Economic Expansion and Change During the Middle Ages

An Agricultural Revolution The agricultural revolution began in the countryside where peasants adapted new technologies which made their fields more productive Such as: Iron plows Harness for horses Windmill Feudal Lords who wanted to boost their incomes cleared forests, drained swamps Peasants also adopted the three field system, two planted fields one unplanted  

Revival of Trade As a result of the growing population in Europe and the new technologies, trade expanded   Goods were needed that were not on the manor New trade routes were developed between the Middle East, Europe, and Asia Trade fairs were used to trade goods and enjoy the shows New towns sprang up around the trade fairs Merchants would seek a CHARTER from the king to establish a new town

Commercial Revolution As trade revived, money reappeared   Merchants needed money to buy goods so they borrowed CAPITAL from moneylenders New business practices such as partnerships emerged and insurance The most important new practice was the introduction of the Bill of Exchange

Social Changes Social changes were brought on by the new business practices   Many peasants began selling products to towns people, undermining the feudal system  By 1000 a new social class appeared, included artisans, merchants, and traders, this class was called the MIDDLE CLASS The church and clergy despised, hated, moneylenders because of the profits they made from USURY By 1300, most peasants in Western Europe were either Tenant Farmers, farmers who paid their rent in cash, or hired farm laborers

Role of Guilds In medieval towns, merchants and artisans formed associations known as guilds.   Merchant Guilds appeared first They dominated town life Passed laws Levied taxes Decided whether funds would be spent on roads or protective walls Artisans resented the powerful merchant guilds

Role of Guilds Artisans organized craft guilds Each guild represented workers in one occupation, such as weavers, bakers, brewers, or goldsmiths Guild members cooperated to protect their own economic interests To prevent competition they limited membership in the guild No one except guild members could work in any trade Guilds made rules to protect the quality of their goods, regulated work hours, and set prices Guilds provided social services to its members, schools, hospitals, and taking care of the needs of their members

Becoming a Guild Member At the age of 7 or 8 a child could become an apprentice, or trainee, to a guild master Apprentice received no wages, they were given bed and board After many years an apprentice would become a journeymen, or salaried worker