Economic Expansion and Trade in the High Middle Ages

Question 1

how did europe develop in the high middle ages

Answer 1

political development of monarchs, economic rebirth of trade, and social development of a Middle Class

Question 2

new tech. in agricultural revolution and their contribution?

Answer 2

iron plows (better for soil), new horse harness (faster crops), windmill grinding grain to flour (process adds value 2 product)

Question 3

three field system how it works and benefit

Answer 3

1 field w/ grain, 2nd field w/ legumes (peas and beans), 3rd field unplanted. Legumes fertilized soil + added variety to peasants’ food

Question 4

agriculture surplus cause what

Answer 4

population increase, class change, serfs abolished

Question 5

how did lords expand production

Answer 5

they had peasants clear forest, drain swamps, and claim wasteland. they design their land for trade so they can make $$$

Question 6

where were the new trade routes and what did they provide

Answer 6

Trade route: Middle East + further Asia. provided Chinese silks, Byzantine gold jewelry, Asian spices, Arab/Muslim cotton, and swords

Question 7

where were goods shipped

Answer 7

from Constantinople to Venice on Adriatic Sea

Question 8

important cities 4 trade

Answer 8

Constantinople
Venice
Jenoa
Milan
Flanders

Question 9

what were crossroads and their effects

Answer 9

Place where roads intersected, ideal location to put market. towns/cities would grow from there

Question 10

how did caravans work together

Answer 10

Companies traveled in armed caravans for safety.
they combined funds together

Question 11

when were trade fairs held

Answer 11

every year near fall

Question 12

what was traded @ trade fairs

Answer 12

Farm goods and animals traded and fine swords, sugar, and silks for rich ppl

Question 13

where were trade fairs usually located

Answer 13

castles/shrines/rivers/crossroads because ppl often come in and out of there

Question 14

Water trade routes were deep enough for ships to navigate, they were called…?

Answer 14

crossroads

Question 15

Charters definition

Answer 15

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

Question 16

effects of charters?

Answer 16

secured town’s existence and gave lord money
In the long run, lords lose control over ppl

Question 17

Clause def

Answer 17

Declared that anyone who lives in town for a year and a day was free from manor

Question 18

action of commercial revolution

Answer 18

700-1300 Transition from feudal period to modern commercial economy (based on trade)

Question 19

chain of events on increase of trade

Answer 19

Trade -> Money reappeared -> Merchants needed to borrow money -> Banking Houses for capital -> Money for investment

Question 20

capital def

Answer 20

$$$ for investment

Question 21

effects of commercial rev

Answer 21

Nation states form
Middle class develops
Decline of nobility

Question 22

how did banks make money

Answer 22

interest (late fee)

Question 23

partnership def

Answer 23

Group of merchants pooling funds together to buy smth soooo expensive. Made capital easier and less risky

Question 24

partnership benefits

Answer 24

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

Question 25

what did insurance do back then

Answer 25

reduced business risks. If shipment gets rekt, underwriter pays merchant most of its value

Question 26

Bill of exchange def

Answer 26

Travelling merchants use this to exchange for cash in foreign city. Good alternative to carrying $$$ that can get stolen

Question 27

tenant farmers/sharecroppers def

Answer 27

where you pay rent for land or hire farmers for you instead of working land yourself

Question 28

Artisan def

Answer 28

Crafts elaborate, beautiful things for wealthy ppl (aesthetic)

Question 29

Craftsman def

Answer 29

Builds simple things (tables, chairs..) for simple people

Question 30

Merchant def

Answer 30

Sell things w/ moneys, often in their own department

Question 31

Trader def

Answer 31

trade things, without money

Question 32

Two of the most important guilds?

Answer 32

Merchant and artisan

Question 33

middle class def

Answer 33

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

Question 34

who pissed off the nobles and why

Answer 34

middle class bc they got richer with trade, nobles werent allowed in trade to be kept in control

Question 35

usury def

Answer 35

interest

Question 36

who knew usury was haram

Answer 36

Clergy, thought it was immoral

Question 37

guild def

Answer 37

Association of merchants, way of organizing economic activity. Benefit guild members, based on what ppl do and promote work, like unions

Question 38

representative council def

Answer 38

town councils that make decisions

Question 39

representative council def

Answer 39

town councils that make decisions

Question 40

why did guilds limit membership

Answer 40

to prevent competition. Not a guild member = NO SHOP FOR YOU

Question 41

apprentice def

Answer 41

– 7/8 yo trainee to guild master, spend 7 years learning the trade. Not paid, but they get place to sleep

Question 42

journeymen def

Answer 42

Skilled salaried workers to guild masters. Paid so low that they can’t save enough to open competing shop and join guild

Question 43

guild master def.

Answer 43

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