The correct answer is: Navigational technology, joint-stock companies, banks, and insurance companies.
These innovations played a crucial role in facilitating the Commercial Revolution, which transformed European economies from local and regional trade networks to a more global trading system.
- Navigational technology (like the compass and astrolabe) improved long-distance sea travel and exploration.
- Joint-stock companies allowed for the pooling of capital to fund large ventures, spreading risk among many investors.
- Banks facilitated the movement of money, credit, and capital, essential for funding new ventures and trade.
- Insurance companies helped mitigate the financial risks associated with maritime trade, making it safer for merchants to conduct business.
Together, these innovations contributed to the expansion of trade and the growth of a market economy in Europe.
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