Economic Consequences of the Commercial Revolution

The video explores the Commercial Revolution in 16th century Europe, highlighting the shift from land-based wealth to a money economy. It discusses the establishment of the Bank of Amsterdam, the rise of joint stock companies like the Dutch East India Company, and the impact of Potosi silver on inflation. The video also covers changes in agriculture, such as the enclosure movement, and the societal effects of these economic shifts, including the rise of a new economic elite, urban migration, and changes in family patterns.

What was the primary commodity that became most desirable in 16th century Europe during the Commercial Revolution?

• Spices

• Money

• Land

• Gold

Why was the establishment of the Bank of Amsterdam significant in the 16th century?

• It was state-sponsored.

• It was the largest bank in Europe.

• It marked the shift to a money economy.

• It was the first bank in the world.

What financial innovation was associated with the Dutch East India Company?

• Barter system

• Joint stock company

• Single-entry bookkeeping

• State-sponsored banking

What was the main consequence of the silver influx from Potosi on the European economy?

• Deflation

• Stability in prices

• Price Revolution

• Decrease in trade

How did the Price Revolution affect European agriculture?

• It led to the decline of feudalism.

• It caused a decrease in crop yields.

• It increased the use of the barter system.

• It resulted in the enclosure movement.

What was one of the effects of the Commercial Revolution on European society?

• Rise of a new economic elite

• Decrease in urban migration

• Strengthening of feudalism

• Decline in trade activities

What was a significant change in family patterns during the Commercial Revolution?

• Increase in childbearing years

• Decline in marriage rates

• Earlier marriages and larger families

• Increase in multi-generational households

Which group benefited the most from the enclosure movement?

• Peasants

• Serfs

• Urban workers

• Large landowners

What was a major reason for urban migration during the Commercial Revolution?

• Decrease in agricultural productivity

• Better living conditions in cities

• Freedom from feudal obligations

• Abundance of rural jobs

How did the Commercial Revolution impact serfdom in Western Europe?

• Serfs gained more freedom.

• It became more entrenched.

• Serfs were given land ownership.

• Serfdom was abolished.