Qualitatively, it refers to the increasing sophistication of economic life in Europe. Quantitatively, it refers to an increasing amount of trade and commercial exchange taking place in Europe.
Towns of , inhabitants, and even of 40, inhabitants, constituted sizeable markets for goods, the way that a town of 4, did not. The merchants of the year rarely traveled to Europe, simply because it was not worth their while economically. There were too few concentrations of people for one to bring goods from other parts of the world to sell.
As cities with tens of thousands or hundreds of thousands of inhabitants proliferated, merchants increasingly traveled to Europe, bringing back luxury goods from Asia to the eastern Mediterranean. There, they were picked up by merchants and shipped back to Europe. The merchants responsible for spreading commercial exchange throughout Europe were Italian. Geographically, Italy was ideally situated to be a broker between Europe and the rest of the world, as it juts out into the Mediterranean.
Italian merchants traveled to the east end of the Mediterranean, bought up goods, and brought them back to Italy. What they did not sell in Italy, they then brought north of the Alps, often into the central French region of Champagne. There, fairs were held periodically, and merchants from other countries such as England, Germany, and Spain, gathered to buy the products that Italian merchants had brought.
The Italians were simply middlemen. These other merchants would disperse, and introduced other parts of Europe to luxury items from the East. Mostly, Europeans were content simply to go to the east end of the Mediterranean and buy objects whose origins they barely understood. But during the High Middle Ages, and for the first time since the days of the Roman Empire, Europeans began traveling to Asia to see where the items were coming from.
Learn more about how Europe had assumed an economic and political importance that would have been unimaginable in It was during the s and s that the famous Italian explorer, Marco Polo, made his way to China—assuming his account is truthful—and wrote about his experiences there.
As commercial exchanges became more frequent, and as people traded more during the High Middle Ages, the nature of economic life also had to change. Sophisticated and efficient ways of trading had to be developed. Perhaps the best example of increasing sophistication concerns the use of money.
Physical money existed in the form of silver coinage, and there was very little of it. The state of limited currency had not always been the case for Europe.
The East India Company also survived and was much the most important in terms of trade and capital employed. Subjects: History — Regional and National History. View all related items in Oxford Reference ». Search for: 'commercial revolution' in Oxford Reference ». All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single entry from a reference work in OR for personal use for details see Privacy Policy and Legal Notice.
Oxford Reference. Publications Pages Publications Pages. Recently viewed 0 Save Search. Your current browser may not support copying via this button. Subscriber sign in You could not be signed in, please check and try again. Username Please enter your Username. Password Please enter your Password. The expansion created desire for trade which increased in the middle ages. Later on the European Nations were looking for new trade routes which led to new exploration.
Discovery of America was increased in the trade of European nation. This was the time when European controlled overseas colonies and global market was created. In Europe the commercial revolution increased the imports and world trade. Main comedies from the new world and the far East imported by western Europe such as tobacco, tea, quinine etc.
Many essential commodities were available through the commercial exchange which helped to improve West European living standards. In the 17th century insurance company was founded to reduce the risk of loss to ships goods from storm, fire and piracy, was Lloyd's of London.
Large quantity of gold and silver was received from the new World mines also affected the Western Europe's economy. There was a shift in the economic powers especially the Western Europe major trade route shifted from Mediterranean to the Atlantic. While population increased in part due to the availability of additional food supply and cities also had promises of great social mobility Rich culture existence and a wider variety of lifestyle.
The middle class in the Western Europe such as the merchant bankers capitalist grave in number and achieve greater power. It helped in moving towards the economic system of capitalism.
Many entrepreneurs engaged in business enterprises taking the risk facing the competition and making profit. An essential consequence of the Industrial Revolution had a huge impact on European Society with both positive and negative Continents and new trading routes, Europeans discovered better trading routes and made allies To maximize exports and minimize imports of a country that was designed to maximize and.
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