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The Commercial Revolution of the Middle Ages, 950-1350

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This book reveals that the middle ages were not dead time as most think but the beginning of a transition from self sufficiency to taking advantage of comparative advantage by trading with others. Lopez starts out with a review of the Roman world and its commerce, transitions to the impact of the barbarian invasions, and only then turns to the takeoff of commercial growth. He describes key factors in the takeoff as creation of an agricultural surplus, the business acumen of the Jews, the adventurousness of the Italians, the role of coins and credit, the value of contracts, and developments in transportation. Of particular interest to me were his comments on the objects and patterns of trade, the pre-Columbus Italian explorations for trade, and the role of guilds in furthering and hindering economic growth. The book is well written and easy to read. Readers of this book might also want to look at The Medieval Machine by Gimpel; Cathedral, Forge, and Waterwheel by the Gies as well as Life in a Medieval City. Sacred Trust by Ekelund et al economically analyzes the medieval church as a business firm which also illustrates the commercial flavor of the times. See also N J G Pounds An Economic History of Medieval Europe, and also Gold and Spices.