What were the major economic systems during the Renaissance?

What were the major economic systems during the Renaissance?

During the Renaissance, the major economic systems were feudalism and mercantilism. Feudalism was a system in which land was owned by nobles and worked by peasants in exchange for protection and a share of the crops. This system was prevalent during the early Renaissance but began to decline as trade and commerce expanded.

Mercantilism, on the other hand, emerged as a dominant economic system during the later Renaissance. It was characterized by the belief that a nation's wealth and power could be increased through the accumulation of precious metals, such as gold and silver. Governments implemented policies to promote exports and limit imports, aiming to achieve a favorable balance of trade. This system led to the establishment of colonies, the growth of international trade, and the rise of powerful trading companies, such as the Dutch East India Company and the British East India Company.

Overall, the Renaissance witnessed a transition from feudalism to mercantilism, marking a shift towards a more market-oriented economy and the emergence of capitalism.