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The Commercial Revolution

Definition

A period from roughly 1500-1800 where European commerce expanded on a global scale with innovations in banking, business practices, and trade routes.

Analogy

Consider this like upgrading from a small neighborhood lemonade stand (local trade) to an online store that ships worldwide (global trade). New tools (like internet marketing strategies or improved shipping methods) make this expansion possible.

Related terms

Mercantilism: An economic theory popular during this time that promoted governmental regulation of a nation’s economy for augmenting state power at the expense of rival national powers. It's like playing Monopoly where you try to control as many properties (resources) as possible to win.

Colonialism: The policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically. It's like claiming the best spots at a picnic - you get all the benefits, but others are left out.

Joint-stock companies: These were businesses owned by shareholders who share in profits and losses. Imagine if your lemonade stand was funded by all your friends, and they got a share of your profits.