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# The Rebirth of Cities: The Economy of Cities The cities became important economic centers based on craftsmanship, commerce, and banking. ## Craftsmanship * **Craftsmen** organized themselves into guilds, associations of craftsmen who controlled prices and production. Craftsmen started as chi...

# The Rebirth of Cities: The Economy of Cities The cities became important economic centers based on craftsmanship, commerce, and banking. ## Craftsmanship * **Craftsmen** organized themselves into guilds, associations of craftsmen who controlled prices and production. Craftsmen started as children, apprentices, then became officials when they mastered their trade, and some eventually became master craftsmen. ## Commerce * **Commerce** flourished at fairs, where peasants sold their surplus produce, and the nobility bought luxury goods. ## Banking * **Banking** emerged with the recovery of currency in the 11th century. Money changers arose to facilitate transactions and also offered loans. ## Summary Craftsmen, merchants, bankers = Burghers (the middle class) played a crucial role in the economic resurgence of cities during the Middle Ages. Guilds regulated production and pricing. Fairs facilitated trade between peasants and nobles. Banking emerged as a vital service, particularly in facilitating transactions and providing loans.