1492-1698

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Student’s name Professor’s name Course Date Renaissance Period in Europe The economy of early modern Europe was affected greatly during the renaissance period especially in the area of trade. The increase in population, better banking services, expanded trade routes, improved manufacturing system among others are the key factors which contributed to the growth of the European economy. The agricultural sector also experienced major changes that affected the economy. The serfdom declined significantly in Europe and most peasants enjoyed the freedom to rent farms and move without restrictions which led to increased labor wages. More peasants also moved to urban areas due to lack of land to rent and live in. As the population increased rapidly during this period, the demand for food also increased and goods became more expensive. As a result of increased population and prices for commodities, most merchants expanded their businesses. The European economy continued to expand steadily to meet the new demands. It also led to overseas explorations and breaking of monopolies as countries formed new ties and trade routes (Backman, 342). After the fall of the Roman Empire, Christianity remained the major unifying factor in Europe. The internal conflict of the church weakened the powers of the pope. When Martin V. was elected the pope in early 1400, it marked the end of the pope’s power outside the church since he was not interested in politics. During the struggle for power between the pope and emperors, the Italian towns leveraged on it and expanded their independence and power. In 1454, the Peace of Lodi agreement was signed. This agreement allowed the territories

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