Economics and Politics of the Middle Ages

* Politics were feudal, part of feudalism

  - see graphic on the board

    (two drawings, one of the convoluted hierarchy of feudalism - knights,

counts, barons, dukes, king, etc. + one of the land being subdivided into fiefs)

* The manor was a self-sufficient unit

  - no trade long-distances

    -> micro-famines as some areas starved just short distances from others

    -> luxury trade gone - no silk, pepper, jewelry, glass, etc. to speak of

  - collapse of banking

    -> with no Roman government to guarantee contracts, not banks

    -> new banking method was the old method - bury your gold

    -> interest can't be charged because it is the sin or usury

    -> neither investment nor borrowing possible usually

        => productivity dives as even obvious needs can't be financed

             +> can't borrow to buy an ox or a mill to make money and pay loan

        => even simple necessary projects impossible

    -> to a limited extent, Jews step in as bankers and merchants

        => Christians won't let them own land, so they have to find some way to make $

        => they don't see interest as a sin, so they lend

             +> part of the roots of the "sneaky and rich" stereotype of Jews

             +> Christians happy to borrow, but spiteful of their lenders

             +> occasionally get up a pogrom (attack on Jews) to cancel their debts

        => Jewish merchants helped by speaking Hebrew - allows international

             communication

  - manors were communal islands

    -> if you wore it, ate it, or used it, odds are you made it

        => very rare traveling merchants and local fairs

    -> "industries" limited to a few local specialties

        => blacksmith, cooper, mill, shoemaker, seamstress

    -> land was "owned" in common and profits were shared communally

        => local lord skimmed off the largest profits, serfs divided the rest

        => hard work didn't yield much direct profit

             +> get drunk and nap in the haystack rather than improve for other's benefit

    -> defense was largely communal

        => knight supposed to be the biggest part, but if locally threatened not great

        => hole up in the church with spears