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HIS109Y1 (536)
Lecture 5

HIS109Y1 Lecture 5: Lecture 5-Towns, Commerce and Economic Change-Sept 26

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Kenneth Bartlett

HIS109 The Crusades Commenda Bardi Peruzzi Medici Florin 1252 Ducat 1284 1095: Liberation of the Holy land th Religious venture aka attempt to control trade routes at end of 11 century and export surplus knights Medium of exchange needed for crusades to be successful Need for a money economy Venice provided ships to sail to holy land Merchants were part of mercantile trade; needed currency Immediate need for substantial amounts of cash Use of coins and production of coins Endemic use of coins: you need to trust it Problem with feudal states: no real control of how to emit coins Fragmentation of authority meant that every feudal jurisdiction tried to emit own coins for sovereignty Independence=coins Coins need intrinsic value or referenced to something with recognized value Always needed more cash People didnt trust money Trade becomes impossible Money needs to maintain value; no reliable coinage 13 century: minting of trading cities (NOT feudal monarchies) Florence and Venice Trading cities needed to know how much money they had State said there will always be a value displayed Huge advantage to economies
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