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