Economic and Business History: The Economy of the Middle Ages

Economic and Business History UFV

20 21 12 21 22A Economic and Business History UFV Year: 1 Subject code: 7111 Prof. Damián Rubianes Universidad Francisco de Vitoria UFV Madrid

Unit 3: The Economy of the Middle Ages

ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 2

Unit 3: Ancient and Middle Ages Overview

UNIT 3 ANCIENT AND MIDDLE AGES The economy of the Middle Ages (476-1453)

• 3.1 The Middle Ages and the foundation of the Western rise.
• 3.2 The feudal system.
• 3.3 The Spanish economy in the medieval term.
• 3.4 Medieval merchants and the fist companies.
• 3.5 Economic thought in the Middle Ages: Scholasticism.

A CONCISE ECONOMIC HISTORY OF THE WORLD FROM PALEOLITHIC TIMES TO THE PRESENT [ Pdh Edelen Larry Neal | Rondo Cameron OXFORD Source: Teaching guide. Universidad Francisco de Vitoria UFV Madrid ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 3

Middle Ages Economic Topics

UNIT 3 ANCIENT AND MIDDLE AGES The economy of the Middle Ages (476-1453)

• 3.1 The Middle Ages and the foundation of the Western rise.
• 3.2 The feudal system.
• 3.3 The Spanish economy in the medieval term.
• 3.4 Medieval merchants and the fist companies.
• 3.5 Economic thought in the Middle Ages: Scholasticism.

Source: Teaching guide. Universidad Francisco de Vitoria UFV Madrid A CONCISE ECONOMIC HISTORY OF THE WORLD FROM PALEOLITHIC TIMES TO THE PRESENT [ Pdh Edelen Larry Neal | Rondo Cameron OXFORD ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 4

The Middle Ages: Decline of Roman Empire

Barbarian Invasions and Petty Kingdoms

THE MIDDLE AGES A MILLENIA FOLLOWING THE DECLINE OF ROMAN EPIRE After the collapse of the Roman Empire (473 CE) barbarian tribes continued to roam (vagar) and ravage (causar estragos). Petty kingdoms rose and fell but were unable to maintain effective order for more than brief periods. Apart from Goths, barbarians and Muslims, other invaders kept themselves busy in Medieval Europe:

• In the 8th century, Vikings poured out of Scandinavia, dominated the British Isles, conquered Normandy, raided coastal and riverine sites as far inland as Paris, and even penetrated the Mediterranean.
• In the 9th century, fierce Magyar tribesmen (magiares) crossed the Carpathians into central Europe and raided, pillaged, and extracted tribute in middle Europe before settling down in the Hungarian plain (10th c.).
• The Norman Conquest was the 11th-century invasion and occupation of England by an army made up of Normans, Bretons, Flemish, etc.

Universidad Francisco de Vitoria UFV Madrid BARO Source: Neal, Larry; Cameron, Rondo. "A concise economic history of the World". ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 5

Kingdoms and Ruling Dynasties in Medieval Europe

Examples of Ruling Dynasties

KINGDOMS EXAMPLES OF RULING DYNASTIES IN EUROPEAN MIDDLE AGES The most relevant domain was the Frankish kingdom (481-843), based in the heartland of medieval Europe between the Loire and Rhine rivers.

• It maintained its existence longer than other kingdoms but lacked the systematic organization and control of previous empires.
• It had no tax system, no structure or bureaucracy and depended on retainer fees paid to nobles to preserve order and unity.

The Visigothic kingdom (officially the Kingdom of the Goths) occupied current southwestern France and the Iberian Peninsula from the 5th to the 8th centuries. The Muslims ruled most of the current Iberian Peninsula from 711 to 1492, though the boundaries of Al-Andalus shrunk constantly as the Christian "Reconquista" progressed. CHARLEMAGNE Johannes Fried T LEW Universidad Francisco de Vitoria UFV Madrid Source: Neal, Larry; Cameron, Rondo. "A concise economic history of the World". ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 6

Production Increase in Medieval Europe

Agricultural Output and Population Growth

PRODUCTION INCREASED BETTER WEATHER FAVOURS AGRICULTURAL OUTPUT From antiquity and throughout the Middle Ages, Europe was slowly building a more modern foundation based on a productive agricultural economy. The little evidence that exists suggests that the population of Europe fell-with the decline of Rome-and remained fairly low for centuries. From 800 to 1350 CE, warmer temperatures coupled with rainfall ideally timed for growing grains occurred, improving the conditions for agriculture and increasing the output. Technological developments (see next slides) also made a difference in productivity, which eventually enabled greater agricultural output, such that the population of Europe began to grow quickly by the 12th century. Agricultural surpluses paved the way for population increases, a flowering medieval commerce and urban development. Universidad Francisco de Vitoria UFV Madrid Source: "A concise economic history of the World ", Neal, Cameron ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 7

Technological Advancements in Medieval Agriculture

Innovations in Techniques and Products

TECHNOLOGICAL ADVANCEMENTS INNOVATIONS IN BOTH TECHNIQUES AND PRODUCTS The most important innovation in medieval northern European agricultural practice was the substitution of a three-course crop rotation for the classical two-course rotation of Mediterranean agriculture. This advancement was closely associated with three other:

• the introduction of the heavy wheeled plow (arado),
• the use of animal manure (estiércol) for fertilizing the soil, and
• the use of horses as draft animals.

· The latter innovation, in turn, depended on other innovations in the harness ("arnes", see the picture) and equipment used for horses (replacing oxen or "bueyes" as draft animals). In addition, new processing systems, such as windmills and watermills, spread across Europe. Universidad Francisco de Vitoria UFV Madrid Harness Source: "A concise economic history of the World ", Neal, Cameron ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 8

Innovations in Tools and Products

TECHNOLOGICAL ADVANCEMENTS INNOVATIONS IN TOOLS AND PRODUCTS Medieval agriculture also experienced a host of minor innovations and improvements:

• Small and simple tools, like hoes (azada), pitchforks (horca de granjero), and especially axes (hachas) were iron-made (as metallurgy techniques had expanded significantly).
• New crops, such as peas, beans, lentils, citrus fruit or rice provided more varied and balanced diets.

These developments enabled greater agricultural output (because of higher productivity), such that the population of Europe began to grow quickly by the 12th century. In the context of a largely subsistence economy, more land was brought under cultivation. By late 12th century, Europeans had just about all arable land under cultivation, including marginal and poorly producing lands, to sustain the growing population. Universidad Francisco de Vitoria UFV Madrid Source: "A concise economic history of the World ", Neal, Cameron ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 9

Unit 3: Middle Ages Economic Topics

Ancient and Middle Ages Overview

UNIT 3 ANCIENT AND MIDDLE AGES The economy of the Middle Ages (476-1453)

• 3.1 The Middle Ages and the foundation of the Western rise.
• 3.2 The feudal system.
• 3.3 The Spanish economy in the medieval term.
• 3.4 Medieval merchants and the fist companies.
• 3.5 Economic thought in the Middle Ages: Scholasticism.

Source: Teaching guide. Universidad Francisco de Vitoria UFV Madrid A CONCISE ECONOMIC HISTORY OF THE WORLD FROM PALEOLITHIC TIMES TO THE PRESENT [ Pdh Edelen Larry Neal | Rondo Cameron OXFORD ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 10

Origins of Feudalism

Solution for Threats: Concentration in Small Villages

ORIGINS OF THE FEUDALISM SOLUTION FOR THREATS: CONCENTRATION IN SMALL VILLAGES Country people drew together for protection in an environment of fear and instability. Europe became a no-man's-land, punctuated with small, scattered villages. The population of Europe fell and remained fairly low for centuries. Protection came from the warrior elite: the medieval nobility. With medieval states unable to ensure security, local lords fulfilled this role. The arrangement allowed medieval monarchs to maintain control of their domains, while delegating real authority to the nobles. To meet these threats the Frankish kings devised a system of military and political relationships, subsequently called feudalism, (also including legal and cultural customs) which they grafted onto the evolving economic system. Universidad Francisco de Vitoria UFV Madrid Source: Neal, Larry; Cameron, Rondo. "A concise economic history of the World". ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 11

Warriors' Transformation into Nobles

ORIGINS OF THE FEUDALISM SOLUTION FOR THREATS: WARRIORS' TRANSFORMATION INTO NOBLES The concentration of the people in the local domains led to the virtual disappearance of trade, a money economy and a tax system making impossible for kings to finance mounted warriors (since the introduction of the stirrup ("estribo", probably from central Asia) had made foot soldiers almost obsolete). Consequently, domestic order (administration came right after) was maintained by local warriors, who received in return for their military service state (land and its local inhabitants), hereditary ranks and titles. Officials were therefore substituted by warriors (lords and knights) and great nobles (dukes, counts, and marquises) who ruled and administered justice on their estates. ptas fantabunt. gaencie gaungiven Cartas. pag. 1p: Filet 31 Fil Host . ti couto . Hon eft Seguito me ite. Remit oddh RiHana religio. Bond uolficas ta6. Edina sono, "Oifapline: Bonu Contu SELtos Source: Neal, Larry; Cameron, Rondo. "A concise economic history of the World". ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 12 Universidad Francisco de Vitoria UFV Madrid

Manorialism: Lords and Serfs

The Manor System

MANORIALISM LORDS AND SERFS COME TOGETHER In such a system, the most important benefit the noble received as part of his oath (juramento) to his overlord was land. In exchange for providing military service and dispensing justice, the noble received a grant of land from the monarch. This land grant was intended to support the noble family and its retainers. And it is with the land that manorialism came into play. The land grant-called a manor- was not just a house but essentially a village. It included the people who lived on and worked the land; their dwellings; and all the barns, etc. The peasants who worked the land were serfs who were bound to the land and exploited by the warrior elite Fields A manor usually had three fields for growing crops. Two fields were planted with crops and one field lay fallow, or unplanted. Fields were divided into long, narrow strips. Some belonged to the lord, some were owned by the Church, and the rest were divided among the peasants. Manor House The Fields manor house was set off from the rest of the village and surrounded by a wall or fence. In times of trouble, villagers took Pasture shelter behind the manor-house defenses. Well Priest's home - Blacksmith shop Manor house Grain mill Grain Mill The mill was driven by a wheel turned by the flowing water of a stream. Sometimes, the mill housed the village oven, where all the villagers baked their bread. Stream Source: "An economic history of the World since 1400", Donald J. Harreld ECONOMIC AND BUSINESS HISTORY | UFV | PROF. DAMIÁN RUBIANES | PG. 13 Universidad Francisco de Vitoria UFV Madrid Peasant homes VILLAGE Church