HIS109Y1 Lecture Notes - Fugger, Social Revolution, Ducat
Document Summary
There had to be some medium of exchange. Once the crusaders came home after seeing the luxury of other places, they wanted the same luxuries in their homes. Sudden expectation that there would be some medium of exchange across the world. New system of keeping track of money to handle the crusades. Individual merchants had to bring a large amount of money with them when they traveled and then bring a lot of goods back, which was very insecure. The comenda: a contract that allowed capital (money) to be invested in merchants by anyone who had it. A number of merchants realized they could get rich by buying spices in constantinople and selling them at home, but it was a costly process. People with money (like other, older merchants) bought shares and invested in the young merchants, who were the people who actually went on the dangerous travels. These young merchants learned new languages & saw new cultures.
