AGEC 2003 : Graph Example
Document Summary
Discovery transforms the world (the eurocentric world system: general background changes, demographic changes to ca. Important because in this period everything that is produced is produced with human energy, therefore more humans = more stuff. 100-400% inflation over the century, 400% in iberian peninsula --- abundant. American silver chases relatively scarce goods, prices in silver rise; ca 1. 4% compound annual growth rate. Why is my money buying less: responses to the price revolution. The merchants give them jobs, pays them for the job, takes the stuff back to town and prepares it for the market. He gets labor cheaper: mercantile capitalism increases -- capitalism is double entry, mercantilism (state policies) -- the government trying to manipulate the economy usually for the government. Common basic products - cloth, metal goods of various kinds, ceramics, leather goods. Italian distinctiveness before 1500: mediated trade with asia and sub-saharan africa (being lost before.
