The Commercial Revolution of the 11th and 12th Centuries

The Commercial Revolution of the 11th and 12th Centuries -...

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The Commercial Revolution of the 11 th and 12 th Centuries - Improvements in agriculture in the 11 th century created a surplus that helped create a new urban population - Led to the commercial revolution - Commercial centers developed around castles and monasteries and within walls of ancient towns - Markets formed outside cities would gradually be merged into larger cities - Informal country markets would come to be permanent structures - Nobles had more economic pressures to sustain this new market economy, started to go into debt - Lords would offer special privileges to peasants who would do labor, and the peasants started to get a bit more money and freedom, even to the point where they had some control over their plots of land - Shift from gift economy to a market economy - Bringing people together to pool their resources for larger enterprises
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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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