Final answer:
The economic revolution in Europe spurred the growth of capitalism and the Industrial Revolution, resulting in trade liberalization, market expansion, and the decline of feudalism.
Step-by-step explanation:
The economic revolution in Europe is most closely associated with the shift towards capitalism and the onset of the Industrial Revolution. These changes led to a transformation in European society, ultimately contributing to the decline of prior economic systems like feudalism and to the growth of modern industrial capitalism. Capital contributed from mercantilism and monarchy enabled this shift, helping markets to flourish, promoting trade liberalization, and increasing individual participation in the economy.
Intellectual pursuits of European thinkers like Adam Smith provided the ideological backbone to capitalism, which saw a shift from a feudal economy to one characterized by wage labor and consumerism. The surplus population produced from the agricultural revolution found new roles in the growing towns and cities, leading to a rise in specialized trades and crafts. By focusing on mass market products, these craftsmen contributed to the nascent industrial capitalist system.
Monarchies also played a role, as they began consolidating power and engaging in colonial expansion, using the accumulated wealth for trade and to fuel the Industrial Revolution. This had both local and global consequences, disrupting indigenous populations and economies worldwide while restructuring European societies internally.