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Word Count: 556
The European Exploration established many colonies in Africa and the Americas A new reservoir of revenue became readily avenue sparking the Commercial Revolution Raw materials gold and other precious metals poured into Europe eventually becoming manufactured goods Slaves became a source of cheap labor and many Europeans spread Europes economic policies when they settled in the colonies Mercantilism which stated that a colonys purpose was to benefit the mother country shaped Europe during throughout the revolution From 1492 to 1870 a new gold-salt and silk trade were established creating an international economy Most of the gold and salt came from Africa while Asia was the major silk exporter New business rules were because of the influx of money Joint-stock companies as well as insurance companies were created Joint-stock ventures were now insured for damages that any of their ships suffered There was a new banking system becoming more prominent than the system set up by the Medicis during the early 1400s Gold and silver coins were replaced by paper currency and bank credits were being introduced The stockmarket was born drawing its life force from joint-stock companies and their speculations Monopolies arose when joint-stock companies incorporated with each other Some of the European companies tried to stop the rise of monopolies England passed the Bubble Act restricted the rights of joint-stock companies to incorporate with each other Economic competition found a new intensity which it never had before The economic bourgeoisie rose to power through entrepreneurial business Social and political revolutions as well as the Industrial Revolution planted the roots of modern capitalism The Commercial Revolution continued into the 1900s with the spark of European Imperialism The Mad scramble for Africa could best be related to bees in the spring In the spring flowers start blooming causing the bees to rapidly drink up their nectar In the same way the Age of Exploration and Commercial Revolution were the springboards
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