The economic and social development, accompanying the political transformation which we have just witnessed, was entirely dominated by the amazing prosperity of the city of Antwerp. The latter became, during the first part of the sixteenth century, the first market and the first banking centre in the world. For trade, limited during the two former centuries to Europe, now extended to the New World, and the Atlantic route hereafter played a more and more important part. The same causes which brought about the decadence of Venice were the direct causes of the growth of Antwerp. It is true that Bruges occupied a similar position on the map, and from being a purely European market might have become a world-metropolis. We have seen that the silting up of the Zwyn did not account alone for the rapid decadence of the Flemish city, and that the conservatism of the Guilds and Corporations, their attachment to their old privileges and their disregard of modern tendencies, were the main reasons of its downfall. In 1513, Damme and Sluis were partly in ruins, and in the middle of the century, whole quarters of Bruges were emptied of their inhabitants, while over seven thousand destitute depended on charity. Unhampered by mediaeval traditions and enjoying the advantages of a deeper and more accessible harbour, Antwerp was bound to secure the heritage of its former rival and to add to it the prosperity derived from the opening of new markets and the rapid widening of the circle of trade activity during the Renaissance. As opposed to Bruges, Antwerp characterizes modern capitalist tendencies resting on the freedom of trade and on individual initiative. The advantages enjoyed by foreigners in the new metropolis drew gradually towards it the powerful companies of Spanish, English and German merchants, whose presence was so essential in a market where most of the imported goods were re-exported to distant countries. The Florentine Guicciardini, who resided in the Low Countries from 1542 to 1589, describes Antwerp as "an excellent and famous city," where 30,000,000 florins' worth of merchandise arrives every year, and in whose Exchange transactions of 40,000,000 ducats take place. Out of its 100,000 inhabitants, 10,000 to 15,000 were foreigners. There were 13,500 "beautiful, agreeable and spacious" houses, and the rents varied from 200 to 500 ecus yearly. The inhabitants "are well and gaily clothed; their houses are well kept, well ordered and furnished with all sorts of household objects. The air of the country is thick and damp, but it is healthy and encourages the appetite and the fecundity of the people." He insists, in his description, on the abundant life led by the rich bourgeois of the great city.