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Commercial Revolution
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The Commercial Revolution
Project by: Yaa, Cecilia, Piero, and Alex
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What is the Commercial Revolution?
Commercial Revolution Overveiw
- A period of economic change that began in the early Middle Ages.
- A shift from agriculture to complex trade systems
- Caused by the demand for foreign goods
- Economic ideas such as banks, insurance, and loans.
- Reshaped the European and world economy, and the effects of it are still felt today.
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Partnership
A partnership is a formal arrangement between two or more parties to manage and operater a business and share it's profits.
Joint-stock company/corporation
partnerships and joint-stock comnpanies
A joint stock company is a business that is owned by its investors. It combines the structure of a corporation with the flexibility of a partnership company. The percentage owned by these investors is determined by the number of shares that they own (how much $$$ they've invested.)
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Many of our modern economic principles (banks, loans, markets, stocks, insurance, etc.) were popularized and further developed during the Commercial Revolution.
Why does it matter?
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Mercantilism and Merchants
Merchants were buisness people who participated in traded, and retail.
Mercantilism was an economic policy designed to increase monetary reserves through trade. It often led to war and conflict and prompted colonial expansion.
Mercantilisim
This image shows a balance scale, a symbol of trading
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Guilds
Guilds occur for people with same interests and goals. especially one formed for mutual aid or protection.
This is an image of a painters guild which was an association of artists. Guilds regulated and controlled art training and production in Europe.
This is an image of a locksmith working. During the commercial revolution, locksmith’s worked with organized guilds.
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Levels of Guilds
- Three levels in guilds; apprentice, journeyman, and master.
- Apprentice: A younger person that learned trade and skill by working for a guild master.
- Journeymen: More advanced and skillful, were paid daily in return for working in the trade.
- Master: offical guild member, the guild would vote on if the journeyman should be accepted to become a master or not.
Levels in Guilds
This is an image of the guild system heirarchy
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Banking Developments
Banking began to develop significantly in the early 16th century. Interest rates were allowed to be charged and profits could be generated by holding other peoples money. Citizens and even the government took out loans from banks, then paid them back later.
Banking Developments
This is an image of a bank
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Usurys
Definition: interest charged at the price of loaning money
Usury
This image communicates how usury's may have unfairly high interest rates, making it hard for the borrower to pay the money back.
Usurys began and helped banks develop. This meant that banks could make profit on others money, which they could then use.
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Bill of Exchange
Bill of Exchange
What is the bill of exchange and how does it work?
The bill of exchange is a written order binding one party to pay a fixed amount of money to another party on demand or at some point in the future.
What is it used for?
It is used for international trades to help importers and exporters.
This is a written order that has a date by which a party(person) will be paid.
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How Does Economic Change Affect Other Aspects of Society?
Economic change
Economic growth causes the cost of living to go down or stay the same. The opposite is an economic recession. This usually leads to an increase in the cost of living.
Economic recessions also cause other things such as an increase in the cost of transportation, healthcare, and general maintenance, During an economic recession there is usually a decrease in quality of life for many people and the value of currency.
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How do people react to economic change?
How People React
How people react to economic change depends on their circumstances. For example, how easy or hard it is to put food on the table. People react positively to a healthy economy where the prices of products/services are more affordable, inflation can put consumers in an angry and anxious mood.
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Why Economic Change Occurs
Why Does It Occur
Economic change occurs for many reasons:
- Interest rates can lead to low or high economic growth depending on if they increase or decrease.
- Events like natural disasters or wars can lead to an increase in demand that exceeds the level of production, causing a possible economic recession.
- Change also occurs due to the demand for a specific product.
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Demand
Definition: The consumers abitily and want for a specific product
This is one of the forces that drives economic expansion
Demand
This image shows products that might have high demand
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Trade Fairs
Trade fairs were annual sales events in which people could find a larger range of goods than at the local markets. The prices, or cost, of products was also cheaper at these fairs due to the competition between sellers. The fairs could last for long periods of time, some even up to 49 days.
Trade Fairs
Above is an example of what a trade fair looked like
Works Cited
- “Commercial Revolution.” StudySmarter US, https://www.studysmarter.us/explanations/history/modern-world-history/commercial-revolution/.
- Foundation, CK-12. “12 Foundation.” CK, 27 June 2017, https://flexbooks.ck12.org/user:zxbpc2rzcziwmthaz21hawwuy29t/cbook/world-history-studies_episd/section/5.3/primary/lesson/the-commercial-revolution/.
- “5 Steps to Understand the Economy and Its Impact on Society.” TMCnet, 17 Oct. 2020, https://www.tmcnet.com/topics/articles/2019/10/17/443523-5-steps-understand-economy-its-impact-society.htm#:~:text=Economic%20growth%20affects%20government%20policy%20and%20spending&text=Economic%20growth%20stimulates%20business%20and,then%20lead%20to%20government%20spending.
- Amadeo, Kimberly. "What Is Demand?" the balance, 14 Sept. 2022. Accessed 27 Mar. 2023.
- "5.3 The Commercial Revolution." Ck-12, 27 June 2017, flexbooks.ck12.org/user:zxbpc2rzcziwmthaz21hawwuy29t/cbook/world-history-studies_episd/section/5.3/primary/lesson/the-commercial-revolution/. Accessed 27 Mar. 2023.
- "Usury." Cornell Law School, www.law.cornell.edu/wex/usury.
- “Commercial Revolution: Definition & Effect | StudySmarter.” StudySmarter US, www.studysmarter.us/explanations/history/modern-world-history/commercial-revolution/.
- “CK12-Foundation.” Flexbooks.ck12.org, 27 June 2017, flexbooks.ck12.org/user:zxbpc2rzcziwmthaz21hawwuy29t/cbook/world-history-studies_episd/section/5.3/primary/lesson/the-commercial-revolution/.
- Daileader, Ph.D., Philip. “The Commercial Revolution in Medieval Europe.” Wondrium Daily, 4 Oct. 2019, www.wondriumdaily.com/the-commercial-revolution-in-medieval-europe/#:~:text=The%20Commercial%20Revolution%20helped%20to. Accessed 28 Mar. 2023.
- Kopp, Carol M. “Partnerships: What You Should Know.” Investopedia, 18 Dec. 2022, www.investopedia.com/terms/p/partnership.asp.
- CFI Team. “Joint-Stock Company.” Corporate Finance Institute, 16 Jan. 2023, corporatefinanceinstitute.com/resources/management/joint-stock-company/.google
- “How Does Inflation Change Consumer Behavior?” Yale Insights, 22 Aug. 2022, https://insights.som.yale.edu/insights/how-does-inflation-change-consumer-behavior.