LGST 101 Lecture Notes - Lecture 3: Middle Ages, Interest Rate, Barter

• School: UPenn
• Department: Legal Studies & Business Ethics
• Course: LGST 101
• Professor: Novikoff Alex

Document Summary

Rogue merchants: the first breath of commerce and commercial intercourse to a. Europe that had sunk to an almost tradeless and self- sufficient manorial stagnation. Slow urbanization of medieval life, the creation of new towns and villages. The crusades: sudden and startling contact between 2 different worlds -the gradual a(cid:373)alga(cid:373)atio(cid:374) of eu(cid:396)ope"s f(cid:396)ag(cid:373)e(cid:374)ted e(cid:272)o(cid:374)o(cid:373)i(cid:272) a(cid:374)d politi(cid:272)al e(cid:374)tities i(cid:374)to la(cid:396)ge(cid:396) (cid:449)holes, a(cid:374)d thus markets (political and economic process) Exploration: opened up an invigoration flow of precious metals into europe. The church grew in time to a position of commanding economic important: it was the largest collector and distributor of money in europe. Cal(cid:448)i(cid:374)is(cid:373): a dedi(cid:272)atio(cid:374) to o(cid:374)e"s (cid:449)o(cid:396)k. important values were thrift, economical, money put to good use, not wasted away (condoned/accept the payment of interest). It was a highly favourable stimulus for the evolution of the market society. Gradual monetization of feudal obligations and the impoverishment of the rural nobility.