Economic History of Europe from Early 100s to Medieval

Economic History of Europe from Early 100s to Medieval

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Economic History of Europe from Early 100s to Medieval

In the tenth century, Europe was coming out of a torment of invasion, plunder, and rapine, by enemies’ form all sides. They were from Scandinavia, the Norsemen or Vikings that pillaged and harassed everyone almost to Constantinople. They were also plagued by the Saracens from across the Mediterranean and from the Magyars from the east overland. But no one will submit to this kind of abuse forever. Europeans began to retaliate and counter the thrusts of their attackers, raising the price of aggression. Over the years the northern tribes and Hungarian invaders gave up, settled down and domesticated. This end form danger launched Europe on the path for development and growth.

Western Aristocracy, however, did not foster the idea of a successful, efficient economy. The Aristocratic empires squeezed al they could out of what they had instead of looking for new ways to make more. They pressed and oppressed harder. These societies had no initiative and could not operate in terms of productivity. The medieval period that followed was considered a transitional society. These nomadic communities kept in constant motion mad nothing so special or valuable as to cause issues of ownership or other ambitions to power. In the centuries that followed authority began to weaken. The tradition of election passed on to hereditary rule, but the old customs and appearances also faded away and the ruler, even when designated at birth was formally elected. His power was weakening and some seeked to restore the empire that had once been. At this point the basis of economy in Europe was private property what could be held, defended, and conquered.

As communication and transportation came into people’s lives the contest for power in European societies gave rise to semi-autonomous city, or an organized commune. But nothing like the commune appeared outside Western Europe. The commune had a primary economic function to be a government of the merchants, by the merchants, and for the merchants. Also it functioned in its ability to grant social status and political rights on its residents, rights that are crucial to the conduct of business and to freedom from outside interference. These cities became gateways to freedom.

Migration to cities improved the income and status of the migrants. Self emancipation in Western Europe was directly linked to the franchised villages and urban communes.

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But where cities were few and not free, such as Eastern Europe serfdom remained and worsened. The population and economic growth increased up to the Black Death. After this plague came a time of rebuilding and the continue development of the economy.

This long multi centennial maturation, between 1000-1500, rested on an economic revolution. New forms of energy, the invention of agriculture and livestock shifted hunting and gathering to substantial growth of population and the new concentration of settlements. The medieval economic revolution built on these gains in production and energy.

One result of active trade was selection by merit. It was not possible to maintain uniformity of performance. Craftsman just did better work and attracted customers beyond their ability. Masters and journeymen were brought together and now was the beginning of division of labor and putting out. Putting out was the process of putting out the raw material and them later collecting the finished product.

The economic expansion of medieval Europe was promoted by a succession of organizational innovations and adaptations. The rulers were trying to keep pace, show hospitable, make labor available, to attract enterprise and the revenues it generated. Meanwhile the business community came up with new ways of association, contract, and exchange designed to secure investment and facilitate payment. Most of this commercial revolution came from the mercantile community inventing new venues for encounter and exchange. However, Merchantalism was about to be changed like nobody could have predicted.


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