Answer :
Innovations in banking and finance promoted the growth of urban financial centers and a money economy is the growth of commerce and new innovations in banking chance European society during the renaissance.
Renaissance, period in European civilization immediately following the Middle Ages and conventionally held to have been characterized by a surge of interest in Classical scholarship and values. The Renaissance also witnessed the discovery and exploration of new continents, the substitution of the Copernican for the Ptolemaic system of astronomy, the decline of the feudal system and the growth of commerce, and the invention or application of such potentially powerful innovations as paper, printing, the mariner’s compass, and gunpowder. To the scholars and thinkers of the day, however, it was primarily a time of the revival of Classical learning and wisdom after a long period of cultural decline and stagnation.
The term Middle Ages was coined by scholars in the 15th century to designate the interval between the downfall of the Classical world of Greece and Rome and its rediscovery at the beginning of their own century, a revival in which they felt they were participating. Indeed, the notion of a long period of cultural darkness had been expressed by Petrarch even earlier.
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