Commercial Revolution: Economics changing from Traditional Economies to Market Economies.

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Presentation transcript:

Commercial Revolution: Economics changing from Traditional Economies to Market Economies

During the Middle Ages… / Economies were self sufficient and traditional. Most people grew own crops and created own goods in manor system. Does this happen today?

How had life changed during the Middle Ages? / Man had found better way to produce food and be more efficient / 3 field system / Horse power / Iron Plow All this lead to a surplus in food. Which means? / Man had found better way to produce food and be more efficient / 3 field system / Horse power / Iron Plow All this lead to a surplus in food. Which means?

/ Impact of Crusades

/ Crusades opened Europeans eyes to goods of the Islamic (Muslim Empire)- trade routes to East began / As a result this increased trading between East and West---> people began to trade for a living and produce goods / Growth of businesses / (people could survive because others were producing enough food) / This is known as the COMMERCIAL REVOLUTION!! / Crusades opened Europeans eyes to goods of the Islamic (Muslim Empire)- trade routes to East began / As a result this increased trading between East and West---> people began to trade for a living and produce goods / Growth of businesses / (people could survive because others were producing enough food) / This is known as the COMMERCIAL REVOLUTION!!

Results: Beginning of Modern Banking / People began to exchange credits (money) in exchange for goods and services / Banks were set up to stabilize money source / People began to exchange credits (money) in exchange for goods and services / Banks were set up to stabilize money source

Results: / People began to settle towns and rely on trading and business for a living--> Town and cities grow / Feudalism system declines / Growth of Middle Class / Money becomes source of power / Became foundation of modern day capitalism / People began to settle towns and rely on trading and business for a living--> Town and cities grow / Feudalism system declines / Growth of Middle Class / Money becomes source of power / Became foundation of modern day capitalism

If money = power, how can a country get more $$$? / Get more resources--> make more goods--> trade more -->make more $$---> have more power / This concept will help lead European leaders into Age of Exploration and Mercantilism System / Get more resources--> make more goods--> trade more -->make more $$---> have more power / This concept will help lead European leaders into Age of Exploration and Mercantilism System

Age of Exploration / European countries wanted to find an easier way to trade with East so Kings hired sailors to find a new, quicker method to trade. / Avoid Middle Man (Muslims) and price increase / European countries wanted to find an easier way to trade with East so Kings hired sailors to find a new, quicker method to trade. / Avoid Middle Man (Muslims) and price increase

Explorers / Vasco DeGama / Magellan / Columbus / What were they looking for? / Routes to the East / Vasco DeGama / Magellan / Columbus / What were they looking for? / Routes to the East

Exploration / Leads to the establishment of colonies in the New World and Mercantilism

What is Mercantilism? Countries power depends on wealth

Why would they do this? / Mother countries would use colonies for resources. Take resources and manufacture them into a finished product. Then sell finished product to colony. / Example: Take cotton from US --> ship to England----> England turns cotton into clothes--> sell clothes to US / England gets more $$$ and power / Mother countries would use colonies for resources. Take resources and manufacture them into a finished product. Then sell finished product to colony. / Example: Take cotton from US --> ship to England----> England turns cotton into clothes--> sell clothes to US / England gets more $$$ and power

Columbian Exchange

Led to the development of Modern Day Capitalism / What is a Market economy again? / Individuals begin making decisions / Businesses Grow / Adam Smith and the “Invisible Hand” / What is a Market economy again? / Individuals begin making decisions / Businesses Grow / Adam Smith and the “Invisible Hand”