Commercial revolution

Commercial revolution is a term that is mainly used in the context of the development of the economy in Europe, from the Middle Ages to the Renaissance. During this time, new forms of commerce started, such as banks, stock exchanges or limited partnerships. The first to use the word was Raymond de Roover, in 1942. Karl Polanyi also used the word, shortly afterwards. In 1955, Roberto Sabatino Lopez used the term to contrast it with the Industrial Revolution.

Massysm Quentin — The Moneylender and his Wife — 1514

During the commercial revolution there were some changes:

• The promissory note was introduced. At the very start, this was a note that the issuer of the note would pay a given amount of money, at a certain place and time. These notes were tradeable. It was an early form of the cheque, introduced later.
• Introduction of bookkeeping
• Specialization of a mostly agrarian society. Certain regions were specialized, such as getting cloth from Flanders. This also saw the growth of cities and the start of a wealthy middle class. There were guilds in the cities who kept records of who did what. This is a precursor of the modern register of commerce.
• The law saw a specialization, and special trade laws were introduced.