COMMERCIAL AND INDUSTRIAL REVOLUTION

Commercial and Industrial Revolution



Introduction

Commercial Revolution paved the way for this future era of innovation and prosperity. Economy at that time was one that Money nation's wealth is controlled by strict government regulation of the entire national economy (Spufford 2003). This was done through a policy aimed at ensuring the accumulation of bullion, a positive balance of trade, agriculture and manufacturing, and the establishment of foreign monopolies and trade. There was accumulation of precious metals from the government. This European country has become a leader in the field of trade and commerce during the commercial revolution.

The developed transformation of industrial revolution altered many lives eternally, and sophisticated technology to an span that was only imaginable, some would call this an age of progress in Europe. One major inquiry to inquire is; what is progress? Progress is defined as moving forward or improving, and in the case of the Industrial Revolution advancing society as a whole (Miskimin2009).

Background

Inflationary period in the late 16th century was due to the influx of gold bullion and silver during the commercial revolution (Postan2003). This led to the transfer of bullion from Spain to the Far East. Tariffs on imported and exported goods were placed to protect British industry and trade from foreign competition in 1651.they agreed and coordinated Spanish and Portuguese to clarify the confusion by reiterating the land in the New World. He restored the line 370 leagues (1770 km) west of the Cape Verde Islands.

This company was established in 1711 by Robert Harley, who needed allies to carry through the peace negotiations to end the War of Spanish Succession. The new "company", which was given a monopoly of British trade with the isles of the South oceans and South America.

It was the first European explorers to cross the Atlantic Ocean and land on the island of Haiti (Gies 2002). This initiated a major environmental exchange between the North and South America and Europe. In colonial Spanish America, legal system, in which the Spanish crown, attempted to define the status of the Indian population in its American colonies. It was based on the practice of exacting tribute from Muslims and Jews during the Reconquista ("reconquest") of Muslim Spain.We were the German merchants, who created the banking dynasty that dominated European business during the 15 and 16 centuries.

Association of marine insurance in London formed the first modern European insurance company in 1688.As a result of this new economy, securities were held in an organized system in the late 17th century.Any of a number of commercial enterprises formed in Western Europe for 17 centuries and 18 for further trade with the East Indies.

This city created the first modern European bank in 1609.Financial schemes in 18th century France, the law established in 1716 Banque Generale, a bank with the authority to issue notes. A year later it established the Compagnie d'Ouest (the "Company West") and received this exclusive privilege to develop the vast French territory in North America (Spufford ...