16.5 Changes in Europe

Where did Europeans migrate to during the global exchange period?

1. Americas 2. the fringes of Africa and Asia

What were the new business methods that contributed to the commercial revolution of Europe?

1. Capitalists learned new bookkeeping methods from the Arabs which showed their profits and losses of their business ventures. 2. The joint stock company was developed with allowed people to pool large sums of money together needed for overseas business ventures.

How did European explorations and trade lead to a global exchange?

1. Columbus brought back new foods and animals from the Americas. 2. When Columbus returned to the Americas he brought 1200 Europeans to settle in America and with them they had European animals and plants. This started the global exchange known as the COLUMBIAN EXCHANGE.

What did this VAST movement of people lead to?

1. Ideas were transferred 2. Technology was transferred 3. Language was transferred. Words such as pajama (from India) - hammock and canoe (from the Americas) entered European languages.

What were the results of European expansion around the world?

1. It spread goods and other changes throughout the world. 2. It revolutionized the European economy 3. It transformed it's society 4. The concept of the "WEST" emerged

What did the COMMERICAL REVOLUTION cause?

1. It spurred trade 2. Promoted new business methods 3. Increased competition for profits among European nations

How did the Price Revolution contribute to economic changes/consequences?

1. Prices began to rise in Europe and INFLATION set in. 2. The price revolution also gave a boost to capitalism.

What 2 major reasons caused the European Inflation?

1. The demand for goods and services grew as the population grew - Because there were more people than goods, sellers could RAISE the prices. 2. The increase flow of gold and silver also fueled inflation - it was used to make money. The increase in the circulation of money and the scarce goods and services caused the prices to rise = inflation.

How did this global exchange impact the population?

1. The transfer of food crops and animals from continent to continent is a very large reason the population growth exploded at this time. 2. The Columbian Exchange sparked the MIGRATION of millions of peoples.

What changes did the Government make to accomplish this goal of increasing the national wealth?

1. They boosted production 2. They imposed a single national currency 3. They established a standard weights and measures system 4. They imposed TARIFFS on imported goods

What is Mercantilism?

An economic policy adopted by the Monarchs where nations increase their wealth by obtaining large amounts of gold and silver and by selling more goods than they buy.

What animals did Europeans bring to the Americas?

Cattle, pigs, goats, and chickens for food (protein). Horses and donkey gave people transportation and more effective ways to hunt for food such as buffalo.

Who found a way to by-pass the Guilds?

Enterprising capitalists.

What did Entrepreneurs do to boost the growth of capitalism?

Entrepreneurs (the merchants with money) organized new ways of doing business (finding capitalists to fund their businesses) and they looked to expand their business with overseas ventures/businesses.

Most Europeans were still peasants and...

Europe's growing involvement in the world had little IMMEDIATE impact on their lives.

What boosted the Growth of Capitalism?

Expanded trade and the push for overseas empires spurred the growth of European capitalism.

What did the 'Putting out' system lead to?

It lead to the capitalist-owned factories of the Industrial Revolution.

What did European exploration and increased trade lead to?

It stimulated a global exchange and a commercial revolution as well as other changes in Europe.

What is the 'putting out system'?

It was controlled by the merchants and it separated the capital used to manufacture goods from the labor used to manufacture goods for the first time ever.

What did the Enterprising capitalists develop as a way to by pass the Guilds?

The 'putting out' system.

What brought millions of Africans to the Americas?

The Atlantic slave trade

Who changed the local European economy into an international trading system?

The Entrepreneurs and capitalists - because they made up a new class of people who were devoted to making profits.

Who controlled the manufacture of goods in Europe?

The GUILDS - which had strict rules regulating the quality, prices, and working conditions for the goods and products being manufactured.

What was the role of the Colonies under Mercantilism?

The colonies provided resources and raw materials to the parent country that were not available in Europe. Colonists could not set up their own industries to manufacture goods. They were under the control of the Parent Country to manufacture what they were told to.

How did the economic changes impact the lives of 'ordinary' Europeans?

The impact depended on the person's social class.

Nobles were hurt by the price revolution.

Their wealth was in land and they had difficulty raising money to pay the higher costs for clothing and other luxuries.

Merchants who invested overseas ventures ...

They acquired wealth and remained powerful.

What did the voyages of exploration by the Europeans mark?

They marked the beginning of what would become European domination of the globe.

What did Mercantilists do to increase the National Wealth?

They urged the Rulers to adopt policies that would increase the national wealth and governments revenues.

What new foods did Europeans get from the Americas?

Tomatoes, pumpkins, peppers, and most importantly corn and potatoes. Because the potato was easy to grow, it helped feed Europe's rapidly growing population.

What foods did Europeans bring to the Americas?

Wheat, grapes, bananas, and sugar cane.

Middle class Europeans...

enjoyed a comfortable life but journeyman and laborers were not so lucky. They often lived in crowed quarters and on the edge of poverty.