How did the economics of the commercial revolution affect european society?

The Commercial Revolution was a period of great economic expansion in Europe, driven by colonialism and mercantilism, which lasted approximately from the 12th to the 18th century. This commercial development has resulted in profound changes in the European economy. Money became a major factor in wealth and commercial transactions were monetized. Production and exchange no longer had a mere subsistence character and began to serve the markets of cities, in other words, the world was beginning to integrate. Mercantile companies began to apply accounting techniques and adopt new ways of trading, such as letters of credit and payment.

The frantic search for new mines in Africa and the Indies had intensified. Navigation and offshore trade gained momentum with the construction of new types of vessels and the improvement of cartography and instruments such as the compass. Throughout the Commercial Revolution, the commercial axis of the Mediterranean was transferred to the Atlantic, breaking the monopoly of Italian cities in trade with the East and initiating mercantilism.

independent innovation during the abbasid caliphate

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