The Commercial Revolution was a period of European economic expansion that began in the late Middle Ages and continued into the early modern period. It was characterized by the rise of trade, the establishment of new markets, and the growth of a merchant class. Innovations in banking, such as the use of bills of exchange and letters of credit, facilitated long-distance trade and increased the flow of goods. This era also saw the emergence of colonial empires, as European powers like Spain, Portugal, and later England and France sought new resources and markets in the Americas and Asia. The increased demand for goods such as spices, sugar, and textiles led to the establishment of trade routes and the expansion of global commerce.