The focus of commerce shifted from Mediterranean to Atlantic ports, chartered companies were organized, and continued improvements in navigation and ship construction sped long voyages. As a worldwide trade evolved, the principles of mercantilism were adopted, and local trade barriers were abrogated, stimulating internal commerce. Modern credit facilities also appeared new institutions included the state bank, the bourse, and the futures market, and the promissory note and other new media of exchange were created. Quickened commercial activity brought economic specialization, thus leading to the transformations in production associated with modern capitalism. By 1700 the stage was set for the Industrial Revolution .
See H. A. Miskimin, The Economy of Early Renaissance Europe, 1300–1460 (1969) J. Gies, Merchants and Moneymen (1972) M. M. Postan, Medieval Trade and Finance (1973) P. Spufford, Power and Profit: The Merchant in Medieval Europe (2003).
The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.
See more Encyclopedia articles on: Economics: Terms and Concepts
Browse by Subject
- Earth and the Environment +-
- History +-
- Literature and the Arts +-
- Medicine +-
- People +-
- Philosophy and Religion +-
- Places +-
- Australia and Oceania
- Britain, Ireland, France, and the Low Countries
- Commonwealth of Independent States and the Baltic Nations
- Germany, Scandinavia, and Central Europe
- Latin America and the Caribbean
- Oceans, Continents, and Polar Regions
- Spain, Portugal, Italy, Greece, and the Balkans
- United States, Canada, and Greenland
- Plants and Animals +-
- Science and Technology +-
- Social Sciences and the Law +-
- Sports and Everyday Life +-