The Commercial Revolution in Europe – Flashcards
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What were the causes of the commercial revolution?
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1. The opening of trade routes 2. Growth of population 3. Slow inflation
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What caused the slow inflation in Europe
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Growth of population, Increasing demand for food, Increased cost of production for agricultural goods, Increase in volume of money
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Commerce and production during the commercial revolution
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Goods were produced to be sold during some time in the future, merchants and entrepreneurs took the place of guilds, use of the factory, use of loans with interest.
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Putting Out System
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A method in which entrepreneurs would "put out" the production of their products to people out in the country to avoid the restrictions of the local guilds.
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What was the Fugger's main business
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Weavers, production of a heavier and thicker cotton.
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Rouen
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French cloth dealers who put out their work to peasants and their cottages to avoid guild restrictions.
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New industries
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Mining, Printing, Book Trade, Shipbuilding, Weapons,
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Sin of borrowing money with interest
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Usury
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Separation of Capital and Labor
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The entrepreneur bought the raw materials and the workers would make a small part of the product. The workers were paid and the entrepreneurs would have ownership of all the items made.
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Mercantilism
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The idea of a sustainable, balanced, economy. Everyone worked, exports of finished goods were raised, exports of raw materials were lowered, monarchies took on guild power, use of tariffs.
