The period of major economic development in Europe during the High Middle Ages, characterized by the growth of cities, the revival of long-distance trade, and the emergence of new financial and commercial practices.
Associations of artisans or merchants who controlled the practice of their craft in a particular town. They set standards for quality, controlled prices, and managed the training of apprentices.
A written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date. This facilitated trade by reducing the need for the physical transport of currency.
The development of financial institutions that offered loans, accepted deposits, and facilitated the transfer of funds, enabling merchants and governments to finance large-scale projects and trade ventures.
A form of partnership in medieval maritime trade, where one investor (the commendator) provided the capital for a voyage, and another (the tractator) managed the trade. The profits were then split between them. It was an early form of venture capital.
A system developed to mitigate the financial risks of maritime trade. Merchants would pay a premium to an insurer who would agree to cover the loss of a ship or cargo.
A system where governments borrow money by issuing bonds or other forms of debt to their own citizens or other investors to finance wars, public projects, and other expenses.
A form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential.
The devastating bubonic plague pandemic that swept through Europe, North Africa, and the Middle East from 1347 to 1351, killing an estimated 30-60% of the population.
The interconnected routes for commerce that collapsed during the plague due to travel restrictions and mass death.
A significant increase in the wages paid to workers, typically caused by a severe labor shortage.
The dominant social and economic system of medieval Europe, based on land ownership and the obligations of serfs to their lords, which was severely weakened by the Black Death.
A series of uprisings by the peasant class in the late Middle Ages, often fueled by the economic and social changes brought on by the plague.
The fundamental economic relationship between the workers who provide labor and the owners who provide the capital (land, money, equipment). The plague dramatically shifted this balance of power toward labor.
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