Economy

Definition of Economy as it relates to Cultures, European Culture, Late Middle Ages

"Economy in the Late Middle Ages was characterized by the growth of trade and commerce, particularly in European culture. This period saw the emergence of market economies, with the expansion of towns and cities leading to an increase in specialized crafts and professions. The economy was heavily influenced by the feudal system, where lords owned the land and serfs worked it in exchange for protection and rights. However, as trade and commerce grew, a new class of merchants and artisans emerged, who were not tied to the land and could engage in economic activities independently. The economy during this time was also shaped by the Crusades, which opened up new trade routes to the East and brought back exotic goods that stimulated demand and economic growth."

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