What were the major economic developments during the Renaissance?

What were the major economic developments during the Renaissance?

During the Renaissance, there were several major economic developments. One of the most significant was the rise of capitalism and the growth of a market economy. This was fueled by the expansion of trade and exploration, which led to the establishment of new trade routes and the growth of merchant class. The invention of the printing press also played a crucial role in the economic development, as it facilitated the spread of knowledge and ideas, leading to increased literacy and the growth of publishing industry. Additionally, the Renaissance saw the emergence of banking and finance as important economic sectors, with the establishment of banks and the development of new financial instruments. Overall, these economic developments contributed to the growth of cities, the accumulation of wealth, and the rise of a middle class during the Renaissance.