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

2. 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

3. 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

4. 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