5Three-Field System Before After Fallow means left unfarmed Fallow Farm
6The Three-Field System Could farmers yield more crops using half of their land or two-thirds of their land?
7The Commercial Revolution Causespopulation growth: 60 million in 1400; 75 million in 1500; 100 million in 1600“price revolution”: (long slow upward trend); increased food prices, increased volume of money, influx of gold & silver from the New World.rise of capitalism (laissez-faire):entrepreneurs; bourgeoisie at the forefrontEffectsImports of silver from the New World and population growth led to inflation – effected the poor and peasants the most.Landowners, merchants, artisans grow rich – reinvest money in exploration ventures.Population growth and enclosure pushed people of the land into citiesEstablishment of poor relief
8The GuildA group of individuals working together to improve economic and social conditions for its membersBlacksmithsWine makersBakersArtisans
10Mercantilism, Purpose of Colonies MERCANTILISM: NATIONS SOUGHT SELF-SUFFICIENT ECONOMY; “BULLIONISM”
11Mercantilism in History Between the 15th and the 18th centuries in Europe, powerful states were created and were dedicated to the pursuit of economic power and wealth.Governments organized their then-limited capabilities to increase the wealth of the country.Mercantilist governments promoted…exports over importsindustrialization over agriculturethe protection of domestic production against competition from importsthe intervention in trade to promote domestic employment
12Mercantilism Leads To Fleets Sea power was necessary to control foreign markets.A powerful merchant fleet would obviate the necessity of using the ships of another nation and becoming dependent on foreign assistance.In addition, a fleet in being could add to a nation's prestige and military power.
13Fleets Lead to: Competition between nations Navigation and other Trade ActsAvoidance of tariffsNeed for large labor forceSlave TradeConflict on the seasLarger Ships more maneuverable ships
14England vs. SpainEngland was late in joining the competition for Asian trade, but England also reached out.In the New World England and Spain were bound to come in conflict. England had participated little in the process of exploration yet insisted that its occupation provided a legitimate claim to title.Of course, Spain claimed that discovery provided the claim to title. The Spanish not only desired to monopolize the trade of their colonies, but the also wished to prevent the English from establishing a foothold which would constitute a base for penetration of Spanish territory.Generally speaking, the English disliked the Spanish.
20Banking First major banking firms being in northern Italy (Medici) Northern Europe:Fugger family of AugsburgJakob Fugger ( )Financed Charles V.
21New Kinds of BusinessBanking expanded to Antwerp in 16th c., Amsterdam in 17th c.chartered companies: state provided monopolies in certain area (British East India Company, Dutch East India Company), governments profited from ventures.joint-stock companies: investors pooled resources for common purpose (forerunner of modern corporation), reduced risk.
23More Results of the Revolution stock markets: e.g., Bourse in Germany“Putting-out” Industry –cottage industries grow.new industries: cloth production, mining, printing, book trade, shipbuilding, cannons & musketsconsumer goods: rice, sugar, tea, spicesResults of All of This:Rise of European InfluenceAbroad – European Empires- French/British/ Spanish