In the Middle Ages, the definition of wealth was based on the amount of productive land. According to this definition, France was the wealthiest and therefore the most powerful of the European nations. During the sixteenth century the definition of wealth began to change. As the ability to conduct profitable foreign trade increased, so did the amount of cash. Thus, the new definition of wealth came to mean the gain of cash or specie. Specie included gold, silver, or bullion. The wealthiest nation became the one with the most cash, and therefore, the most powerful nation. As the redefining of wealth took hold, there was an increased desire and ability to conduct foreign trade on a larger scale as cash became the new medium of exchange in contrast to bartering. Mercantilism began to take hold of the countries of Europe. Mercantilism was characterized by the....

Number Of Pages: 8

Number Of Words: 1945

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