HIEU chapter 15.pdf - European expansion in the fteenth and...

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European expansion in the fifteenth and sixteenth centuries was promoted by merchants who wished to increase their profits by eliminating the Muslim and Venetian middlemen. Columbus's discovery made Spain a wealthy and powerful nation, because those who followed him, like Cortés, found great quantities of precious metals. Hidalgos were lesser gentry who believed that holy war was a just means of acquiring wealth and power. Convertible husbandry increased productivity, which was essential to later industrialization. Fifteenth- and sixteenth-century innovations in business methods included all of the following EXCEPT the development of international stock exchanges. Commercial development in Spain was inhibited by the Spanish value system that considered commerce and industry unworthy pursuits. The development of capitalism was encouraged by Spanish treasure, which, when exported to other countries, provided capital for investment
The traditional relationship between elite and folk cultures

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