After 1450, two significant changes in the economic system of Western Europe can be highlighted:
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Expansion of Trade and Exploration: The period following 1450 marked the beginning of extensive overseas exploration and trade, particularly due to the Age of Discovery. European powers, driven by the desire for new trade routes and access to valuable commodities, began to establish trade networks that connected Europe with Asia, Africa, and the Americas. This led to the rise of mercantilism, where nations sought to accumulate wealth through trade surplus and colonial expansion.
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Shift to a Market Economy: The late 15th and early 16th centuries saw a transition from feudal economies, which were largely agrarian and based on subsistence, to more market-oriented economies. The growth of towns and cities, along with the rise of a merchant class, facilitated the development of capitalist practices. The use of money became more widespread, and markets for goods and services expanded, leading to increased specialization and a more interconnected economy.
These changes laid the groundwork for the modern economic systems and set the stage for the subsequent Industrial Revolution.
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