Answer :
During the rise of capitalism in Europe, merchants and bankers began to establish " insurance companies and joint stock companies" which played a major role in the rise of financial firms.
Answer:
(4) insurance companies and joint stock companies.
Explanation:
These were some of the institutions that were established during the period of time that saw the rise of capitalism in Europe. During this time, Europe saw a transition from a mercantilist economy (one mostly focused on the trade of goods and the belief that there is a limited amount of wealth in the world) to a capitalist economy that relied on a price system and private ownership of capital. Insurance companies and joint stock companies developed as a reaction to this, and allowed the ideological move to occur more easily.
