Economic Expansion and Trade in the High Middle Ages Flashcards
how did europe develop in the high middle ages
political development of monarchs, economic rebirth of trade, and social development of a Middle Class
new tech. in agricultural revolution and their contribution?
iron plows (better for soil), new horse harness (faster crops), windmill grinding grain to flour (process adds value 2 product)
three field system how it works and benefit
1 field w/ grain, 2nd field w/ legumes (peas and beans), 3rd field unplanted. Legumes fertilized soil + added variety to peasants’ food
agriculture surplus cause what
population increase, class change, serfs abolished
how did lords expand production
they had peasants clear forest, drain swamps, and claim wasteland. they design their land for trade so they can make $$$
where were the new trade routes and what did they provide
Trade route: Middle East + further Asia. provided Chinese silks, Byzantine gold jewelry, Asian spices, Arab/Muslim cotton, and swords
where were goods shipped
from Constantinople to Venice on Adriatic Sea
important cities 4 trade
Constantinople
Venice
Jenoa
Milan
Flanders
what were crossroads and their effects
Place where roads intersected, ideal location to put market. towns/cities would grow from there
how did caravans work together
Companies traveled in armed caravans for safety.
they combined funds together
when were trade fairs held
every year near fall
what was traded @ trade fairs
Farm goods and animals traded and fine swords, sugar, and silks for rich ppl
where were trade fairs usually located
castles/shrines/rivers/crossroads because ppl often come in and out of there
Water trade routes were deep enough for ships to navigate, they were called…?
crossroads
Charters definition
Charters – Contract with rights and privileges of town, let ppl choose their affairs. in return, merchants paid lord lots of money, yearly fee or both
effects of charters?
secured town’s existence and gave lord money
In the long run, lords lose control over ppl
Clause def
Declared that anyone who lives in town for a year and a day was free from manor
action of commercial revolution
700-1300 Transition from feudal period to modern commercial economy (based on trade)
chain of events on increase of trade
Trade -> Money reappeared -> Merchants needed to borrow money -> Banking Houses for capital -> Money for investment
capital def
$$$ for investment
effects of commercial rev
Nation states form
Middle class develops
Decline of nobility
how did banks make money
interest (late fee)
partnership def
Group of merchants pooling funds together to buy smth soooo expensive. Made capital easier and less risky
partnership benefits
1.) One person can go there and back, saves on transportation $$$
2.) When you buy in larger quantities you generally pay in lower price
3.) Sharing loss (lost/destroyed thing) = less loss
4.) Limited liability (responsiblility), bc liability is shared
what did insurance do back then
reduced business risks. If shipment gets rekt, underwriter pays merchant most of its value
Bill of exchange def
Travelling merchants use this to exchange for cash in foreign city. Good alternative to carrying $$$ that can get stolen
tenant farmers/sharecroppers def
where you pay rent for land or hire farmers for you instead of working land yourself
Artisan def
Crafts elaborate, beautiful things for wealthy ppl (aesthetic)
Craftsman def
Builds simple things (tables, chairs..) for simple people
Merchant def
Sell things w/ moneys, often in their own department
Trader def
trade things, without money
Two of the most important guilds?
Merchant and artisan
middle class def
Middle Class not as in wealth, as in non-nobles (owning land) and non-peasants (farming land) - Middle class lives in towns, cities, etc. They have more to their lives other than agriculture like jobs
who pissed off the nobles and why
middle class bc they got richer with trade, nobles werent allowed in trade to be kept in control
usury def
interest
who knew usury was haram
Clergy, thought it was immoral
guild def
Association of merchants, way of organizing economic activity.
Benefit guild members, based on what ppl do
and promote work, like unions
representative council def
town councils that make decisions
representative council def
town councils that make decisions
why did guilds limit membership
to prevent competition. Not a guild member = NO SHOP FOR YOU
apprentice def
– 7/8 yo trainee to guild master, spend 7 years learning the trade. Not paid, but they get place to sleep
journeymen def
Skilled salaried workers to guild masters. Paid so low that they can’t save enough to open competing shop and join guild
guild master def.
owners of shops. If a guild member dies, the guild can allow someone to open a shop. they have auditions among journeymen to do so
