Medieval Economy: Agriculture, Trade, and Social Change
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1. Agricultural Production and Population Growth
- Expansion of farmland (deforestation, drainage of wetlands).
- Introduction of the three-field crop rotation system.
- Technological advancements: heavy plow, irrigation, windmills, watermills.
- More food → fewer famines → population growth → increased demand for goods → rise of craftsmanship and trade.
2. Growth of Trade and Finance
- Increased commercial transactions → emergence of banks and moneylenders.
- Money exchange houses due to different currencies.
- Use of written contracts and the rise of bills of exchange (14th century).
3. Guilds and the Apprenticeship System
Guilds: Associations of craftsmen in the same trade.
Advantages: Protected their members, regulated prices and quality.
Disadvantages:
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