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Economic Expansion & Change during the Middle Ages

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Presentation on theme: "Economic Expansion & Change during the Middle Ages"— Presentation transcript:

1 Economic Expansion & Change during the Middle Ages

2 An Agricultural Revolution
New Technologies: Iron plows, Harness, Windmill, Three-Field System This led to an increase in food production Population Explosion: Between 1000 and 1300, the population of Europe doubled

3 Trade Revives Growing population needed goods that were not available to them in Europe Trade Fairs: took place near busy trade routes; people flocked to the fairs New Towns Small centers of trade developed into medieval cities: some more than 10,000 people Charter: Merchants setting up new town would ask lord or king for a charter- document that sets out the rights and privileges of the town.

4 Commercial Revolution
As trade revived, merchants needed more money to buy more goods New business practices Merchants joined together in partnerships System of insurance Bill of exchange- given by banker, could be exchanged for cash in a distant city. Allowed merchants to travel without carrying gold coins

5 Social Changes Peasants became tenant farmers- paid rent for their land to the lord Jews became moneylenders- need to pay them back led to resentment & Anti-Semitism

6 The Role of Guilds Merchants and artisans formed associations called guilds Dominated town life- passing laws, levying taxes, deciding how to spend funds Craft guilds arose- each guild represented workes in one occupation. Could not work in that occupation unless member of the guild. Becoming a Guild Member: years of hard work Apprentice- age of 7 or 8, trainee to the guild master. Few apprentices ever became guild masters. Journeyman- Salaried workers of guild masters

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