Expansion of European Economy. Agricultural Innovations Improved plow(carruca) iron plow,which cut deeper into soil. This allowed seed to germinate and.

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Presentation transcript:

Expansion of European Economy

Agricultural Innovations Improved plow(carruca) iron plow,which cut deeper into soil. This allowed seed to germinate and produce more crop. New collar harness for the horse. This shifted the weight to the horses shoulders. Old harness had been designed for oxen would choke the horse.

Other innovations in agriculture Horseshoe: metal shoe protected horse’s hooves from stones. 3 field system: allowed more land brought under cultivation Watermill: grind grain Windmill: grind grain and provide water even cut wood

Settlement of new lands Feudal lords encourage, too raise $. Serfs begin to pay rents. Decline of feudalism( Feudal lords promise serfs freedom as an incentive to get them to become renters).

Revival of Trade Greater food production= population growth Larger number of people free to work at non-farming tasks. Population growth contributes to a demand for goods

New business practices Trade Fairs: Craft people set up booth at major trading sites to display their products Partnerships: 2 or more people pool their money to finance long distance trade Insurance-cover loss or damage of goods- reduced risk

Banking Moneychangers: exchanged coins of one region for currency of another They began to loan $ and charge interest =Banking Letters of Credit- allowed businessmen to travel without a large amt. of cash

Guilds Organization of merchants and master artisans to set regulations and protect members Prevent outside traders from setting up shop

Craft Guilds Made up of artisans who practiced the same trade Closed shop of those not accepted Discouraged competition Prevent members from making more money than others ( same hours, equal quality, just prices)

Levels within a Guild Apprentice- worked for 2-7 years for a master artisan to learn a trade Journeyman- worked for a daily wage with the master artisan To become a master artisan, you had to present a “masterpiece”, best example of the quality of your work. Master artisan- owner of the shop

Growth of Towns Started along seacoasts,crossroads, near castles or monasteries. Townspeople made their own laws Had no feudal obligations Charter- document granted the townspeople the right to govern themselves Contributes to the decline of serfdom( “City air makes a man free”) if a serf fled to a town and lived there a year and a day he was free by custom Growth of the Middle Class( their world was the market)