Middle Ages Economy

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or were abandoned entirely. The decreased agricultural output could no longer support

the same level of economic activity and, as early as the middle of the thirteenth century, the

economy was beginning to weaken. By early in the fourteenth century and continuing well into

that century, a declining population, shrinking markets, a decrease in arable land and a general

mood of pessimism were evidence of deteriorating economic conditions. This trend was far from

universal and it was certainly less severe in northern Italy. Also, north of the Alps, some

communities quickly rebounded and thrived on their commercial and manufacturing ventures.

Coventry, England, for example, flourished with its woolen cloth industry while Bruges, in

modern-day Belgium, was one of the major commercial centers of the North. In the early

fourteenth century, Florence's textile industry and banking catapulted the city-state into the

forefront of European enterprise and, eventually, into ...

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trade was centered in Rome during the Middle Ages. By the end of the

thirteenth century, Florentines, as papal treasurers and tax collectors, spurred Florence to become

the banking centre of Europe. Large numbers of families invested capital in commercial and

industrial developments. In the 1290's, the Bardi and Peruzzi families had established branches

in England and were the main European bankers by the 1320's. By 1338, there were more than

eighty banking houses in Florence with operations across Europe. The financial success of

Florentine banking activities led others to break the monopoly. During the fifteenth century,

municipal banks became established, including one ...

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