Unit 1 Commercial Revolution

Topic 9: Commercial revolution

Commercial revolution: money instead of land became the most desirable thing in Europe. Wealth became new social advancement

• Innovations to banking: massive shift into money economy

  • Ex: Amsterdam, Genova, London

• Price revolution: Inflating prices caused by unequal distribution

• Commercial Companies: Dutch East Indie Company

  • Joint stock company created by wealthy elites that did trade over Indian Ocean

  • Joint stock: Private enterprise that had investors buy shares

• British East Indie Company

  • Also dominated maritime trade and beefed with Dutch East Indie Comp

• Agricultural revolution: new methods of agriculture + Enclosure movement caused mass production of agriculture that benefited economy and shifted subsistent agriculture to Commercial agriculture

  • New methods of farming: 2 field and 3 field system to prevent soil exhaustion

  • Enclosure movement: passed by the parliament that allowed gentry to buy private land from farmers to conduct experiments for agriculture.

    • Caused Urbanization, farmers now work in cottage industries (beginning of capitalism)