1. Economic History: The Transition From Feudalism to Capitalism Marcus D. Niski

2. Overview of Key Factors that Shaped the Economic Landscape of the Middle Ages and How these Might Be Relevant to The Origins of Capitalism as we Know It… Some important initial points: Some important initial points: It is not possible to give a precise date when society moved towards capitalism as the predominant form of economic organization It is not possible to give a precise date when society moved towards capitalism as the predominant form of economic organization Capitalism, as we know it, is the product of several hundred years of economic evolution and, as we will see, a very complex set of social and historical forces that shaped its formation. Indeed, it is not a seamless history as we shall see. Capitalism, as we know it, is the product of several hundred years of economic evolution and, as we will see, a very complex set of social and historical forces that shaped its formation. Indeed, it is not a seamless history as we shall see.

3. In order to understand this evolution, it is important to look at a number of key institutions in society at that time as well as the social forces that shaped society during this intriguing period of history: that of the Middle Ages (1066–1485) In order to understand this evolution, it is important to look at a number of key institutions in society at that time as well as the social forces that shaped society during this intriguing period of history: that of the Middle Ages (1066–1485) Firstly, The Relationship of Individuals in society to land and agriculture: land is power. Wars, in fact, were principally fought to gain land and territory, as well as to exact tribute Firstly, The Relationship of Individuals in society to land and agriculture: land is power. Wars, in fact, were principally fought to gain land and territory, as well as to exact tribute Those in society who owned no land had very little economic power – the vast majority of people were NOT landowners and therefore formed the bulk of the poor bonded masses known as the SERFS Those in society who owned no land had very little economic power – the vast majority of people were NOT landowners and therefore formed the bulk of the poor bonded masses known as the SERFS

4. The structure of society was complex and many-layered - everybody had a social place and it was very difficult for people to move up the ranks of the social order. The structure of society was complex and many-layered - everybody had a social place and it was very difficult for people to move up the ranks of the social order. Military service was one way, but the poor masses were most often locked into their social status and bonded to the land. Military service was one way, but the poor masses were most often locked into their social status and bonded to the land.

5. Kings were absolute rulers with absolute power over their subjects – this in some circumstances literarily meant life and death Kings were absolute rulers with absolute power over their subjects – this in some circumstances literarily meant life and death Legal relations of citizen were vastly different in this period - Serfs were bonded slaves who were tied to the land and often treated brutally at the hands of their landlords. They worked on the landowners land, roads, or even in their mines. One can only imagine the hardship of such a life! Legal relations of citizen were vastly different in this period - Serfs were bonded slaves who were tied to the land and often treated brutally at the hands of their landlords. They worked on the landowners land, roads, or even in their mines. One can only imagine the hardship of such a life! Individual freedoms were vastly different – all citizens lived under the rule of the king and the auspices of the church in the form of the Pope who was the only figure above the king who had almost unlimited power Individual freedoms were vastly different – all citizens lived under the rule of the king and the auspices of the church in the form of the Pope who was the only figure above the king who had almost unlimited power

6. Few people in society had any form of academic education – only those from the most privileged ranks of society such as the nobility, gentry, high church (clergy), or military – had access to education o Few people in society had any form of academic education – only those from the most privileged ranks of society such as the nobility, gentry, high church (clergy), or military – had access to education o Forms of education did exist however, though the participation in a trade or learning of a trade skill in a form of apprenticeship as a `Journeyman’ that is similar to that which we know of today Forms of education did exist however, though the participation in a trade or learning of a trade skill in a form of apprenticeship as a `Journeyman’ that is similar to that which we know of today

7. TRADE GUILDS, therefore, were important forms of commercial organizations as they represented the body of knowledge that constituted a trade TRADE GUILDS, therefore, were important forms of commercial organizations as they represented the body of knowledge that constituted a trade Other social aspects of society: Other social aspects of society: People were superstitious and often easily lead by the idea of omens, signs or other beliefs that caused them to be susceptible to influence People were superstitious and often easily lead by the idea of omens, signs or other beliefs that caused them to be susceptible to influence Religious allegiance was a cornerstone of society and many thousands of people accordingly participated in The Crusades [a `religious war’ sanctioned by the Popes aimed at restoring the seat of the Holy land from Muslim Rule] that had a profound affect on societies across Europe as they disrupted feudal life Religious allegiance was a cornerstone of society and many thousands of people accordingly participated in The Crusades [a `religious war’ sanctioned by the Popes aimed at restoring the seat of the Holy land from Muslim Rule] that had a profound affect on societies across Europe as they disrupted feudal life dies

8. Sanitation was often extremely poor. This lead to the spread of the plague during the Middle ages which had a profound effect on the economic circumstance of Europe – we will look at this in more detail later Sanitation was often extremely poor. This lead to the spread of the plague during the Middle ages which had a profound effect on the economic circumstance of Europe – we will look at this in more detail later Technological development [other than the development of warfare] was limited – innovation was poor as most people were tied to the land in SUBSISTENCE forms of production that did not encourage forms of technological innovation Technological development [other than the development of warfare] was limited – innovation was poor as most people were tied to the land in SUBSISTENCE forms of production that did not encourage forms of technological innovation