Crusades and the Economic Effect on Italy

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in contact. This newfound large scale trade was not all good though, there was a lot of confusion over currencies. However, the new big economic powerhouse in the world came up with a solution to this problem. Florence and Venice came up with a brand new idea to the world, and this idea was a common currency very similar to the dollar of today. This change especially helped merchants who would encounter crusaders from all different religions and parts of the world. With this new currency, the Italians developed a new system of bankings and loans way ahead of their time. They even took over the Jews who were usually the prominent bankers at the time and they even started to persecute them, eventually even kicking them out of Christian territories to fully take over the banking system to profit. The effects of Italy’s dominance in banking can still be felt today in cities like Florence whom were one of the first to adopt the new banking system. Florence grew in wealth dramatically and is still one of the prime, main cities in Italy.

In the end, without the crusades, there is no way Italy would have accumulated such economic power in just a few hundred years. The crusades helped Italy to gain a ton of population, mix with other cultures to establish new banking systems, and be the first European power to begin colonizing at a very quick rate. These were the main three reasons that the crusades had such a positive impact on the economy of Italy and later would help lead the region into its golden years of art, science, and overall culture.

Citations

Knox, E.L Skip. "Italy during the Crusades." Italy during the Crusades. Boise State University, n.d. Web. 7 Dec. 2016.

Gec, Cok. "Crusades in the Middle East: The Impact of the Holy Land Crusades on Europe." All Empires, 2006. Web. 07 Dec. 2016.

Cliff, Ursula. "Italy and the Crusades." CLIO History Journal - Italy and the Crusades. Dickson College, 2010. Web. 08 Dec. 2016.