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Expansion of European Economy

Expansion of European Economy. Agricultural Innovations. Improved plow(carruca) iron plow,which cut deeper into soil. This allowed seed to germinate and produce more crop.

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Expansion of European Economy

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  1. Expansion of European Economy

  2. Agricultural Innovations • Improved plow(carruca) iron plow,which cut deeper into soil. This allowed seed to germinate and produce more crop. • New collar harness for the horse. This shifted the weight to the horses shoulders. Old harness had been designed for oxen would choke the horse.

  3. Other innovations in agriculture • Horseshoe: metal shoe protected horse’s hooves from stones. • 3 field system: allowed more land brought under cultivation • Watermill: grind grain • Windmill: grind grain and provide water even cut wood

  4. Settlement of new lands • Feudal lords encourage, too raise $. Serfs begin to pay rents. • Decline of feudalism( Feudal lords promise serfs freedom as an incentive to get them to become renters).

  5. Revival of Trade • Greater food production= population growth • Larger number of people free to work at non-farming tasks. • Population growth contributes to a demand for goods

  6. New business practices • Trade Fairs: Craft people set up booth at major trading sites to display their products • Partnerships: 2 or more people pool their money to finance long distance trade • Insurance-cover loss or damage of goods- reduced risk

  7. Banking • Moneychangers: exchanged coins of one region for currency of another • They began to loan $ and charge interest =Banking • Letters of Credit- allowed businessmen to travel without a large amt. of cash

  8. Guilds • Organization of merchants and master artisans to set regulations and protect members • Prevent outside traders from setting up shop

  9. Craft Guilds • Made up of artisans who practiced the same trade • Closed shop of those not accepted • Discouraged competition • Prevent members from making more money than others ( same hours , equal quality, just prices)

  10. Levels within a Guild • Apprentice- worked for 2-7 years for a master artisan to learn a trade • Journeyman- worked for a daily wage with the master artisan • To become a master artisan, you had to present a “masterpiece”, best example of the quality of your work. • Master artisan- owner of the shop

  11. Growth of Towns • Started along seacoasts,crossroads, near castles or monasteries. • Townspeople made their own laws • Had no feudal obligations • Charter- document granted the townspeople the right to govern themselves • Contributes to the decline of serfdom( “City air makes a man free”) if a serf fled to a town and lived there a year and a day he was free by custom • Growth of the Middle Class( their world was the market)

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