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The Commercial Revolution LEC-5.docx

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Department
History
Course
History 1803E
Professor
Jeffery Vacante
Semester
Fall

Description
The Commercial Revolution 2 One of the major impediments to commercial growth during the Middle Ages was the Church prohibited Usury or interest. -the second Lateran Council (1139) declares usury a sin. Saint Thomas Aquinas (1225-1274) objects to usury and defends what is known as the just price. Monet lending therefore was left to others, including the Jews. -following persecution and expulsion from much of Europe, Jews were often confined to ghettos. -Ghetto in Venice -there they become important in the growth of the merchant class. -Shakespeare, The Merchant of Venice (1596) -Shylock -Antonio The Birth of Banking -the difficulty and cost of transporting physical coins in order to business led to the number of innovations the led to the modern rising of business. -Early banks were more involved in money-changing than lending. -Bill of Exchange was a key innovation that permitted greater fluidity. -The Medici Family
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