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After the fall of Rome Feudlism was created. Feudalism is an economic system in which kings and powerful nobles granted land to ohter nobel for loyalty, military assistance and other services. This land grant was called a fief.
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When Feuadlism was created the idea of a Manorial econimc system emerged and so did manors. A manor was known as a large estate in which included a manor house, pastures, feilds and a village. Land was didvided into three feilds which was given out to the peasents, these peasents in return gave the lord a portion of their total crops.
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During this time people started using the power of water and wind. They also began to use new devices such as the heavy plow, crop rotation, mills which were used to grind grains and produce flour. These new concepts and inventions increased trade by creating newer items and a faster way of getting older items, and agricultrure by lessening production time.
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Craft guilds were engaged in manufacturing. Apprentices were known as the candidates for membership in craft guilds, and had to go through two preliminary stages of training as early as the 10th century.
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Manufacturing took place in people's homes rather than in a shop or factory, this was known as the domestic system. Banking developed in order to make a exact currency for trade, and people began to invest in the capital. These three developments laid the foundation for the market economy which was an economy in which land, labor, and capital are controlled by individuals.
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A change in climate to a much warmer one affecting the economy causing a shift of cultivation to the north. At this time farmers began to perfect new devices some of which had been discovered by people before them such as the Romans and the Carolingians.This increased widespread trade in Western Europe.
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William the Conqueror brought Feudalism an economic system to England from France during his rule from 1066 to 1087William the Conqueror introduces feudalism to England after the battle of Hastings. He altered the economic system, however, giving the king supreme power instead of lords. William had also created the foundations for a more centralized goverment where in the end each feudal lord became the kings vassel.
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Crusades began to experience new items the demand increases, and so they began to travel in want of new goods from the middle east for spices, medicines, perfumes, dyes, and precious gems. This helped bring in a lot of trade to the area.
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Chivalry is a code of conduct for knights, this drasticlly changed the feudal and economic society in the late 1100's by introducing qualities for knights such as bravery, honor, and courtesy.
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Henry I ruled from 1100 to 1135 and improved the government by adding a new department called the exchequer to handle the kingdom’s finances.
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By about 1100 c.e. an system known as primogeniture arose in which the eldest son of the vassal inherited the fief after the vassal’s death. It was the sons job to keep the estate unified, this idea was found in more agricultural societies where economic prosperity and someone's status was based off of land ownership.
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Burgher's where known in the economy as the middle class they had made their living by trade or craft guilds. This class increased trade in the late middle ages because they have tangible money to send on goods unlike kings with their wealth in land.
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Louis VI banned robber barons allowing the increase of agriculture, economic trade and intellectual activity.
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Henry II reigned from 1154 to 1189 and further increased royal authority. He allowed nobles to pay him a fee instead of doing military service.
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Flanders and Italy developed a regular exchange and economic trade of goods. This was significant because it joined the two major centers of northern and southern European trade.
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Champagne fairs of France became more popular. They created ties between regions and brought economic prosperity and liveliness to medieval Europe.
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At the time the church had the power of taxation gaining the church much of the money in the economic system.Through taxes and it's newly founded wealth the church had reached it's peak in the the 12 century C.E.
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One son of Henry II, King John, provoked a revolt after attempting to unjustly tax nobles (economy), who forced him to sign the Magna Carta. The Magna Carta protected the liberties of the Nobles and it also protected the rights of ordinary people.
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As the region of Fladers became the textile center for economic trade the cities of Ghent, and Bruges or ”City of Bridges” became significant commercial centers. This had helped increase population and wealth.
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With the spread of the Mongol empire, Italian merchants entered in the markets of Central Asia, India, and China. The Mongols maintained safe trade routes for merchants moving through their lands, including Italians.
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The hanseatic league, formed when certain economic trading cities formed an alliance with each other, they became a powerful influence on the commerce of Northwest Europe.
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Due to the drop in the temperture there was a significant amount of crop failure causeing famine to strike the late middle ages. This increased the death rate leaving long lasting affects on the economy and society
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AThe Black Plague swept across Europe. After the black death many churches lost their power. Also conflicts at the time between classes led to peasant revolts, but the sudden death of family members allowed for property inheritance, giving people sudden wealth. Thus it created a stronger economy.
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Serfdom's are known as people who are bound to land, they were technically not slaves but they were the lowest class in the economy. They would work for lord’s land, and they existed between 1450 to 1789 C..
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Vikings were mainly sailers, when they weren't traveling for trade they would often farm, during this perod vikings had owned slaves to help around the farm.
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Towns continued to grow as the want for trade and manufatoring continued, people were drawn to the cities for fairs and commerce. With this increase in population and popularity in the city there was a large decrease in the agriculture system.
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By the end of the 900's C.E. Feudalism which was an economic system had been firmly established in northern France.
