Contents. xxv CHAPTER XV. ECONOMIC CHANGE. By the Rev. WILLIAM CUNNINGHAM, D.D., Fellow of Trinity College. PAGH Change from the fifteenth to the seventeenth centuries .... 493 The contrast developed. Area of trade. The breakdown of monopolies . 494 Self-sufficing groups dissolved. The use of money extended . . . 495 Regulation of exchange and industry hy towns in medieval times . . 496 Gives way in the seventeenth century to national regulation . . . 497 Rise of capitalistic regime. Hindrances to the employment of capital in medieval times. Money-lending in the Middle Ages . . . 498 Laws against usury. Disabilities of bankers. Mercantile enterprise an exception 499 New openings for capital. Reasons for an abrupt change. The Black Death 600 Effects of the plague. Constant wars in the later Middle Ages . 601 Diversion of traffic. Decline of the Hansa. The Turks. The Moors . 602 Recovery in France. Jacques Coeur. Financial reforms of his time . 603 Need for royal encouragement of industry. Short-lived commercial success 604 Increasing scarcity of precious metals compensated by the liberation of hoarded coin , 605 The Augsburg capitalists. The Fuggers. Development of mining . , 606 Shifting of centres of trade. Rise of Antwerp 607 Advantages of Antwerp. Freedom from customary restrictions . . 608 Antwerp a permanent fair ; a great free money market .... 609 Fall of Antwerp, 1576. Commission business. Ocean trade . . . 510 Craft gilds in the later Middle Ages. Use of capital .... 611 Industries most suited for capitalistic enterprise. The textile industries . 512 The gilds transformed or crurhed by capital 613 Capitalistic development of industry. New questions of economic policy . 514 Difficulties of urban industrial organisation . . . . . . 516 Relations to the peasants. Depression of the cultivators for the sake of the town 616 Territorial economic policy adopted by the nations 517 Spain. The New World and its gold. The capitalists at work . . 618 Increase in the price of produce in Spain. Short-lived development of industry 519 Foreign capital discouraged. Government hoards of metal . . . 520 Failure of Spain to use her opportunities. Other nations benefit . . 521 England. The country forced for lack of gold to develop industry . 522 Concessions to companies. Monopolies on capitalistic lines . . . 623 Influence of aliens. Improvement of agriculture 524 Hales' Discourse of the Common Weal under Edward VI. France. Re- covery under Henry IV. His ministers 525 Reform of the faille. Use of royal money for remunerative work. Canals 526 Encouragement of industries. Agriculture 627 Success of England and France as compared with Spain .... 628
