MU #4 Price Revolution & Commercialization

What was the price revolution?

Influx of New World goods/silver

Where did the silver come from?

Spain

What happened as a result of the Price Revolution?

Prices and demand for food went up

What was the Enclosure Movement?

Landowners closed/fenced off land from peasants to commercialize farming

What happened to remaining peasants?

Kicked off Common Land, had wage labor

What started commercialization? 

Enclosure Movement

What is commercialization?

harvesting/selling crops for profit

What new ideas arrived from Italy?

Credit, loans, banking, printed money

How did peasants feel about the Enclosure Movement?

Angry; Kett’s Rebellion England 1549

What is mercantilism?

New systems of banking, prioritizing exports over imports 

What happened as a result of mercantilism?

-expanded joint-stock investment

-investment in exploration and new companies

-increased colonization (British East India Company, Dutch East India Company)

Which part of Europe did not undergo commercialization?

-East Europe (Poland, Russia, Hungary) tied to serfdom

-land based nobles held power