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1. Merchants gained wealth, and the middle class prospered. Nobles did poorly, as the land they owned brought fewer benefits. Peasants either felt little change or suffered, falling into poverty. By the 1700s, European societies were still divided into distinct social classes. Merchants who invested in overseas ventures developed wealth, while the price revolution hurt nobles, whose wealth was in land. Economic changes took generations, even centuries, to be felt by the majority of Europeans, who were still peasants. The merchants and skilled workers of Europe's growing cities thrived. Middle-class families enjoyed a comfortable life. In contrast, hired laborers and those who served the middle and upper classes often lived in crowded quarters on the edge of poverty.

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Reuben Corwin

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