Aim: Explain the Economic Systems that Existed in Medieval Europe?

The Guilds New developments in the Europe’s economy developed Development of the Guild A Guild was an organization of individuals in the same business or occupation working to improve the economic and social conditions of its members Similar to a Union today 2

Guilds Provide Security in Trading Guilds set standards for quality of work, wages, & working conditions Ex: Bakers were required to sell loaves of bread of a standard size and weight Guilds created plans for supervised training of new workers Became powerful forces in medieval economy Wealth they accumulated helped them establish influence over government 3

Commercial Revolution Increased availability of trade goods and new ways of doing business change life in Europe This expansion was The Commercial Revolution No longer was everything produced on a self-sufficient manor More goods from foreign lands became available Business and Banking Traders needed large amounts of cash or credit Establishment of exchange rates put into effect Letters of credit eliminated need to carry large amounts of crash Trading firms and associations formed 4