How effective was development of the Europe economic in 1500 CE Research Paper

How effective was development of the Europe economic in 1500 CE - Research Paper Example The idea of states with a standing army and bureaucratic process began to take root, and this changed the world’s perspective of Europe. This paper will elaborate on the development of Europe economy in 1500 AD and illustrate how this period saw the advancement of technology by great inventions such as gunpowder, relatively advanced ships, improved navigation techniques, and the printing press would be the premise of change in Europe. Changes in Social Structure The chaos of the late middle Ages did not equally affect the inhabitants of Europe. Advancement in military technology and better pikemen in the battlefield challenged the dominance of the knights in battle; the title of being a noble began to reduce in value and stature. The Economic challenges of the Middle Ages saw an increased in labor shortages and this translated to higher prices of commodities (Acemoglu, Johnson and Robinson 57). The wealth belonging to the people In nobility was cut into by the high inflation o f that time, and this was due to the static value of land which was the base of their wealth. A large number of peasants in Europe had attained the capacity to purchase their freedom from their lords; they began to pay a fixed amount of rent instead of paying them with labor. Due to the high inflation, the rent paid by the tenants was insufficient to satisfy their needs and therefore the value of nobility declined. Not all nobles were affected by inflation; some nobles sought employment from the king and were taken on to join the army or work as courtiers. A good number of people lost their nobility status from having involving themselves with agriculture and commerce like the middle class. Despite the loss in value, nobles were still held in high standing in society; for that reason, the now wealthy middle class began buying nobility titles from the king, surrendering their business oriented lives, settling in landed in landed estates. The provision of buying nobility titles enable d the noble class to be replenished despite its rapidly dwindling numbers. Western Europe did not have any peasants by 1500, most of the former peasants owned their own land by that time. In addition to that, the middle class was getting higher due to their increasing wealth and the positions held in the Kingdom. Recovery of the Economy Europe’s economic rebirth happened on the foundation of agriculture. The aftermath of the conflicts in the middle ages weakened the nobles and the church that had great influence on economic activities. The reduced influence of the church and nobles led to the emergence of well-structured monarchies in Western Europe that safeguarded peace encouraging the growth of commerce and trade. Peasant s that had not lost their lives in the Black Death inherited land belonging to the deceased and were able to improve their standards of living. Agricultural production standards rapidly rose due to the fact the former peasants worked on their own land and this motivated them to work harder than they did before. The improved standards of living and food security fueled an increase in population; it is estimated that the population rose to 70 million from 50 million fifty years earlier (Janssen 89). The economic recovery had a great trickle-down effect that cumulated to the creation of capitalist economic system. The effects were: 1. The rapid population growth had the implication that