Impact of the shift in economy from mediterranean to atlantic
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David Abulafia's discussion of the shift in the balance of economic power from the Mediterranean to the Atlantic included a revisionist account of the pandemic known as the “Black Death”. The plague certainly killed millions of Europeans (perhaps as many as a third of the total) but survivors among the skilled labour force benefited from this depopulation.
Scarcity of labour meant that those with a skill could command substantial wage increases and the consequent rise in disposable incomes had a major economic impact. Workers with money to spend stimulated an expansion in consumer demand and the goods provided became increasingly varied as well as more numerous. Those who survived the plague often inherited money and property from relatives killed off by the disease and these inheritors often rose in social stature as a result of the increase in their assets.
As the disease’s impact receded in the late fourteenth century living standards improved and economic confidence led to ambitious plans for business ventures in the emerging Atlantic sector. Of these, sugar production was perhaps the most important. Prince Henry ‘the Navigator’, Portugal’s pioneering ruler, gathered together the people and the resources that were needed in order to transform Madeira, previously an obscure island on the horizon’s edge.
Scarcity of labour meant that those with a skill could command substantial wage increases and the consequent rise in disposable incomes had a major economic impact. Workers with money to spend stimulated an expansion in consumer demand and the goods provided became increasingly varied as well as more numerous. Those who survived the plague often inherited money and property from relatives killed off by the disease and these inheritors often rose in social stature as a result of the increase in their assets.
As the disease’s impact receded in the late fourteenth century living standards improved and economic confidence led to ambitious plans for business ventures in the emerging Atlantic sector. Of these, sugar production was perhaps the most important. Prince Henry ‘the Navigator’, Portugal’s pioneering ruler, gathered together the people and the resources that were needed in order to transform Madeira, previously an obscure island on the horizon’s edge.
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Impact of the shift in the economy from mediterranean to atlantic:
- The shift of the economy from the Mediterranean to the Atlantic resulted in the opening of trade opportunities with the discovery of the passage to ‘Asia’ around the ‘Cape of Good Hope’.
- Though the profits from the ‘Atlantic trade’ were small they were still larger than the earlier profits. Soon by the end of the seventeenth century, the trade volume from the Atlantic was much larger than that of long-distance ‘Mediterranean trading’.
- This made the merchants very rich during the period. There developed the monarchy group who were the main beneficiaries of these profits.
- This shift was caused by the successful discovery of passage through Africa that opened up sea-trade with the east. This started the trading with the Asian countries through the new path that ended the trading monopoly of the Ottoman Turks.
- It opened up doors for the European towns and they became the controlling areas for trade between east and west.
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