One very important factor was the development of the sextant and compass. Navigation was a pretty hit or miss affair prior to that, but with the navigational aids, captains could chart a course. Of course, they thought the world was flat at that point in time, so they still had a few little glitches......
What factors led to the increase in global trade from the 1200s to the 1500s?
I might also include the reign of the Mongols. Following the conquest of much of Asia, the trade routes were secured for licensed traders. If a person had a pass for his caravan from the Great Khan, anybody that messed with that caravan was in for some serious pain.
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