European Economies during the Commercial Revolution

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What is the Commercial Revolution?

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A period of European economic expansion, colonialism, and mercantilism from the 11th to the 18th century.

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What is mercantilism?

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An economic theory that emphasizes the role of the state in managing the economy, particularly through trade and accumulation of wealth.

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What role did trade play during the Commercial Revolution?

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Trade expanded significantly, leading to increased wealth, the rise of merchant classes, and the establishment of trade routes.

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What is a merchant?

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A person or business involved in wholesale trade, especially one dealing with foreign countries.

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What is a colony?

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A territory under the political control of another country, often settled by people from that country.

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What is the significance of the Age of Exploration?

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It marked the period when European powers explored and colonized new lands, leading to global trade networks.

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What is the triangular trade?

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A historical trade route between Europe, Africa, and the Americas involving the exchange of goods and enslaved people.

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What is a charter?

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A written grant by a country's legislative or sovereign power, outlining the rights and privileges of a corporation or colony.

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What is the role of banks in the Commercial Revolution?

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Banks facilitated trade by providing loans, currency exchange, and safe storage for merchants' money.

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What is inflation?

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A general increase in prices and fall in the purchasing value of money.