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Economic transformations and social changes (Economic growth (Trade (Grew…
Economic transformations and social changes
Demographic growth
Population growth was favoured by:
Improved harvests
Erradication of the plague
Relative peace
Population increase was slow because of a high death rate
Infectious diseases
Limited development in medical practice
Lack of hygiene
Economic growth
Agrarian activities
Most professional activity
This sector was encouraged by good harvests and clearing of new land
Handicrafts sector
Avoided guild control by a system of homeworking
Businesspeople provided the peasantry with raw materials and tools to mafe products at home
They collected the production and sold it
Trade
Grew because of geographical discoveries
Trade routes were diversified
Atlantic and North Sea trade had a positive impact on the ports of Lisbon and Seville
Mediterranean trade focused on Italian ports
New products from America were incorporated (tobacco, coffee, wood)
Emerge of the capitalist economic system
Mercantilism or merchant capitalism at its outset
Based on the accumulation of capital aquired from trade
The first banks were founded
Taula de Canvi (Barcelona)
Fugger (Medici)
Grater circulation of money, mercantile and banking operations were simplified
Cheques, promissory notes
The first trading companies were established
Social changes
The nobility and the clergy
Accepted the increase of power of the monarch
Continued to be the privileged estates
Maintained economic power and privileges
The bourgeoisie
Grew wealthier with the transoceanic trade, business dealings and banking
They established their social status over the other commoners (urban groups)
Minor artisans
Merchants
Waged workers
The peasantry
Majority of the commoners
Living conditions improvred in Western Europe
They were freed from servitude
They worked their own land or were paid a wage to work the land of the nobility
In Eastern Europe
They were more closely tied to the land