Growth of Trade and Commerce
By the late Middle Ages, trade and commerce was expanding through the development of towns, the agricultural revolution and technological innovations. In towns, Trade Fairs were hosted as an important venue for merchants to exchange goods and settle accounts. The agricultural revolution also produced surplus food, which the Lords traded for luxury goods.
As trade grew, money transactions replaced the barter system and by the 13th Century, coins were used extensively and were in high demand. Medieval kings and Italian city-states began to produce their own coins and banks were established as the need to borrow, standardize, secure, store and transport money increased.
As trade grew, money transactions replaced the barter system and by the 13th Century, coins were used extensively and were in high demand. Medieval kings and Italian city-states began to produce their own coins and banks were established as the need to borrow, standardize, secure, store and transport money increased.
Goods and Geographies
Following the Crusades there was an enormous demand for new goods including silk, spices, tea, salt, sugar and porcelain, which came via the Silk Road. The Silk Road was a 4000 mile long network of trade routes which connected the regions of the medieval world through trade. It ran from China to Eastern Europe, facilitating trade between different empires, spreading ideas, cultures, inventions and unique products across the world. The Silk Road is named after prestigious Chinese silk, which was one of the major products traded from East to West.
Wool and cloth was also increasingly in demand. The best weavers lived in Flanders (Belgium) and soon Flemish wool became a favoured medium of exchange. By the 14th Century, Venice -the most cosmopolitan city of medieval Europe - had control of trade to the Middle East and northern Europe. It created the Flanders Fleet, a route along the coastline of Europe from Venice to Flanders. This further strengthened Venice as a commercial city.
Wool and cloth was also increasingly in demand. The best weavers lived in Flanders (Belgium) and soon Flemish wool became a favoured medium of exchange. By the 14th Century, Venice -the most cosmopolitan city of medieval Europe - had control of trade to the Middle East and northern Europe. It created the Flanders Fleet, a route along the coastline of Europe from Venice to Flanders. This further strengthened Venice as a commercial city.
Guilds
With the growth of towns and trade, people working in specialist occupations united in associations called guilds. There was a guild for each occupation, including bakers, butchers, brewers, weavers, merchants, artisans and tradesmen. Guilds controlled the quantity and quality of goods produced, set prices and trained apprentices in the skills of their trade. Guilds obtained power, limited membership to control trade and protected their members in times of hardship or sickness. During the late middle ages, two types of guilds were developed: the merchant and craft guilds.
Did You Know?
- Camels often travelled along the silk road because much of the route was harsh, dry and inhospitable
- Christians were banned from (usury) lending money so Jews became the bankers
- Approximately 64,374 soccer fields would need to be put together to form the length of the silk road
- Spices were so important in the middle ages because not only did they make food delicious, but they also served as a method of preservation.
- A small fee had to be paid to be part of guild, in fact the word ‘guild’ comes for the saxon word ‘guildan’ meaning to pay
- The Black Death is thought to have travelled to Europe via the Silk Road
- Apprentices to a guild were as young as 12
- Marco! Polo! Know that game that you play in the pool? Marco Polo was an actual person who travelled to China along the silk road and his stories since were the basis of medieval Europe’s knowledge of Ancient China.
External Links
Watch this great clip from John Green about the expansion of trade in the middle ages and the Silk Road