HST 198 Chapter Notes - Chapter 22.2: Proletariat, Commercial Revolution, Metalworking
6 Sep 2016
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Level of trade and goods available to europeans quickly rose. Huge import of gold and silver from spain"s new colonies. Because of the new wealth demand for products to sell rose in both europe and the colonies. Inflation encouraged merchants to take new risks. Borrowing was cheap when money was losing value. Because of inflation and new opportunities in the colonies trading companies were established. European merchants brought back new profits to europe and managerial skills and banking arrangements. Peasants continued to produce for their own needs. Specialty areas of agricultural developed such as: wines, cheeses, and wool. Some of these industries used commercial farming and paid laborers to work the land. Rural villages participated in shoe making, pottery, metalworking and other manufacturing specializations. An average western peasant in the 1600s owned 5 times as many things as their counterparts in southeastern europe. Commercialization created the proletariat in the west. Proletariat: people without access to wealth-producing property.
