The Machinery of Growth
Between 1000 and 1300 Europe's population probably doubled. This Growth rested on agricultural improvements:
- The heavy plough turned wet, heavy clay soils.
- Three-field rotation left only a third fallow, raising cultivated land to 67 per cent (67).
- The horse collar allowed faster draught work without choking horses.
- Watermills multiplied rapidly across the countryside.
Surplus food sustained new towns. Towns bought charters to gain legal rights and market privileges. A serf who stayed unclaimed in a chartered town for a year and a day became free.
Commerce and Finance
Long-distance trade linked Flemish cloth with Italian merchants. The fairs of Champagne ran a rotating annual cycle in four towns:
| Town | Fairs a year |
|---|---|
| Lagny | 1 |
| Bar-sur-Aube | 1 |
| Provins | 2 |
| Troyes | 2 |
The commercial revolution introduced flexible business instruments:
- The commenda: an investor backed a travelling merchant and split the profit.
- The bill of exchange: transferred money between cities and currencies, bypassing rules on usury.
- Double-entry bookkeeping: tracked complex accounts reliably.
- The return of gold coinage to the West: Florence minted gold in 1252, and Venice followed in 1284.
Common pitfall: The ban on usury did not end credit. It merely shaped its legal form.