Do Now: Please hand in your HW Copy and respond to the question:

1. E.Q. What was the Commercial Revolution? Aim: What was the Commercial Revolution and what role did economics play in peoples’ lives? Do Now: Please hand in your HW Copy and respond to the question: Where in the world does your food, clothes, and luxury goods come from? Why do you think it originate from that selected region?

2. Assignment #1: All are asked to carefully examine the painting – what do you see? How might the content of this painting exemplify the nature of the Commercial Revolution? Compared to Feudalism, what’s different about this system? E. Napp

3. Assignment #2 • Work with your group member/partner to correctively complete the listed handout. • Please note: Pierre, Lisa, Emily, or I will be “floating” around the room, as result, if you need any help, simply raise your hands. E. Napp

4. The Commercial Revolution marked an important step in Europe from local economies (Barter: Feudalism/Manor System)to a global economy (Market System: Mercantilism & Capitalism).

5. The Technology of Exploration • Chinese rudder introduced in 12th century • Square sails replaced by triangular lateen sails • Work better with cross winds • Navigational instruments – astrolabe, compass • Knowledge of winds, currents • The Volta do Mar • “return through the sea”

6. New Weapons Technology

7. Better Maps [Portulan] Hartman Astrolabe(1532) Mariner’s Compass Sextant New Maritime Technologies

8. Wind and current patterns in the world’s oceans = Scientific Revolution & Renaissance

9. If time is permitted, we will review the listed slides as a class. E. Napp

10. Do you think the Commercial Revolution had a impact on slavery? YES The Commercial Revolution had an enormous impact on slavery since the colonies needed MORE labor to support the mother country by providing the raw materials needed.

11. Mercantilism • Mercantilism was the belief that a nation’s power depended on the ownership of gold and silver. • In order to acquire gold and silver, European countries established overseas colonies. • Colonies provided gold, silver and raw materials.

12. Mercantilists believed that a country’s wealth was based on the amount of gold and silver it acquired.

13. Mother Countries and Colonies • Mother countries were conquerors. • The conquered land was a colony. • In addition to mining for gold and silver, Mother countries imported natural resources or raw materials and exported finished goods.

14. Mother countries imported cheap raw materials like cotton and exported more expensive finished goods like shirts.

15. Capitalism • Merchants and bankers laid the foundations for capitalism. • In a capitalist system, business owners risk their capital (money) to start new businesses hoping to make profits. • Individuals formed joint-stock companies.

16. A stock certificate represents partial ownership in a business.

17. Joint Stock Companies • A Joint stock company is a privately owned company that sells stock or partial ownership in the company to investors. • Investors risk their capital or money when they purchase stock. • If the company is successful, the investor receives his share of the profits.

18. “Triangular” trade made some continents wealthy while it impoverished other continents.

19. European kings Increased their wealth and power through conquest and colonization

20. While European Kings and capitalists increased their wealth, Native American Indians and Africans were terribly exploited.

21. What have we learned? Cause and Effect Demand for cheap labor to extract raw materials to replace labor that died from disease. Atlantic Trade to the New World causes Manufactured Goods from Europe Increase for raw materials including gold & silver as well as natural resources. causes Increase in Manufactured Goods and new markets Raw Materials from Africa & New World causes