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http://csmres.jmu.edu/geollab/fichter/GS102/2008PowerPoints/29-GreatWave-GG102.pdf

• In 1450, the price index of grain was roughly 100, and in the four decades that follow remain relatively stable.

• Around the 1525 year mark, the price of grain becomes volatile.

• Prices steadily rise and reaches its first peak in the early 1550s.

• By 1600, the price of grain reaches its high point at a price index of roughly 1000, a 1000% increase in 150 years.

• The price of grain appears to have hit a price ceiling of 1000 by 1650.

• The Columbian Exchange: A History of Disease, Food, and Ideas

• Irish Potato Famine

• The Dutch East India Company and the Tea Trade

• The Price Revolution: A Monetary Interpretation

• Crosby, Alfred W. The Columbian Exchange: Biological and Cultural Consequences of 1492. 1972. Details the exchanges between the Old World and the New World and a study of the commodities involved.

• Elliot, J. H. The Old World and the New, 1492-1650. 1970. A broader survey of the consequences of overseas discoveries.

1. True/False: The main contributor to inflation in the 16th and 17th centuries was gold from the New World.

2. True/False: Italy was affected by price inflation because of the countries it traded with.

3. True/False: Mercantilist policy is characterized by private individuals seeking profits.

4. In which country was inflation first centered, causing it to feed into a growing imbalance of trade with other countries for raw materials?

a) Italyb) Francec) Englandd) Spain

5. Which of the following is NOT a result of inflation?a) laborers from France traveled to Spain for higher wagesb) eastern European peasants were able to buy themselves out of serfdomc) peasant protests over low wages compared to the rising pricesd) landowners raised rents

6.All of the following are characteristic of joint-stock companies EXCEPT:a) buying special privileges for local authoritiesb) the British East India Company was more successful than the Dutch East India Companyc) investors pooled their money to have ownership in a capitalistic ventured) allowed investors to share risk