HIS109Y1 Lecture 5: Lecture 5-Towns, Commerce and Economic Change-Sept 26
Document Summary
Religious venture aka attempt to control trade routes at end of 11th century and export surplus knights. Medium of exchange needed for crusades to be successful. Venice provided ships to sail to holy land. Merchants were part of mercantile trade; needed currency. 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. Coins need intrinsic value or referenced to something with recognized value. Money needs to maintain value; no reliable coinage. 13th 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. Crusades began a period of extreme activity in trade and expansion. Expansion of trade at italian peninsula and beyond. Wanted luxuries, demand at sea ports and christendom.
