Growth of Towns and Trade

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Presentation transcript:

Do you feel the “American dream” is open and available to everyone in our society today?

Growth of Towns and Trade

Bellwork: From what you know about how Europe was organized (or not organized), what would have caused trade in Europe to break down? Many Small Kingdoms Almost Constant War Shifting Alliances No Consistent Laws

Where did Trade first revive? Italy… Venice Florence Milan

How did merchants and traders compensate for a lack of unified governments and laws? The Hanseatic league A trading bloc, like the European Union or NAFTA is today This was an association of cities, eventually 100 cities participated All Members agreed to follow certain rules The Association provided protection for its members The association could also collectively punish anyone who harmed one of their member cities

The Hanseatic League

Market Towns and Fairs Think of them as the shopping malls of the middle ages Certain towns held fairs on a routine basis Everyone knew where they could go to sell or buy

Growth of Manufacturing Domestic System Took place in people’s homes

Growth of Banking Money became standardized Wealthy kingdoms and cities minted their own money Paying with money replaced the barter economy People started banks to keep the money safe and to lend it! Who might need to borrow money? Merchants and manufactures to buy supplies Kings to finance armies and wage wars

So, what’s important here? The “Power Structure” in Europe started to shift. Now, it wasn’t just the king and the other large land-owners who were important. Bankers, merchants, manufacturers and traders were now getting wealthy and powerful. They are known as the… “middle class” Some members of the middle class became more wealthy than the nobles!

Growth of Capital What did they do with this wealth? They invested it! Capital= Accumulated wealth, available for investing. Capital could now be invested in things like… Sea Explorations Trading Companies (ie. Dutch East Indies Co.) Armies!

What happened next? The economies in Europe began to modernize. Wealthy individuals started taking control of the land, labor and capital, rather than the king. When individuals control land, labor and capital, this is called a Market Economy.

Exit Pass…let’s see if you can answer this question! How did the growth of trade and manufacturing lead Europe to develop into a “market economy?” BTW: Don’t forget tonight’s reading homework- pages 259-262. Take your own notes!