What were some of the effects on european society of the economic revolution that took place in the 16th and 17th centuries?

The economic revolution spurred the growth of towns and the rise of a class of merchants who controlled great wealth. While towns and cities grew in size, much of Europe's population continued to live in rural areas. Although merchants and traders enjoyed social mobility, the majority of Europeans remained poor. The economic revolution increased the wealth of European nations. In addition, mercantilism contributed to the creation of a national identity.
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