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03

Middle Ages Economy

   
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Title: Middle Ages Economy
 
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Subject: History
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Date: November 8, 1997
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Length: 3 / 643
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In the early fourteenth century, Florence's textile industry and banking catapulted the city-state into the forefront of European enterprise and, eventually, into the Italian Renaissance. Significant private international banking and commercial ventures provided the foundation for many fortunes but even they succumbed to the recession that began in the fourteenth century With the increased economic activity of the Middle Ages, there was a growing need for money exchange and the conversion of coins...
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Money changers were soon holding and transferring large sums of money and extending loans to merchants. As the demand increased, so did the number of services. Common financial activities came to include granting loans, investing, as well as most of the deposit, credit and transfer functions of a modern bank...
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