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    Essay 1 - Economic Development in Medieval Europe

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    Sergey Gorbachov
    1. During the Middle Ages in Europe, the dominant socio-economic system was feudalism, with peasants obligated to work for feudal lords in exchange for land. This system restricted economic development and efficiency. 2. In the 11th century, a new system emerged where peasants had set work obligations and could keep surplus production, stimulating more efficient work. Crusades between the 11th-13th centuries also exposed Europe to economic and technological developments from the Arab world. 3. Major population growth between the 11th-14th centuries led to increased urbanization and development of market-oriented economies centered in cities with more autonomy. Guilds organized production in cities while trade networks like the Hanseatic

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    Essay 1 - Economic Development in Medieval Europe

    Uploaded by

    Sergey Gorbachov
    229 views2 pages
    1. During the Middle Ages in Europe, the dominant socio-economic system was feudalism, with peasants obligated to work for feudal lords in exchange for land. This system restricted economic development and efficiency. 2. In the 11th century, a new system emerged where peasants had set work obligations and could keep surplus production, stimulating more efficient work. Crusades between the 11th-13th centuries also exposed Europe to economic and technological developments from the Arab world. 3. Major population growth between the 11th-14th centuries led to increased urbanization and development of market-oriented economies centered in cities with more autonomy. Guilds organized production in cities while trade networks like the Hanseatic

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    1. During the Middle Ages in Europe, the dominant socio-economic system was feudalism, with peasants obligated to work for feudal lords in exchange for land. This system restricted economic development and efficiency. 2. In the 11th century, a new system emerged where peasants had set work obligations and could keep surplus production, stimulating more efficient work. Crusades between the 11th-13th centuries also exposed Europe to economic and technological developments from the Arab world. 3. Major population growth between the 11th-14th centuries led to increased urbanization and development of market-oriented economies centered in cities with more autonomy. Guilds organized production in cities while trade networks like the Hanseatic

    Copyright:

    © All Rights Reserved
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    Download as docx, pdf, or txt
    229 views2 pages

    Essay 1 - Economic Development in Medieval Europe

    Uploaded by

    Sergey Gorbachov
    1. During the Middle Ages in Europe, the dominant socio-economic system was feudalism, with peasants obligated to work for feudal lords in exchange for land. This system restricted economic development and efficiency. 2. In the 11th century, a new system emerged where peasants had set work obligations and could keep surplus production, stimulating more efficient work. Crusades between the 11th-13th centuries also exposed Europe to economic and technological developments from the Arab world. 3. Major population growth between the 11th-14th centuries led to increased urbanization and development of market-oriented economies centered in cities with more autonomy. Guilds organized production in cities while trade networks like the Hanseatic

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    1.

    Economic development in Medieval Europe


    Middle Ages is the time between 5th and 15th century. In Europe they are associated with the
    economic development that changed the perception back then of how economy should work to
    be successful.
    The socio-economical system at that time was feudalism. Agriculture dominated the whole
    economy. Peasants were working on land for a feudal lord, paying natural in-kind rent. Their
    economic obligation towards feudal lord linked with the usage of land and lack of choice in
    terms of how to pay rent did not stimulated efficiency of work, because it made no sense. Also,
    feudal lords were almost owners of the peasant. People were tied to their birthplace, also were
    forced to use services provided by their lord. It was a total monopoly of the lord. By giving lands
    to the feudal lords, kings gave with that legal powers, so in disputes lords were also judges of
    their own cases, which implies no justice. All of that led to slow economic development and
    stagnation up to 10th century.
    That changed when a new system was implemented – peasants had a set amount of work to do
    and the surplus they could keep to themselves and use to buy goods, such as handicrafts.
    Crusade conquest was between 11th-13th century and the reason was to recapture their holy land
    and fight with the Muslims. At the end of 13th century they failed, however, this period was a
    good moment for economic exchange and learning a lot from Arab civilization. It allowed
    European societies to have grater link and contacts and exchange with the oriental and eastern
    civilizations with the Byzantine and the Arab world empire, which had more developed science
    and production of most goods, such wind- and watermills, eyeglasses, knitting, mechanical
    clocks. With time mills are improved and are used in iron production and for pressing cloth in
    textile production. Italy also benefited by selling provisions, take over some profits of oriental
    trade from the hands of the Arabs, which speeded up their technological and scientific
    development, such as invention of manufactory, deviation of work in textile production,
    especially of northern Italy.
    During the 11th-14th centuries there was population growth by 2 times, which caused some
    movements from western to eastern Europe, which in turn was helpful for inventions. Many
    people settled in German speaking regions, for instance along Elba river. Many cities were
    developed, in conjunction with the fact that the Magdeburg law had come into force, many old
    cities were reestablished and modernized. Cities become the islands of freedom, with the
    autonomy, own laws, government, courts and armed forces. That stimulated urbanization and the
    revival and development of more market-oriented economy and development of economy based
    on exchange.
    At that time, while Non-agricultural production concentrated in cities., different branches of
    production were organized into so-called guilds in the southern side of Alps. Their function was
    to control the production – both quantity and quality. The access was only for the members of
    the Guilds, those who produced good as not a member of the guild was doing it illegally,
    therefore, education was stimulated to learn sophisticated jobs. Learning implied traveling, so it
    stimulated social and cultural development. However, it restricted innovation – work was done
    without special tools.
    From the northern side of the Alps, East-west trade develops thanks to the organization called
    the German Hansa, which had emerged in 13th century. It operated on trade route from Baltic to
    London. Main cities of trade were Hamburg, Newberg, Gdansk, Riga. Functions of Hansa
    included, protection of fleet, bargain privileges connected with trade relations, movement of
    goods from Russia to London. Cities were prospering under Hansa. Main tradable goods moving
    to the west were grains and cereals, honey, lumber, potash and to east - wine, bear, salted fish,
    textiles.
    In Italy northern cities get rich participating in trade between Europe and Near East, and Asia. It
    was called the “Levantine Trade”. Venice was the richest and most important place during
    middle ages. Also, such cities as Florence, Tuscany, Genoa were very rich because of trade.
    During this time Europe had a trade deficit with the Arabs/Asians. Western Europe did not have
    precious metals and were struggling to pay for Asian goods. Main imported goods were
    perfumes, saffron, spices, textiles, velvet, silk, carpets and exported copper, zinc and wool from
    sheep. By the 1400s-Genoa and Venice were controlling the trade.
    Because of economic instability feudal lords and cities milt their own coins, which created a new
    job to issue exchange rate. First banks were established in Italy, even name bank comes from
    Italian bench or chest, or table. People who counted money on a bench started to be called
    bankers. Florence emerged as the center of clothmaking, banking and credit. In Venice first real
    bank was established. With time pawn shops - lumbar started to appear.
    About 1350th economy stagnates and declines. More wars appear and less goods were traded.
    Genova and Venice become weaker and cannot transport as much goods. The reasons for that
    were military threats from ottoman empire, 100 years wars between England and France,
    questioning power of church – decline of the pope’s power and the epidemic of Bubonic Plague.
    The epidemic caused huge population decline, in some places half of population dies. Fear
    causes decline in trade. Some futile efforts, such as island stops, were made to stop spreading
    plague in Italy. People start blaming Jews, possibly because everyone owed them money, and
    they were banished from Italy and Spain. Some settled in central and eastern Europe, also in
    ottoman empire, where they are appreciated for their skills. This migration caused some ethnical
    changes.
    The time of economic and population decline in Western Europe is the time of economic and
    population growth in Central and Eastern Europe.
    Middle Ages were the time of innovation and finding new ways to become better off. Also, as
    the economy changes with different pace in different regions, it faces new problems, such as
    fluctuations in currency rates. However, generally it was the time when people reached a higher
    level of well-being and development.

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