Final answer:
The renewal of global commerce and its new institutions had significant effects on the feudal world of the 14th and early 15th centuries, including the decline of feudalism and the emergence of centralized monarchies. It also led to the development of new financial and commercial practices.
Step-by-step explanation:
The renewal of global commerce and the establishment of new institutions had significant effects on the feudal world of the 14th and early 15th centuries.
One major effect was the decline of feudalism itself. As trade routes expanded and merchants gained economic power, feudal structures and land-ownership conventions lost their significance. This resulted in increased social mobility and the emergence of centralized monarchies.
Furthermore, the growth of global commerce led to the development of new financial and commercial practices, such as double-entry bookkeeping, joint stock companies, and an international banking system. These innovations contributed to the rise of the modern commercial infrastructure and the integration of economies across regions.