European Transformation: 15th-16th Century Social and Religious Shifts
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Demographic and Economic Recovery
Major epidemics disappeared and the birth rate increased, leading to a population rise. Agricultural surplus was generated and sold. Improvements in shipping gave rise to trade. This increased the production of hand-made goods and manufacturing, and the growth of cities. Bills of exchange were created to facilitate trade and payments.
Rise of the Bourgeoisie
The economic power of the bourgeoisie did not come from the land. They made their money from capital, investing in profitable activities such as trade, manufacturing, and banking. The first capitalist companies emerged, laying the groundwork for merchant capitalism. Commercial exchanges represented a major source of wealth.
The Strengthening of the Monarchy
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