Conditions viewed as obstacles to economic exchange and growth by the new commercial classes during the 19th century in Europe:

1. Protectionist Policies: Many European countries implemented protectionist policies during the 19th century, which imposed high tariffs and trade barriers on imported goods. These policies were intended to protect domestic industries from foreign competition but hindered the growth of new commercial classes who sought access to international markets.

2. Restrictive Guild System: The guild system, prevalent in many European countries, imposed strict regulations on trade and limited entry into certain professions. This system was based on hereditary membership and limited the opportunities for new commercial classes to engage in economic activities and grow their businesses.

3. Outdated Mercantilist Practices: Some European countries still adhered to outdated mercantilist practices, which emphasized accumulating wealth through a favorable balance of trade. These practices often discouraged the development of new commercial classes as they were not aligned with the principles of free trade and open markets.

4. Fragmented National Markets: The 19th century was characterized by fragmented national markets in Europe. Each country had its own set of regulations, currencies, and trade barriers, making it difficult for the new commercial classes to expand their operations beyond their immediate regions. This lack of market integration hindered economic exchange and growth.

5. Transportation and Infrastructure Challenges: The inadequate transportation and infrastructure networks in many European countries posed challenges to the new commercial classes. Poor road networks, limited railway systems, and underdeveloped ports made it difficult to transport goods efficiently and hindered the expansion of markets and economic exchange.

6. Social and Class Barriers: The new commercial classes faced social and class barriers in Europe during the 19th century. Traditional elites and aristocracy held significant power and influence, often looking down upon the emerging middle class. This social hierarchy created obstacles for the new commercial classes to establish themselves and gain access to resources and opportunities.

7. Unequal Access to Capital: Access to capital was often limited for the new commercial classes. Established financial institutions and banks were often hesitant to lend to emerging businesses and entrepreneurs, making it challenging for them to invest in and grow their ventures.

8. Limited Legal Protections: The legal framework in many European countries did not provide adequate protections for the new commercial classes. Property rights, contract enforcement, and bankruptcy regulations were often weak, making it risky for entrepreneurs to engage in economic activities.

Overall, the new commercial classes in 19th century Europe faced numerous obstacles to economic exchange and growth, including protectionist policies, restrictive guild systems, outdated mercantilist practices, fragmented markets, transportation challenges, social barriers, limited access to capital, and weak legal protections. These conditions hindered the development of a vibrant and dynamic commercial sector, which could have contributed significantly to economic growth during that time.