Identify the technological and economic innovations that facilitated the Commercial Revolution.(1 point) Responses navigational technology, joint-stock companies, banks, and insurance companies navigational technology, joint-stock companies, banks, and insurance companies navigational technology, joint-stock companies, banks, and exploitation navigational technology, joint-stock companies, banks, and exploitation mercantilism, joint-stock companies, banks, and insurance companies mercantilism, joint-stock companies, banks, and insurance companies navigational technology, joint-stock companies, banks, and loans navigational technology, joint-stock companies, banks, and loans
The correct response is: navigational technology, joint-stock companies, banks, and insurance companies.
The correct answer is:
- Navigational technology
- Joint-stock companies
- Banks
- Insurance companies
The technological and economic innovations that facilitated the Commercial Revolution include navigational technology, joint-stock companies, banks, and insurance companies.
1. Navigational Technology: The development of improved navigational tools and techniques, such as the compass and more accurate maps, allowed explorers and traders to venture into unknown territories with greater confidence. This led to the discovery of new trade routes and the expansion of global trade.
2. Joint-Stock Companies: Joint-stock companies were a significant innovation in organizing and financing trade expeditions during the Commercial Revolution. These companies pooled resources from multiple investors, spreading the financial risks and allowing for larger and more ambitious ventures. Examples of joint-stock companies include the Dutch East India Company and the English East India Company.
3. Banks: Banks played a crucial role in facilitating trade by providing various financial services. They offered safe storage for money, converted currencies, issued bills of exchange, and provided loans to merchants. Banks enabled commerce to occur on a larger scale and allowed for the efficient flow of capital across different regions.
4. Insurance Companies: As trade expanded, so did the risks associated with it, such as the loss of ships, cargo, or goods during transit. Insurance companies emerged to mitigate these risks by offering insurance policies to merchants, providing compensation in case of losses. The availability of insurance gave merchants the confidence to engage in high-risk ventures and encouraged further trade.
While the Commercial Revolution also involved other factors like mercantilism and exploitation, the provided answer focuses on the specific technological and economic innovations that had a significant impact during this period.