What Are The Impacts Of The Commercial Revolution?
COMMERCIAL REVOLUTION – In this article, we will learn and discover the important impacts brought by the commercial revolution.
The commercial revolution was a period of European economic expansion. This began in the 16th century.
This all started when Europe colonized and discovered America. As the trades routes expanded, the world began to transform.
It started out with Crusades. Because of this, the Europeans got their hands on spices, silk, and other commodities rare in Europe.
This created a desire to trade. Because of this, they started to find new routes and they made a new international trade network.
One of the most prominent effects of the commercial revolution was mercantilism. This was the national economic policy that was designed to maximize exports and minimize imports of a country.
This also included a national economic policy that targets accumulating monetary reserves through a positive balance of trades. Most of these policies often caused wars.
The Banking System was also created during this time period. Various legal and religious development paved the way for the modern banking system of the 16th century.
Interest was allowed to be charged and the banks profited from keeping people’s money. Stock exchanges were also made as well.
This was also the time that insurance companies came to fruition. They were a way to mitigate risks, especially after the Great Fire Of London.
Various plants and animals were also moved throughout the world. Even fevers were moved like Yellow fever which was unknown in North and South America.
According to an article from Wikipedia, Yellow Fever was introduced to America through water that ships took in Africa. Commodities like coffee, cocoa, cassava, and potatoes were also introduced.
Migration was also becoming rampant as trade routes started to grow. People also had the opportunity to transfer from one place to another.
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