How did the economic system change after 1450 in Western Europe? (2 points)

Question

The economy became a complete free market system. The economy became a complete free market system. The economic system was based on industrialization. The economic system was based on industrialization. The economy shifted to focus on cash economies instead of barter. The economy shifted to focus on cash economies instead of barter. The economy was based on feudalism.

Answer 1

After 1450, the economic system in Western Europe underwent significant changes, notably:

1. Shift from Feudalism to Market Economies: The traditional feudal system began to decline, leading to more dynamic market economies. This transition included a shift away from subsistence farming and barter systems towards cash economies, where currency became more widely used in trade and commerce.

2. Commercial Expansion and Early Capitalism: The period saw the rise of commercial practices and early capitalism, driven by exploration, trade, and the establishment of overseas colonies. This led to increased trade routes, the growth of merchant class, and the accumulation of wealth, facilitating a more market-oriented economy and the eventual beginnings of industrialization.

Overall, the economy in Western Europe started to focus more on cash economies and commercial growth rather than the barter system or feudalism.