This period in which trade expanded and prices rose was significant in many ways to Europe. As said before, the trade caused inflation. With more metals, there were more coins, and more coins meant the coins were not as valuable. However, this inflation was not seen as bad, like we may view inflation today, because it allowed for more trade and circulated the money around Europe, further stimulating the economy. The inflation rate was only about 1 to 2% in most of Europe (a low rate by today’s standards), but because this was the first price rise in centuries, it greatly affected the economy. Some poorer workers were hurt by this inflation, protesting that the prices were too high and unjust. They believed that bread and other basic necessities should have stable set prices. It also hurt the government of Spain. They did not raise taxes, so the the money they collected started becoming less and less valuable Along with this, they also squandered their money by fighting expensive wars. These wars did allow coins to be spread around Europe, but they eventually caused the Spanish to go bankrupt. However the influx of metals and inflation did help many. It helped the merchants, but it also helped those in debt because the money they owned was now not worth as much as it was when they borrowed it. The markets of Europe flourished with the increased trade and merchants were able to acquire large amounts of wealth. Economic change was not the only change. The finding of the New World and all of its resources, along with Portuguese Expansion in Africa and the far east prompted a new era of colonization. The wealth that could be gained prompted empires to claim and colonize new lands. All these effects give evidence that this period of rapid economic change was in fact a revolution. The impacts of trade, the change in price, struggle to gain land and power, and especially a new system of economics brought forth a new era and forever changed the way the world is run.