discuss the importance of bankers and money lenders during the mediaeval period
Answers
Answer:
With the increased economic activity of the Middle Ages, there was a growing need for money exchange and the conversion of coins. Money changers were soon holding and transferring large sums of money and extending loans to merchants. As the demand increased, so did the number of services. Common financial activities came to include granting loans, investing, as well as most of the deposit, credit and transfer functions of a modern bank.
Explanation:
Answer:
In the Middle Ages, a number of money lending options were open to him. He borrowed from the Jews in England until he took all their money and expelled them from England. Christians were forbidden to lend money, so he turned to the Italian banking families.
“In Medieval Europe, moneylenders were needed as everywhere else. However, the situation was complicated by the fact that Christian laws forbade “usury” or the practice of charging interest on loans. In consequence, the function of moneylending was assumed by members of the Jewish communities who were exempt from usury laws and who were not prohibited by their own traditions to lend money to non-Jews. Thus European Jews practically held a monopoly on moneylending.”