ABSTRACT
The expansion of commerce. The new spirit—Just as the beginning of the sixteenth century marks what may be called an economic revolution in the home industries of the country, so too it marks the beginning of international commerce upon the modern scale. The economic revolution, of which the new agricultural system and the practice of enclosures was the most striking feature, was a change from the old dependent, uncompetitive, and regulated industrial system, to one under which Capital and Labour grew up as separate forces in the form in which we recognize them now. Labour had become nominally independent after the Peasants’ Revolt of 1381, and at the same time it consciously felt that it was in opposition to capitalist and land-owning interests. In its desire for freedom it had also begun to shake off even its self-imposed restrictions, and the power of the gilds had rapidly waned. A new and eager spirit came with the Renaissance and the Reformation, a spirit which on the economic side showed itself in the development of competition, the shaking off of old restraints, and in more daring and far-seeing enterprises. Especially was this the case among the merchants, fired as they were by the great discoveries of the latter end of the fifteenth century, and hence we notice, throughout the sixteenth century and especially at its close, that our foreign trade becomes more extensive than it had ever been before, and the foundations of our present international commerce were securely laid.
