Medieval economies were predominantly rural and agrarian. In addition to farms, villages had mills, wine presses, breweries, lumber workshops, and smithies. read more
Mercantilism developed in this era of strengthening monarchical power. The state abolished localized regulations on prices, wages, tariffs, etc. and instead, imposed these regulations at the national level. In other words, localized markets were aggregated into a national market. read more
Adam Smith is consider one of the"founders" of capitalism thought, and he was a leading critic of mercantilism (though there were other notable philosophers before him that were of anti-mercantilism thought too). read more
Feudalism spread through Europe during the ninth century and lasted for several centuries in some nations. In France, feudalism began as wealthy landowners built castles for protection. As kings weren't powerful enough to reclaim their land, nobles began to claim authority over land in their jurisdiction. read more