HIS109Y1 Lecture : Mercantile Economy.docx
Document Summary
Mercantile economy crusades stimulated european economy first crusade 1095 b. c. - required funding because needed capital to transport western knights across mediterranean fostered capitalization and trade cities required a medium of exchange recognized across cultures. Gold coins needed to be accepted in venice and jerusalem. Piracy and war were trading my any other names. Significant changes taking place with regard to europe"s social and economic structure. Social mobility for people"s whose wealth and inheritance wouldn"t help them achieve their goals. This reorganization of society created a new class of wealthy townsmen who controlled their towns. Economic, political and social revolution allowed a platform for early modern europe. Merchants traveled long distances with valuable goods often. Was impossible for one person to accumulate huge amounts of capital. Needed a system where partners pooled their money and drew up contracts. Older partners would provide more funding, but the younger partners would take on more dangerous ventures but were paid more.
