The Emergence of Modern Europe

The Emergence of Modern Europe — page 7
The emergence of modern europe Europe tightened The great geographic discoveries then in process were integrating Europe into a world economic system New commodities many of them imported from recently discovered lands enriched material life Both trade and the production of goods increased as a result of new ways of organizing production Merchants entrepreneurs and bankers accumulated and manipulated capital in unprec edented volume Most historians locate in the 16th century the beginning or at least the maturing of Western capital ism Capital assumed a major role not only in economic orga nization but also in political life and international relations Culturally new values many of them associated with the Renaissance and Reformation diffused through Europe and changed the ways in which people acted and the perspec tives by which they viewed themselves and the world This world of early capitalism however can hardly be regarded as stable or uniformly prosperous Financial crashes were common the Spanish crown the heaviest borrower in Europe suffered repeated bankruptcies in 1557 1575 77 1596 1607 1627 and 1647 The poor and destitute in soci ety became if not more numerous at least more visible Even as capitalism advanced in the West the once-free peasants of central and eastern Europe slipped into serfdom The appar ent prosperity of the 16th century gave way in the middle 10