For most people, life from 1500 to 1650 seemed unchanged, though few people could have been aware that the changes that were happening would have such enormous consequences. Many changes began in Europe. Discovering new lands, like the Americas, sparked a commercial revolution led by Portugal. By the mid-sixteenth century, Portugal had trading posts in Africa, the East Indies, India and Brazil. Spain followed, claiming much of the NewWorld . The Price Revolution Merchants benefited most from the commercial revolution. They improved transport, trade and finance, making businesses more efficient with support from rulers. Merchants in Germany formed hanses (guilds), and a network of these guilds called the Hanseatic League dominated trade in Germany, northern Russia and Scandinavia. As merchants became wealthy, the poor grew poorer. From the late fifteenth century, Spain and Portugal imported silver and gold from the Americas, driving Europe’s Price Revolution and causing inflation. Between 1460 and 1620, Europe’s population rose, increasing demand for goods and food. Big landowners benefited, while the poor struggled with hunger due to rising prices.
SkillBuilder discussion Using historical sources 1. How does Joss Amman’s woodcut ( SOURCE2 ) illustrate the economic activities and social roles of 1500–1650? 2. What can you infer about the importance of bookkeeping and business practices from SOURCE2 ? 3. How do the roles of
SOURCE2 Trade, merchants and money changers, a c. 1539 woodcut by Joss Amman. During this time, hundreds of publications on business bookkeeping were sold.
merchants and money changers in SOURCE2 reflect the broader economic changes in Europe during this period?
2.3.2 Social classes By 1500 CE, several social classes in Europe were unhappy with economic changes: • Townspeople who succeeded in business gained power. Patricians (three per cent of the population) controlled economies and lived like nobles . • Craftsmen (90 per cent of towns) included guild masters, journeymen and traders. They often revolted when guilds lost control of trade. • Day labourers and servants were poor and suffered due to the Price Revolution. • Peasants remained poor but were becoming literate and interested in reform. Wealthy townspeople invested in agriculture, and rulers imposed new taxes, sparking peasant revolts. • The feudal aristocracy (nobles) lost importance but held onto medieval privileges. Knights became army officers or robber barons . • The higher clergy grew richer, causing resentment, while the lower clergy stayed poor.
TOPIC2 Emergence of the modern world in Europe 25
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