ECON 2720 Lecture Notes - Lecture 5: Black Death, Double-Entry Bookkeeping System, Futures Exchange
21 Feb 2014
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Document Summary
The largest and most popular trading fair took place in champagne, france. The prince made sure that the law was upheld and business law was followed by all traders at the fair. After one of the counts of champagne died the city was absorbed by france, and tariffs were imposed on foreign traders, especially if there was a conflict between france and certain are a trader came from. Traders stopped coming because this fair was unfair, and eventually the fair stopped. During the 12th and 13th century business was changing, and italy became a capital for trading and entrepreneurship. It isn"t too long until dominance moves from italy to the netherlands. The greatest innovation that came out of italy was double entry bookkeeping. Single entry bookkeeping was fine for small family businesses, but as businesses began to grow a better form of accounting was needed.
