Economic Expansion & Change during the Middle Ages

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Presentation transcript:

Economic Expansion & Change during the Middle Ages

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

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.

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

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

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