Question 2
In order to understand the European Economy during the time period of 950 to 1320 it is important to understand the commercial revolution. In class we discussed that the commercial revolution took place more through the years 1000 to 1320 and had three main components. The commercial revolution had growing markets, increase in trade, and emergence of merchant capitalism.
Among the aspects that are important to the growth of the commercial revolution and the European economy was the growth in population due to migration. As discussed in class there were hundreds of new towns being established towards the east. The goal was to migrate in order to establish lands that would allow for farming. The towns that are now being established become the centers of economic growth allowing for trade.
The growing markets under the commercial revolution expand on the ideas of connections between the Arab world and the Byzantine Empire (Cameron & Neal, 65). Class discussions covered how the connection to the Byzantine Empire and the Arab world created an expansion of the markets. This connection between the two areas lead to growth in urban areas which
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There were a few contributions to the end of the commercial revolution. The commercial revolution in part brought about sanctuary laws restricting consumption, consumption that created a gap between classes. Additionally, the commenda system discussed in class was a form of risky investment since it went around the banks and the usury doctrine that meant credit was developed less and there was higher transaction cost because the commenda system had higher risk. On the other hand, the just price doctrine establishes that within society individuals are not taking advantage of each other, avoiding fraud and increased prices on common or staple
In 1500 the attitudes towards trade and more specifically merchants, varied greatly. One’s religion was a major contributor to how individuals viewed merchants. Christians and Islamic people shared many similarities in their views (Documents 1, 4, and 5). For example, they believed that trade leads to unvirtuous lives, also believed that merchants were often corrupt. On the other hand, Muslims and Christians had opposing views in terms of merchants and their objectives (Documents 6 and 7). Some Christians believed that merchants are an important part of economic well being and they benefited the society and many artisans. Opposingly, the Islams believed that merchants only benefited themselves and rid other people of products. Throughout the
The Market Revolution impacted the country dramatically and the continuing dominance of agriculture and slavery in the south isolated the region from the West, Midwest, as well as the North, and connected it only to its trading partner, Britain. The Market Revolution was caused by a population spurt, due to an influx of immigrants as well as a high natural birth rate. Immigrants increased the population dramatically because they came due to quicker transportation, famine in mother countries, and the fact that America was the land of opportunity. This made it easier for
There are many key elements of the market revolution. During the early nineteenth century, large economic changes known as the market revolution forever changed America. What triggered these massive changes was new innovations in communication and transportation. During the colonial times, technology was not very advanced, there were not any canals, ships were not very fast and all manufactured goods were created by hand. Many farm families in the 1800s were not bound to the marketplace and just made the most of what they needed to live on at home.
The Market Revolution was one of the most important changes of American society before 1850. It was the adoption of a nation wide commercial change that would later alter all the different societies within the country. Wilentz described this period as the development of a market based economy and the dramatic changes in America’s behavior during the first half of the nineteenth century. Collectively, Sean Wilentz wrote about how historians argued about the topic of the market revolution and how each part of the country was affected by this time period and the changes that resulted.
There were a lot of courses and effect that the Market Revolution left in the U.S. The Market Revolution was a series of innovations that led the creation of nb integrated national marketplace; it included the long distance coordination of the production, and distribution and consumption of goods. The Market Revolution in the United States was a drastic change in the manual-labor system originating in the South; and it was soon moving to the north. The Market Revolution was a change in the economic transformation that occurred in America during the first half of the nineteenth century. The market revolution changed more than just where people sold their goods, it also transformed how people lived and did. While the market revolution provided new opportunities and increased freedom, it also generated a great deal of concern.
And most importantly, to keep the country growing, the Industrial Revolution brought more money to the economy.
Textile mills and factories became an important base for jobs, especially for women. There was also widespread economic growth during this time period (Roark, 260). The market revolution brought about economic growth through new modes of transportation, an abundance of natural resources, factory production, and banking and legal practices. Transportation was a large factor in the market revolution. During the years of 1815 and 1840, there were many forms of improved transportation.
The process of urbanisation helped in the emergence capitalism, which happen due to itinerant merchants who stopped in low castle or church which eventually became permanent trading paces with their code and institution of activity away from the mainframe work of social power. Other events were the crusades, emergences of nation states, age of exploration which associated with gold
Thesis Statement: The Industrial Revolution ensured that the production of goods moved from home crafts and settled in factory production by machine use, mass inflow of immigrants from all over the world escaping religious and political persecution took place and the government contributed by giving grants to entrepreneurs.
Before the market revolution, American families were producing all of the goods they need in their homes or local communities. It was expensive to create goods, so people depended on trade. Since the market revolution, there has been a change in transportation, industrialization, and urbanization. Market Revolution was beneficial to every region in the states. The northeastern states became more industrialized and urban, the southern states gained more cotton and slavery benefits, and the western states became the new nation and improved in transportation and communication.
The Market Revolution, from 1790 to 1840, inspired by the developments of commercialization, industrialization and the advances in transportation altered the lives of Americans in areas such as labor, transportation, commercialization, family life, new values and the new middle class. American entrepreneurs with new technology created an entirely different economy which shaped and affected all other aspects of society. The Market Revolution gradually shifted society from a rural agricultural lifestyle to the focus of work in the urban cities as it is today. While the vast majority of American citizens participated in agriculture and farming in 1800, the percent of farmers working in 2013 is less than 1 percent: this is the everlasting effect of the Market Revolution.
Spufford, Peter. Power And Profit: The Merchant In Medieval Europe. New York, NY: Thames & Hudson Inc., 2002.
The Old World system was mainly Asia-centric. European states were far behind the Asian and Middle Eastern ones. According to the article of Janet Lippman Abu-Lughod which is named “The World System in the Thirteenth Century: Dead-End or Precursor”, beside the world system there were subsystems which were not “depending on each other for common survival in the thirteenth century”. There were three big circuits: Westers European, Middle Eastern, Far Eastern. “At that times the strongest centres and circuits were located in the Middle East and Asia. In contrast the European circuit was an upstart newcomer that for several early centuries was only tangentially and weakly linked to the core of the world system as it had developed between the eight and eleventh centuries.” As she mentioned, Europe joined the advanced world system of that time after 11th century, yet till 15th century it was not so effective. Although the states in east were developed, this did not reflect to political arena. Every state was powerful in its own niche and as a result of this there was not a hierarchical form of political balance. These states could be thought as pockets. Nature of this system was production. As Janet L. Abu-Lughod mentioned “the production of primary and manufactured goods was not only sufficient to meet local needs but, beyond that, the needs for export as well. Then, the way of function of this system can be understood: trade. Trade was the main economic activity of the Old System. Trade was mostly depending on exchange of goods. In spite of this, Chinese merchants were using paper money like a credit card and Arabic dinar was the dollar of that time. All of these show us that the trade was also Asia-centric. The popular trade ways were through Middle East and Asia. Beside the economic side, trade was integrating cities and societies.
A major cause for the Industrial Revolution was the enormous spurt of population growth in England. The increase in population meant that there were more people in surplus from agricultural jobs, and they had to find work in industrial factories. Enclosure brought forth a great increase in farming production and profits. Farming was improved through the use of crop rotation, enclosures, and the division on farms across England. Crops that were grown consisted of turnips, barley, clover, wheat. This improvement in farming caused a population explosion, which soon led to a higher demand for goods. The new means of production demanded new kinds of skills, new regulation in work, and a large labor force. The goods produced met immediate consumer demand and also created new demands. In the long run, industrialization raised the standard of living and overcame the poverty that most Europeans, who lived d...
To begin with, In the XVIII century, Western Europe was under feudalism stage. However ending of the transition to a capitalist economy was obviously close The main events of this era were in the social and economic sphere. Origin and formation of the bourgeois economic relations, competition domination at rapid growth of the industry. Industrial revolution in England, growth of economic and political value of the bourgeoisie, strengthening of anti-feudal movement, village submission by the city, almost full replacement of traditional ties between people the monetary relations.