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European Economic Conditions In The 16th Century

Economic Changes Leads To a Global Economy and Problems

Sources

  • http://www.wisegeek.com/what-is-the-price-revolution.htm
  • http://europeanhistory.boisestate.edu/reformation/economics/overview.shtml
  • http://www.flowofhistory.com/units/west/11/FC75
  • World trade such the Spice Trade and the colonization of the Americas helped Europe grow towards a global economy.
  • Workers forced off the farms tended to go to the towns and cities to look for work, and the large numbers of people competing for jobs put further downward pressure on wages.
  • In addition, there was increased potential for war with other countries. Conflict over trade and colonies could easily lead to war.

Price Revolution

  • The price revolution was a period of rapid inflation that occurred in Europe between the 15th and 17th centuries.
  • Prices on average rose about sixfold over 150 years.
  • The most affected was food, especially wheat.
  • The rise in price of wheat slowly began to spread across Europe and eventually reached its peak in 1590.

Causes for the Price Revolution

  • One of the oldest explanations is that the supply of precious metals boomed due to an influx of gold and silver from the Americas. This theory argues that the increased availability of metals created a situation where numerous people had large amounts of money and drove prices up by being willing to pay a premium for some goods.
  • Another belief was that an increase of population in cities caused a higher demand for land and food which caused prices to rise.
  • As a result of the Price Revolution historians believe that wages failed to keep up with the price increase.
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