Unformatted text preview: o Italian commenda, a partnership for sea commerce o Compagnia, formed on land when family property was invested in trade (Company, anyone?)-Contracts for sales, exchanges, and loans were created-Church had banned usury – profiting from loans – so interest was disguised as a penalty for “late payment,” something that continues to this day-Craftspeople formed commerce guilds, which evolved into corporations with statutes and rules-Guild hierarchies – apprentices, journeymen, and masters-Townspeople banded together for protection and freedom-Petitioned to form Communes and the right to govern themselves-Emerged especially in Italy o Example, in Milan, they shifted the ruling power from the archbishop and his clergy to a government of leading men of the city...
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- Fall '07
- Capitalism, Guild, new market economy