Gutenberg's movable type for the printing
press, created in the 1450s, spurred the easy dissemination
of information, a key factor in the revolutions that followed.
Unit Objectives
By the time you finish this unit, you should be able to:
Identify changes in economic practices, from the 15th
to the 18th centuries.
Understand the technological underpinnings of these changes.
Define capitalism and distinguish it from other forms
of economic activity.
Introduction
The above audio introduction,
read by Dr.Stephen Ruzicka, presents a brief overview
of the Commercial Revolution.
"During the period from 1450 to 1750, Western Europe
entered an era of overseas exploration and economic expansion
that transformed society….These discoveries and conquests
brought about an extraordinary increase in business activity
and the supply of money, which stimulated the growth of capitalism.
People's values changed in ways that were alien and hostile
to the medieval outlook."
These lines from our textbook (p. 263) sum up very briefly
what was involved in the Commercial Revolution: The transformation
of the European economy as a result of European penetration
of the whole globe and, accompanying this, a fundamental shift
in values in the direction of self-interested profit-seeking.
What is further revolutionary about developments connected
with the Commercial Revolution is that they gave Europeans
(or at least certain European countries) a global presence
and predominance, marking the first world hegemony.
We effectively begin our consideration of "modern"
western civilization with the Commercial Revolution because
this "revolution" was perhaps the most fundamental
in the creation of the "modern world". By the "modern
world" we mean one marked by widespread urbanism, a capitalist
economy linked to world-wide trade, a secular emphasis on
personal freedom, profit, worldly success, and material comforts,
and governments based on the belief in the importance of promoting
the welfare of a nation's inhabitants.
In this unit we want to learn just what happened and how and
why it happened. We start with the medieval background, so
we can see something of the European world before the Commercial
Revolution, including patterns of commercial activity before
the 15th century. Then we consider the story of European discoveries,
the economic consequences of these as enormous treasures began
to circulate in Europe, and as overseas markets stimulated
European production. Finally, we will look at the way the
new commerce reshaped much of Europe and helped to produce
a new kind of economic enterprise.
The assigned readings in the textbook are quite short, so
you can pay close and careful attention to the main points
and master the outline of developments quickly. Web readings
will provide more illustrative material.
Part
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