Choose whether the given statement is true/false:

In the seventeenth and eighteenth centuries, merchants from the towns in Europe began moving to the countryside.

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Detailed Solution

The above statement is true.
In the seventeenth and eighteenth centuries, merchants from European cities began to move to the countryside, lending money to peasants and artisans and convincing them to produce for an international market. With the expansion of global trade and the establishment of colonies in many regions of the world, the demand for products began to rise. Merchants, though, were not able to increase production within towns. This was due to the power of urban crafts and trade guilds in this region. These were producer associations that taught craftspeople, maintained control over production, regulated competition and prices, and restricted new entrants into the trade. Different guilds were allowed monopolies to produce and trade in specific products by rulers. As a result, it was difficult for new merchants to establish themselves in towns. Thus, they went to the countryside.

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