HI125 Lecture Notes - Lecture 2: Commercial Revolution, Industrial Revolution, Aggregate Demand
Document Summary
Period of transition and growth 1500-late 1700s. Lots of change and continuity (towards the industrial era) Before the industrial age, so agriculture was the only thing they could do. A lot of people lived and worked on farms. In north america, colonies are formed and focus on producing a certain product. Different from europe/british where a small group of people owned the farms. Farmers are producing more than their needs, and started selling it on the local market or global market. Evident in economic growth rates slower growth than the industrial age. Caribbean british colonies specialize in producing sugar. Commercial revolution vast increase in amount of commerce/trade, economic expansion, and colonialism. Occurs in western europe from 1400 to 1700. There is a surplus of products . Increases aggregate demand and movement of these goods. Voyageurs are sent from europe, spain into other countries to explore newer products, new wealth, creating colonies, etc.
