America's attempt at creating an atom bomb came under the auspices of the Project.

First, the Commercial Revolution changed Europe from a local economy to a global one. Before the revolution, most goods were produced for family use or to be sold within local towns and villages. Other than a few traveling merchants, there was really no way to peddle goods to a larger population.

However, once trade routes blossomed between European countries and their colonies, a whole new market opened up.

Realizing there was money to be made, people began producing goods to be sold outside of their small communities. In other words, the incentive for profit replaced simply producing for survival.

These new markets and their high demand for goods led to large businesses replacing individual production of goods. As money poured in from this new global trade, Europe continued to transform. The Commercial Revolution also caused a population explosion.

Simply put, as wealth flooded the continent, it allowed for larger families. In turn, these larger families created a work force to sustain and grow Europe's new global economy. Of course, as these new markets opened up, European business owners needed a way to deal with all their money! This brings us to the formation of banks and joint-stock companies.

<h2><u>Definition</u></h2>

<u>Joint-Stock Company</u>- A joint-stock company is a business organization in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in a quantity, evidenced by their shares. Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.

<h2><u>Mercantilism</u></h2>

Under mercantilism, colonies were only allowed to import from or export to the European country that governed them.

For instance, if Jamestown, governed by England, wanted to import wool from the Dutch, they could not. Even if the Dutch price was substantially cheaper, Jamestown was stuck buying wool from England. Further hamstringing the Jamestown colonists, all the goods produced by the colonies went to England. England then sold the goods to other countries at a substantial markup, which the crown, not the colonists, kept! In other words, the colonies did the work, while England reaped the profit.

It's like a poor kid squeezing fresh lemons for eight hours, only to have her parents commandeer the lemonade stand! For those of us growing up in the American school system, this ill-treatment of the colonists is a familiar tale. However, we weren't told how the system of mercantilism transformed Europe.

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