Farming Techniques and Early Trade

A system in which merchants (capitalists) provided raw materials to rural workers who would then produce finished goods at home, being paid per piece completed by the merchant.

Independent cities that had their own governments and laws, regulating production, quality, price, and distribution of goods.

These cities focused on the control of production, quality, price, and distribution of goods.

The rapid increase in the size and number of towns during the 12th and 13th centuries.

The expansion of towns across Europe, leading to a denser network of urban centers.

The growth of towns in the 12th and 13th centuries resulted in increased size and population, leading to the development of fortified structures like stone ramparts, gates, and towers. Towns became centers for courts, hospitals, and various social groups, including religious orders and guilds. Town halls and churches played a central role in community life.

The late medieval period saw a significant rise in the size and wealth of towns, fueled by increased trade and the emergence of powerful merchant families. Merchants, now rich enough to buy noble titles, contributed to the expansion and influence of urban centers.

The late Middle Ages experienced a commercial boom, driven by increased trade and basic manufacturing. This period saw a rise in mining, particularly silver extraction, which saw a fourfold increase. Textile production, though on a small scale, became increasingly important.

Medieval guilds were professional organizations composed of artisans in specific crafts. They regulated production, quality, price, and distribution of goods. Guilds provided training through an apprenticeship system, where young apprentices, journeymen, and masters worked together to learn and perfect their skills.

The putting-out system, developed in the 14th and 15th centuries, aimed to circumvent guild regulations and the high prices demanded by merchant-capitalists. It involved giving materials to peasants who would then spin, weave, and sew in their homes, being paid by the piece.

The rise of powerful banking families like the Fuggers and the de Medicis marked a significant shift in the medieval economy. These families provided capital for trade and manufacturing and developed early systems for transferring credit, facilitating international transactions.

The Iberian Peninsula, divided between Castile and Aragon, witnessed a powerful union in 1469 when Isabella of Castile married Ferdinand of Aragon, effectively creating "United" Spain. This union played a significant role in shaping the region's political and economic landscape.

Double-entry bookkeeping, a revolutionary accounting method, emerged in the late Medieval period. This system involved tracking both profits/credits and losses/debits, providing a more comprehensive and accurate record of financial transactions.