As European nations found ways to make their explorations more profitable, the rise of global trade transformed their economies. Most notably, the flow of new riches (particularly silver) to Europe fueled a rise in prices for basic goods and services. Referred to as the Spanish Price Revolution, Europe went from hundreds of years of steady prices to a doubling of prices every few decades, a reminder of how big shifts can have economic impacts that seem unimaginable based on one’s most recent experiences.
