After the 16the century, the European economy started to roll upside down. And from the end of the 17 century, the European economy is slowly entering into industrialization. So when do you want to know the proper answer for what was the most important source of European wealth in the seventeenth and eighteenth century? You have first to understand what was the European economic situation after the 16th century. In European history, the 17 and 18 centuries are carrying great importance.
So let’s see a small glimpse of the 16th-century economic structure of Europe.
Before 17century The European Economic Structure
In the 17th century, the catastrophic war had to break down the whole of Europe. And before that, from the end of the 15th century, the temperature of Europe suddenly started falling. Due to the temperature dropping, farming and harvesting are getting interrupted.
The damp and cold weather is slowly stretching out its hands and gripping the whole of Europe. First, you should know the situations before you find the answer to the question: what was the most important source of European wealth in the seventeenth and eighteenth century?
Little Ice Age Of 16th Century
This temperature drop continued till the starting of the 17 century. The worst part is due to the temperature drop, and livestock supply was not enough as compared to the market demand. The human population starts dropping as the birth rate is falling. This temperature dropping is affecting farming.
The market price of all necessary human essential items is suddenly becoming out of reach from the general people. The lack of livestock and the corp is causing a costly market price. Most people were starting to think the end of the earth was approaching.
Human Suffering Due To The Market Price Revolution
At the end of the 16th century, the situation worsened. The market price revolution is starting, and every essential item becomes out of reach. The general people are simply starving without food in the cold weather. After 1667 the whole of Europe’s economic situation almost turned upside down. The birth rate is decreasing, and the food supply is not enough. Livestock is also not sufficient.
Many historians think the high market price is associated with the huge supply of precious American metals in the European market. However, as precious metals are entering the economy, the European coin value is starting to drop. Whatever course it may be, the general people face a challenging time due to the lack of food and the sudden changes in the weather.
What Was The Most Important Source Of European Wealth In The Seventeenth And Eighteenth Century?
After this small ice age approaches, the general European people are crumbling to survive in these opposite economic situations. But this is not the ending. As long as the common people are suffering, the American and Spanish precious metals are slowly starting to enter the system.
Most of the European people who are in the mining business start to earn more than anyone. Clear inflation of privatization is the biggest challenge of seventh-century Europe.
A bulk amount of precious metal is entering the European economic situation, but this money does not have any effect on the European total economic situation. This is because the general people are still struggling to buy the bread and the regular necessary items, but some people are getting richer for mining and the business.
This wealth means these precious metals are the correct answer to the question regarding what was the most important source of European wealth in the seventeenth and eighteenth century?
The precious metal wealth is slowly submerging into the European economic system is turning to be the source of the great wealth of Europe, and then starting the 30 years catastrophic war, which is changing the history of Europe. The war between the catholic and the protestant kings is changing the whole economic structure of Europe.
The After War Industrial Revolution
The 30 years war is changing the whole economic perspective of Europe. And every war is the turning point to make drastic changes in the economic situations of the country. For Europe, the concept is the same. After 30 years of war, huge populations are butchered and die due to war, hunger, and poverty. Before the 1648 peace of Westphalia, the city was torched, and the soldiers were butchering the common people.
After this war, the catholic and the protestant are settling. And after the end of the war, the citizens are starting to return to their houses and farms. After the 17 century, the industrial revolutions started to move the whole European economy. After the war, the population started to grow. And for supply, enough food to these numbers of a growing population for the farming and farming equipment the factories are starting to set.
Small handicraft shops are turning to be the factory for fulfilling the market demand for the public. For better farming results, the farmers are starting to use mechanical equipment. To assemble this equipment, a small black smith’s shop was not enough. So the manufacturers are starting to set up factories to meet the market demand.
Now you know precious metals is the correct answer for what was the most important source of European wealth in the seventeenth and eighteenth century? And for the industrial revolutions and the industrial developments, this wealth is being used.
Wrapping It Up:
After the catastrophic war, the industrial revolutions are starting to materialize. And after the industrial revolutions of Europe. The wealth is automatically generated in the European economy. Do you have any information regarding what was the most important source of European wealth in the seventeenth and eighteenth century?
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