The Commercial Revolution marks a pivotal shift from feudal Europe to a trade-centric economy, leading to modern capitalism. It saw the rise of merchant wealth, trade routes expansion, and financial institutions' development. Key events include the founding of the Medici Bank, the fall of Constantinople, and explorations by da Gama and Columbus, which forged global trade networks and influenced today's economic systems.
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The Commercial Revolution was a period of economic changes in Europe that led to the development of a modern capitalist economy
Inception
The exact timeline of the Commercial Revolution is debated, with some historians placing its beginning in the 11th century and others in the late 15th century
Significant Events
The Commercial Revolution was shaped by events such as the rise of Italian Maritime Republics, the founding of the Medici Bank, the fall of Constantinople, and the voyages of explorers like Columbus and da Gama
The Commercial Revolution had a profound and ongoing influence on global economies, trade networks, and financial systems
The Commercial Revolution drew upon economic practices from ancient civilizations, such as banking, insurance, and lending
The revival of these financial concepts, coupled with an increased demand for foreign goods, drove the Commercial Revolution forward
The Commercial Revolution led to the accumulation of capital and the development of sophisticated financial management techniques, which continue to shape economies worldwide
The initial phase of the Commercial Revolution was characterized by a surge in trade between Western Europe and the Middle East, driven by the Crusades and the dominance of Italian Maritime Republics
The fall of Constantinople redirected European trade interests to the Atlantic, leading to the exploration of new trade routes and the establishment of global trade networks
The Commercial Revolution coincided with the Age of Discovery, a period of groundbreaking maritime expeditions that opened new avenues for trade and led to the emergence of joint-stock companies and mercantilist policies
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Timeframe of the Commercial Revolution
Late Middle Ages to Early Modern Age.
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Economic Transition during the Commercial Revolution
From feudalism to trade and finance systems, precursor to capitalism.
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Global Impact of the Commercial Revolution
Connected Europe to markets in the Mediterranean, Indian Ocean, and the New World.
