In the late 13th and early 14th centuries, a process took place – primarily in Italy but partly also in the Empire – that historians have termed a 'commercial revolution'. Among the innovations of the period were new forms of partnership and the issuing of insurance, both of which contributed to reducing the risk of commercial ventures; the bill of exchange and other forms of credit that circumvented the canonical laws for gentiles against usury, and eliminated the dangers of carrying bullion; and new forms of accounting, in particular double-entry bookkeeping, which allowed for better oversight and accuracy. COUNT 5
QSN1 What new form of accounting was created during the late 13th and early 14th centuries? ANS1 double-entry bookkeeping QSN2 In which country did the so-called 'commercial revolution' primarily take place? ANS2 Italy QSN3 What was the main benefit of the creation of new forms of partnerships during the commercial revolution? ANS3 reducing the risk of commercial ventures QSN4 Laws against what lending practice were addressed by the creation of bills of exchange? ANS4 usury QSN5 What were the benefits of the new system of double-entry bookkeeping? ANS5 better oversight and accuracy