The Commercial Revolution Aim: Compare and contrast Medieval Guilds with modern unions Do Now: Where in the world do your food, clothes, and luxury goods come from?

The Commercial Revolution-Increase in trade that changed Europe from local economies to a global economy.

Causes of the Commercial Revolution . Increase in trade Growth of Cities Causes of the Commercial Revolution

Effects of the Commercial Revolution Money grew in importance A new social class known as the middle class grew

Towns and the Middle Class Growing Population and increase in trade led to towns to increase A new class known as the middle class began to rise (artisans, traders and merchant) Were known as the middle class because they were between the nobles and the peasants

Rise of Guilds Guild- trade association All the workers who worked in one craft joined together Merchant guilds had a lot of power

Purpose of Guilds Guilds were formed to protected the interest of the members Made sure quality of goods was high Provided social services such as hospitals Regulated hours of work and price of goods Ensured a new supply of workers E. Napp

Rise of Capitalism Capitalism- economic system where businesses are privately owned and operate for profit E. Napp

New Business Practices Joint Stock Companies Insurance Banking E. Napp

The commercial revolution lead to the Renaissance E. Napp

Reflection Create a Venn diagram of the similarities and differences of modern unions and Guilds