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The economic revolution that took place in the 15 and 1600s in europe, often referred to as the commercial revolution or early modern period, had significant effects on european society.
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The commercial revolution marked the transition from feudalism to capitalism.
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There was a shift from agrarian economies to commercial and market -oriented systems, emphasizing private ownership, trade, and profit.
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European nations, particularly maritime powers like spain, portugal, england, and the netherlands, engaged in overseas exploration and trade.
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This led to the establishment of global trade routes and the practice of mercantilism, where nations sought to accumulate wealth through favorable balances of trade.
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European powers expanded their empires through colonization.
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This expansion was driven by economic motives, including access to valuable resources, new markets, and opportunities for trade.
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It also contributed to the growth of overseas colonies and the emergence of global trade networks.
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The commercial revolution saw the rise of banking and financial institutions.
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Banking practices such as double -entry bookkeeping were developed, facilitating more sophisticated financial transactions and supporting the growth of commerce.
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Joint -stock companies were established to pool resources and share risks in large -scale ventures.
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This innovation allowed for the funding of ambitious overseas expeditions and trading ventures, contributing to economic expansion...