THE EARLY MODERN AGE
ECONOMIC TRANSFORMATION
Began in 1453 with the Fall of Constantinople and ended with the French Revolution in 1789.
Increased agricultural production
Intensified commercial activity
The expansion of craftsmanship
it was an increase in the amout of land under cultivation. The three-field system was mantained. Agriculture and livestock farming continued to be the main source of economic activity.
Societies at this time were very vulnerable: during the years of bad crops, hunger and disease reappeared.
The increase in agricultural production resulted in a surplus in production, an excess of food produced.
The products where sold in the city markets.
Products were made in workshops, which were controlled by associations of craftsmen called guilds.
New products
The development of mercantile capitalism
Due to the voyages of exploration to new lands, new products were brought to Europe. These included precious metals, foods and spices.
an economic system in which capital belonged to private owner.
Economic growth resulted in the development of banking. Bankers started changing money and looking after the money and precious metals of their clients.
Providing loans
Creating new forms of payment
The bankers lent money in exchange for returning the same amount plus an additional amount, called interest.
The Medici in Florence and the Fugger family in Germany were among the most important banking families.
Banking played a vital role in the new system, known as mercantile capitalism, by financing the trading companies.
The bill of exchange was created.
This was a document which guaranteed that the banker would pay a merchant, or another authorised person, a quantity of money, on a specified date and at a specified place.
SOCIAL CHANGE
As well as the rural society that developed in the Middle Ages, an urban society developed. This became one of the defining characteristics of the Early Modern Age.
Diferent classes
Priviledged class
Unprivileged class
Also called commoners.They paid numerous taxes and did not have access to high political positions.
Bourgeoisie
Peasants
consisted of the nobility and the clergy. They were the only ones who had access to high political positions
Privileges
They didn´t pay taxes, and they were judged by special tribunals. They lived in their castles in the countryside or in palaces in the city.
were the city inhabitants. They were not ruled by a feudal lord.
They were serfs of the feudal lord or noble. They had to pay them rent or a part of their harvest.
Petite bourgeoisie
Upper bourgeoisie
were important merchants, bankers and officials.
They lived in richly decorated urban palaces
were small merchants, less important officials, all types of artisans, artists, servants and labourers.
They lived in humble houses in buildings with several floors.
Marginalised group
This group was formed by beggars or vagabonds that lived on charity.
Some of the upper bourgeoisie became wealthier than the nobles themselves. As a result, families from the nobility began marrying into the richest families of the bourgeoisie.
