Marco Polo's travels along the Silk Road exposed Europeans to new cultures, customs, and commodities from the East. His detailed accounts of his journey increased curiosity and interest in the exotic lands and sparked a desire for exploration and trade with the East, ultimately contributing to the start of the Renaissance.
The increase in trade led to a new kind of money economy.
What were people using to buy merchandise?
During the Renaissance, people were using coins as well as various forms of currency like bills of exchange and letters of credit to buy merchandise.
What was the purpose of a “money changer”?
A "money changer" during the Renaissance served as a financial professional who would exchange one type of currency for another. They played a crucial role in facilitating trade and commerce by providing people with the necessary currency to transact business across different regions and currencies.
As a result of this new economy, who grew rich?
As a result of the new money economy during the Renaissance, merchants, traders, and banking families, such as the Medici in Florence, grew rich. These individuals and families were actively involved in international trade, banking, and finance, and took advantage of the expanding economic opportunities to accumulate wealth and power.
What were they able to do?
The wealthy merchants, traders, and banking families of the Renaissance were able to use their accumulated wealth to fund and sponsor various artistic and intellectual endeavors. They were patrons of the arts, supporting artists, writers, and scholars, and played a significant role in the cultural and intellectual development of the Renaissance. Additionally, they used their financial resources to invest in business ventures, expand their commercial enterprises, and wield influence in politics and society.
