The overseas discoveries in the last decades of the
fifteenth century had widened the boundaries of international trade and had
given rise to a change in its nature and an expansion of its volume. As a
result of the opening of the new silver mines between 1540 and 1600 in America,
Europe was supplied with an abundance of money metals and thus the
establishment of a real price economy was facilitated. That change in commerce
together with the extension in the use of money accelerated the development of
the new spirit of private enterprise and paved the way for the triumph of the
moneyed classes. In fact, the time had come for a transition from a number of
local economies to a national economy, from feudalism to commercial capitalism,
from a state of comparatively little trade to an epoch of extensive
international commerce. That change in the economic structure is sometimes
called by economic historians the “Commercial Revolution.”
In the world of thought, that change in the economic
structure found its expression in what is known as “Mercantilism.”…..To ReadMore….
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