write a note on economic development of Europe in the 16th century?
in 1000 words
Answers
Explanation:
The 16th century was a period of vigorous economic expansion. This expansion in turn played a major role in the many other transformations—social, political, and cultural—of the early modern age. By 1500 the population in most areas of Europe was increasing after two centuries of decline or stagnation.
Answer:
The sixteenth century was a period of fast economic development. This growth, in consequence, influenced most of the other early modern era's social, political, and cultural upheavals. The economic boom of the century was largely due to dramatic transformations that had already begun by 1500. The Middle Ages disasters completely altered European society's institutions, including how it produced food and other goods, distributed revenue, structured society and state, and viewed the world.
AGRICULTURAL REVOLUTION:
Pasture land was turned to arable farming land, putting more land under cultivation, while the Dutch recovered hundreds of hectares of land from the sea and converted it to farmland in the Netherlands. The majority of agricultural progress, as well as the manufacturing advancements that came with it, occurred in Western Europe.
The massive human losses shifted the traditional "factors of production"—labour, land, and capital—out of balance. The decline in population pushed up salaries in cities and pushed down rents in the countryside, as fewer workers could fetch a greater "scarcity value." Land and resources, on the other hand, became more plentiful and less expensive as the human population dropped.
COMMERCIAL REVOLUTION:
A change from town-and-guild-centred economies to nation-centred economic systems has also occurred as a result of a more global economy.
Changes in the trade-based economy that led to a burgeoning middle class, wealth accumulation and entrepreneurship, and changes in business methods all contributed to the Commercial Revolution.
MERCANTILE REVOLUTION:
Mercantilism was an economic theory and practise popular in Europe from the 16th to the 18th centuries that advocated for government regulation of a nation's economy to improve the state's position at the expense of other national powers. It was the economic equivalent of political authoritarianism.
CONCLUSION:
Social changes were also widespread. The cost of basic goods (particularly wheat) has decreased as the population has decreased. People in both the rural and the city could utilise their better earnings to diversify and enhance their diets by eating more meat, dairy products, and beverages if food was cheaper. They could also afford more produced goods from cities, which would assist metropolitan economies. The late Middle Ages' cultural disasters shifted mindsets and, in particular, undermined the mediaeval belief that theoretical reason could unlock the origins of the universe. Chance or fate, rather than immovable laws, seemed to control the course of human events in an age of furious and unpredictable epidemics, the accidental and the unexpected.
As a result, the 16th century owed a great deal to late Middle Ages trends. It would be incorrect, however, to see its history solely as a continuation of previous movements. The achievements of the century were also shaped by new developments that occurred during the century. Population, money and prices, agriculture, trade, manufacturing, and banking, social and political institutions, and cultural attitudes were all affected by these changes.
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