Economic history of medieval Europe

The economic history of medieval Europe, spanning roughly from the 5th to the 15th century, was characterized by a largely agrarian society dominated by feudalism. Landowners, or nobles, controlled large estates worked by peasants, who provided food in exchange for protection. Trade began to flourish in the later Middle Ages, aided by the rise of towns and merchant guilds. This shift towards a more market-oriented economy contributed to the growth of a middle class and laid the groundwork for the eventual emergence of capitalism in the Renaissance. Key events included the Crusades, which opened new trade routes, and the Black Death, which drastically altered labor dynamics.