Hist. 151 Notes 22

Hist. 151 Notes 22 - -the commercial revolution and the...

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- the commercial revolution and the origins of Capitalism: -preconditions for new, dynamic economy: growing commodities inside of Europe facilitates trade; Europe’s population has doubled again, leading to increased demand for products (this causes prices to go up as well, the “price revolution”, leads to inflation which can actually be good for an economy in that it keeps people spending and investing money leading to economic growth); new use of land (land is becoming scarcer and more expensive, land owners want to get their land back from peasants and begin a process of enclosure, or ending the practice of giving heritable leases to peasants, raising rents on land, and ending practice of peasants allowing others onto their land; this leads to creation of wage labor on farms, market oriented agriculture forces many peasants off of land; peasants thus need to find new work, become a new class of low wage workers elsewhere) -the role of the entrepreneur and private interest: -the New Merchant Class vs. the guilds: merchants get involved in manufacturing process instead
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