1.  THE COMMERCIAL REVOLUTION 1500- 1700 roots in the middle ages population growth “price revolution” states sought to increase economic power rise in capitalism entrepreneurs emerging capitalism = private property, profits, free enterprise

2.  The Price Revolution = inflation  Prices go up -> wages don’t go up as fast -> greater profits for businesses  profits = money made minus costs THE MONEYLENDER AND HIS WIFE WINE MERCHANTS

3.  New type of economic thinking beginning in the 17 th century – 1. BULLIONISM = countries should stockpile gold and silver 2. Export more than you import 3. Protect and stimulate your country’s export industries 4. High tariffs = taxes on imports 5. Colonies were good -> source of raw materials + place to sell your country’s stuff 6. Construction of roads and canals 7. Government should be involved in economic activity 8. Economic activity should benefit the state

4.  Europe’s overseas expansion -> international commerce  Transatlantic trade = huge profits  Pepper and spices from the Indies  Sugar from Brazil and the W. Indies  Coffee and tea from Asia  Trade begins to link Europe, Africa, the East, and the Americas

5.  Between 1500 and 1800 Atlantic nations of Europe move into all parts of the world  16 th century = Portugal and Spain  17 th century = the Dutch  End of 18 th century = England

6.  Pop losses due to European diseases  Social and political structures destroyed  European institutions, religion, languages, and culture replace indigenous people’s  Sexual exploitation  Mestizos  Mulattoes  Horses  New european crop -> wheat

7.  Franciscans, Dominicans, and Jesuits led missionary/conversion work in Spanish Americas  The Missions  Hospitals, orphanages, and schools  Jesuit missionary work in China and Japan -> 300,000 converts in China  Missionaries expelled from Japan and Japanese Christians persecuted FRANCIS XAVIER

8.  Europeans in the Americas wanted -> riches, land, social advancement  Gold and silver  The Columbian Exchange  old world = horses, cattle, wheat  New world = potatoes, chocolate, corn, tomatoes, tobacco