Commerical Revolution 1500-1700

COMMERCIAL REVOLUTION (16th century: approx. 1500-1700)
è Significance: brought about age of discovery and exploration
Causes:
population growth: 70 million in 1500; 90 million in 1600
“price revolution”: (long slow upward trend); increased food prices, increased volume of $,
influx of gold & silver
rise in capitalism (laissez-faire):entrepreneurs; bourgeoisie at the forefront
banking: Fuggers, Antwerp in 16th c., Amsterdam in 17th c.
chartered companies: state provided monopolies in certain area (BEIC, DEIC)
joint-stock companies: investors pooled resources for common purpose
(forerunner of modern corporation)
stock markets: e.g., Bourse in Germany
“Putting-out” Industry
new industries: cloth production, mining, printing, book trade, shipbuilding, cannons &
muskets
consumer goods: rice, sugar, tea
mercantilism: nations sought self-sufficient economy; “bullionism”

AGE OF EXPLORATION AND CONQUEST (“Old Imperialism”)
Causes for exploration:
Christian Crusaders in 11th & 14th centuries created European interest in Asia and Middle East
Francis Xavier: Catholic missionary in 16th c.
Rise of nation states (“New Monarchs”) resulted in competition for empires and trade
Portugal and Spain sought to break the Italian monopoly on trade with Asia.
Technology facilitated sea travel: astrolab, better maps
Commercial revolution resulted in capitalist investments in overseas exploration
Religious desire to convert pagan peoples in the New World
Impact of Renaissance: search for knowledge, adventurism, monopoly of Italian trade with East
Cartography
Evangelista Toscanelli (1608-1647)
Martin Behaim (1459-1507) and Schoner
Portugal
Prince Henry the Navigator (1394-1460): financed exploration
Bartholomew Diaz (1450-1500): rounded southern tip of Africa
Vasco da Gama (1469-1525): route to India
Alphonso d’Albuquerque (1453-1515): established empire in Spice Islands after 1510
Pedro Cabral (1467-1520): sighted Brazil
Amerigo Vespucci: “America” named after him
Spain: Explorers
Christopher Columbus (1451-1506)
Bartholomew de las Casas (1474-1566) – writings helped spread “black legend”
Treaty of Tordesillas (1494): New World divided by Spain and Portugal; Pope Leo VI
Vasco Nunez de Balboa (1475-1517): Isthmus of Panama
Ferdinand Magellan (1480-1521): circumnavigation of the globe
è Spain: Conquistadores: began creating empires by conquering Indians
Hernando Cortès (1485-1547): Aztecs
Francisco Pizzaro (1478-1541): Incas
Mestizos: mixed white and Indian descent
Creoles: American-born Spaniards
Audencias: Board of 12 to 15 judges served as advisor to viceroy and highest judicial body.
Encomienda: Indians worked for owner certain # days per week; retained other parcels to work for themselves.
France
Giovanni da Verrazano (1480-1527): explored northern Atlantic coast of modern-day U.S.
Jacques Cartier (1491-1557): search for Northwest Passage (explored Canada)
Samuel de Champlain: “Father of New France”
England
John (1425-1500) and Sebastian (1474-1557) Cabot: explored northeast coat of N. America
Sir Francis Drake (1540-1596): led English “sea dogs” against Spanish shipping
Sir Martin Frobisher (1535-1594): northeastern Canadian coast
Sir Walter Raleigh (1552-1618), Roanoke Settlement