History · Europe in Transition: From Feudalism to Industrialization
Chapter 8 : Crisis of the Seventeenth Century
Table of contents35 sections
- 1.Crisis of the Seventeenth Century
- 2.Decline of the Mediterranean Economy
- 3.Key Terms
- 4.📌 Exam Tidbits
- 5.Decline of Spain
- 6.Monetary and Fiscal Troubles
- 7.Social Drawbacks
- 8.Economic Decline
- 9.Industrial Decline
- 10.Spanish Rule and the Revolt of the Netherlands
- 11.Key Terms
- 12.📌 Exam Tidbits
- 13.Decline of Italy
- 14.Key Terms
- 15.📌 Exam Tidbits
- 16.Nature and Extent of the Crisis
- 17.Demographic Crisis
- 18.Monetary Crisis
- 19.Agrarian Crisis
- 20.Climatic Factors
- 21.Political Crisis
- 22.Economic Crisis
- 23.Impact of the Crisis
- 24.Key Terms
- 25.📌 Exam Tidbits
- 26.The Thirty Years War
- 27.Background
- 28.Causes
- 29.The Phases of War
- 30.Political Results
- 31.Socio-economic Consequences
- 32.Key Terms
- 33.📌 Exam Tidbits
- 34.Important Events in the Seventeenth-Century Crisis
- 35.Quick-Recall Box
Chapter preview
Crisis of the Seventeenth Century
The vast expansion of the European economy that began in the late-fifteenth century ended between 1600 and 1620. The seventeenth century witnessed an overall contraction of the European economy, demographic stagnation, major conflicts, and the breakdown of political orders.
- Geographical Shift: The centre of economic activity shifted from the Mediterranean (Italian city-states) and the Iberian peninsula (Spain and Portugal) towards the north-western Atlantic states (Holland and England).
- Economic Nature: The 16th-century growth occurred within the old feudal mould. The commercial and industrial sectors lost drive after 1600 due to a lack of agricultural support. Europe had to wait until the eighteenth century to enter the definite phase of capitalism.
- Historiographical Consensus: Despite ongoing debate, the majority of scholars believe the seventeenth century was a period of crisis, particularly highlighting the decline of the Mediterranean states.
Decline of the Mediterranean Economy
- Fernand Braudel described the 16th-century Mediterranean as a Welttheatre or Weltwirtschaft (world-theatre or world-economy) in his work The Perspective of the World, Civilization and Capitalism.
- Economic Unity: Despite political/cultural divisions, the region had economic unity imposed by northern Italian cities (Venice, Milan, Genoa, Florence).
- Trading Network: Christian merchants operated in Syria, Egypt, Istanbul, and North Africa; Levantine, Turkish, and Armenian merchants reached the Adriatic Sea. Venice was the epicentre.
- Spanish Hegemony: Spain (under Castile and Aragon) reached its zenith in the 1580s, possessing the New World mines, Portugal, several states of Italy, the Netherlands, Austria, several German and some Italian states, and the Philippines.
- Decline: By the mid-seventeenth century, Mediterranean domination ended. Antwerp lost its importance to Amsterdam.
Key Terms
| Concept | Definition |
|---|---|
| Welttheatre / Weltwirtschaft | Terms used by Fernand Braudel to describe the 16th-century Mediterranean as a "world-theatre" or "world-economy" stimulated by trade and possessing economic unity. |
📌 Exam Tidbits
- Fernand Braudel authored The Perspective of the World, Civilization and Capitalism.
- Venice was the epicentre of the Mediterranean world economy.
- Spanish hegemony peaked in the 1580s.
- Economic shift: Antwerp → Amsterdam.
Decline of Spain
During the 16th century, Spain dominated…
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