1451-1648 Economic & Commercial Dev basic features at the end of period

At the end of the period between 1451 and 1648, there were several basic features of economic and commercial development:

1. Mercantilism: Mercantilism was the dominant economic policy during this period. It emphasized the accumulation of wealth through a favorable balance of trade, the establishment of colonies, and the promotion of exports.

2. Growth of trade: Trade expanded significantly during this period, with the discovery of new trade routes and the establishment of maritime empires. The European powers, such as Spain, Portugal, and later the Dutch and English, competed for control of lucrative trade routes and established trading posts and colonies in Africa, Asia, and the Americas.

3. Rise of capitalism: Capitalism began to take shape during this period, with the emergence of commercial enterprises, joint-stock companies, and the development of banking and financial institutions. The growth of trade and exploration provided opportunities for individuals to accumulate wealth through commercial ventures.

4. Commercial revolution: The period witnessed a commercial revolution characterized by the growth of long-distance trade, the use of new financial instruments, and the establishment of global trading networks. This revolution transformed the European economy and laid the groundwork for further economic expansion in the future.

5. Urbanization: As trade and commerce flourished, cities grew in size and importance. Urban centers became hubs of economic activity, attracting merchants, artisans, and other professionals. The growth of cities led to the development of specialized industries and the rise of a middle class.

6. Technological advancements: The period saw significant technological advancements that facilitated economic and commercial development. These included improvements in shipbuilding, navigation tools, printing press, and agricultural techniques. These advancements helped to increase trade, expand production, and improve productivity.

7. Colonialism: European powers established colonies in various parts of the world, primarily for economic purposes. These colonies provided a steady supply of raw materials and served as markets for finished goods, contributing to the economic growth of the colonizing nations.

8. Economic inequality: Despite the overall economic growth, there was a significant gap between the rich and the poor. The accumulation of wealth by a small elite often came at the expense of the lower classes, who faced exploitation and impoverishment.

These basic features of economic and commercial development at the end of the period between 1451 and 1648 laid the foundation for the further expansion of global trade and the emergence of modern capitalism in the following centuries.