subsistence to commercial farming.

New methods of farming

Implementation of the 2-field and 3-field systems to prevent soil depletion and enhance agricultural output.

Enclosure movement

Legislation allowing the gentry to buy land from farmers for agricultural experiments, leading to urbanization and the rise of cottage industries.

Urbanization

Due to lands being taken by the nobles, the peasants looked toward cities (unsanitary and urban poverty and crime) and started working in cottage industries

Cottage industries

First form of capitalism where workers work at home that uses the merchant’s private property to make their products under their own schedule and time.