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Meskipun menghambat sentralisasi kekuasaan di Kekaisaran Romawi Suci, partikularisme melahirkan perkembangan-perkembangan awal kapitalisme. Di kota-kota Italia seperti Genova dan Pisa maupun kota-kota Liga Hansa seperti Hamburg dan Lübeck, muncul kaum saudagar-petarung yang merintis kemaharajaan-kemaharajaan kelautan rompak-dan-dagang. Praktik-praktik semacam ini meredup sebelum tahun 1500, tetapi berhasiltelanjur menyebar sampai ke persekitaran maritim di Portugal, Spanyol, Belanda, serta Inggris, dan "menumbuhkan semangat bersaing dalam skala yang lebih besar, yang bertaraf samudra" di negara-negara itu.<ref>{{Cite encyclopedia |title=The Political Economy of Merchant Empires: State Power and World Trade, 1350-1750 |publisher=Cambridge University Press |url=https://books.google.com/books?id=1jHpt9hdreoC&pg=PA123 |access-date=15 Oktober 2022 |last=Brady |first=Thomas A. Jr. |date=13 September 1997 |editor-last=Tracy |editor-first=James D. |pages=117–160 |language=en |isbn=978-0-5215-7464-8}}</ref> William Thompson sependapat dengan M.N.Pearson bahwa fenomena yang khas Eropa ini terjadi lantaran di kota-kota Italia dan kota-kota Liga Hansa yang tidak memiliki sumber daya dan "kecil ukuran maupun populasinya" para penguasa (yang status sosialnya tidak jauh lebih tinggi daripada status sosial para saudagar) harus mencurahkan perhatiannya pada perdagangan.<!-- Dengan demikian para saudagar-pejuang gainedmendapatkan thekuasa state'snegara coerciveuntuk powersmemaksa, whichyang theymustahil couldmereka notdapatkan gain indi wilayahnegeri Mughal maupun negaranegeri-negaranegeri lain di Asia, –tempat whosekepala rulersnegara hadtidak fewbegitu incentivesberkepentingan tountuk helpmembantu thegolongan merchant classsaudagar, aslantaran theymenguasai controlledsumber-sumber considerabledaya resourcesyang andlumayan theirbesar revenuedan wasberpenghasilan land-boundyang erat terkait dengan tanah.<ref>{{Cite book |last=Thompson |first=William R. |url=http://www.untag-smd.ac.id/files/Perpustakaan_Digital_2/POLITICAL%20ECONOMY%20The%20Emergence%20of%20the%20global%20political%20economy.pdf |title=The emergence of the global political economy |date=2000 |publisher=Routledge |isbn=0-4152-1452-1 |location=London |page=67 |access-date=15 OctoberOktober 2022}}</ref><!--
InPada thedasawarsa 1450s1450-an, the economic development in Southern Germany gave rise to banking empires, cartels and monopolies in cities such as [[Ulm]], [[Regensburg]], and [[Augsburg]]. [[Augsburg]] in particular, associated with the reputation of the [[Fugger]], [[Welser]] and Baumgartner families, is considered the capital city of early capitalism.<ref>{{Cite book |last=Ertl |first=Alan |url=https://books.google.com/books?id=MqQ1boyUSXEC&pg=PA189 |title=The Political Economic Foundation of Democratic Capitalism: From Genesis to Maturation |date=May 2007 |publisher=Universal-Publishers |isbn=978-1-5994-2424-8 |pages=189–191 |language=en |access-date=15 October 2022}}</ref><ref>{{Cite book |last1=Kypta |first1=Ulla |url=https://books.google.com/books?id=T-62DwAAQBAJ&pg=PA116 |title=Methods in Premodern Economic History: Case studies from the Holy Roman Empire, c.1300-c.1600 |last2=Bruch |first2=Julia |last3=Skambraks |first3=Tanja |date=15 October 2019 |publisher=Springer Nature |isbn=978-3-0301-4660-3 |page=116 |language=en |access-date=15 October 2022}}</ref> Augsburg benefitted majorly from the establishment and expansion of the [[Kaiserliche Reichspost]] in the late 15th and early 16th century.<ref name=Metzig/><ref name="Meinel 2014 31"/> Even when the Habsburg empire began to extend to other parts of Europe, Maximilian's loyalty to Augsburg, where he conducted a lot of his endeavours, meant that the imperial city became "the dominant centre of early capitalism" of the sixteenth century, and "the location of the most important post office within the Holy Roman Empire". From Maximilian's time, as the "terminuses of the first transcontinental post lines" began to shift from [[Innsbruck]] to [[Venice]] and from [[Brussels]] to [[Antwerp]], in these cities, the communication system and the news market started to converge. As the Fuggers as well as other trading companies based their most important branches in these cities, these traders gained access to these systems as well.<ref>{{Cite encyclopedia |title=The Holy Roman Empire, 1495-1806 |publisher=Oxford University Press |location=Oxford |url=https://perspectivia.net/servlets/MCRFileNodeServlet/pnet_derivate_00004689/behringer_core.pdf |access-date=7 August 2022 |date=2011 |pages=347–358 |isbn=978-0-1996-0297-1 |archive-url=https://ghostarchive.org/archive/20221009/https://perspectivia.net/servlets/MCRFileNodeServlet/pnet_derivate_00004689/behringer_core.pdf |archive-date=2022-10-09 |last1=Behringer |first1=Wolfgang |contribution=Core and Periphery: The Holy Roman Empire as a Communication(s) Universe |url-status=live}}</ref>
The 1557, 1575 and 1607 bankruptcies of the Spanish branch of the Habsburgs though damaged the Fuggers substantially. Moreover, "Discovery of water routes to India and the New World shifted the focus of European economic development from the Mediterranean to the Atlantic – emphasis shifted from Venice and Genoa to Lisbon and Antwerp. Eventually
American mineral developments reduced the importance of Hungarian and Tyrolean mineral wealth. The nexus of the European continent remained landlocked until the time of expedient land conveyances in the form of primarily rail and canal systems, which were limited in growth potential; in the new continent, on the other hand, there were ports in abundance to release the plentiful goods obtained from those new lands." The economic pinnacles achieved in Germany in the period between 1450 and 1550 would never be seen again until the end of the nineteenth century.{{Sfn|Ertl|2007|pp=189–191}}
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