[1] This article represents the substance of an address delivered at the International Congress of Historical Studies held in London, April, 1913.
[4] R. Heynen, _Zur Entstehung des Capitalismus in Venedig_ (1905).
[5] H. Sieveking, "Die Capitalistische Entwickelung in den Italienischen Städten des Mittelalters", _Vierteljahrschrift für Social-und Wirtschaftsgeschichte_ (1909).
[6] Davidsohn, _Forschungen zur Geschichte von Florenz_, III. 36; A. Doren, _Die Florentiner Wollentuchindustrie_, p. 481.
[7] A. Schaube, "Die Wollausfuhr Englands von 1272", _Vierteljahrschrift für Social- und Wirtschaftsgeschichte_ (1908), pp. 39 ff. _Cf._ F. Keutgen, "Hansische Handelsgesellschaften", _ibid._ (1906), pp. 288 ff.
[8] _Cf._ H. Pirenne, _Les Anciennes Democraties des Pays-Bas_, pp. 11 ff.
[9] I. Goll, "Samo und die Karantinischen Slaven", _Mitteilungen des Instituts für Oesterreichische Geschichtsforschung_, vol. XI.
[10] A. Dopsch, _Die Wirtschaftsentwickelung der Karolingerzeit_, II. 274. I cannot, however, accept the thesis of Mr. Dopsch on the importance of commerce in the Carolingian period. The extremely interesting texts which he has assembled seem to me to establish the existence of a sporadic commerce only.
[11] Of course all the new towns did not grow up around an episcopal residence. Many of them, especially in the North and particularly in the Low Countries, had as their primitive nucleus a fortress (Ghent, Bruges, Ypres, Lille, Douai, etc.). But my purpose here is merely to recall the broad outlines of the subject.
[12] See on this subject the interesting article by W. Vogel, "Ein Seefahrender Kaufmann um 1100", _Hansische Geschichtsblätter_ (1912), pp. 239 ff.
[13] "Unde non agriculturae delegit exercitia colere, sed potius, quae sagacioris animi sunt, rudimenta studuit arripiendo exercere."
[14] One finds already in the twelfth century lenders of money undertaking veritable financial operations. See H. Jenkinson and M. T. Stead, "William Cade: a Financier of the Twelfth Century", _English Historical Review_ (1913), p. 209 ff.
[16] The _Livre de la Vingtaine d'Arras_ (ed. A. Guesnon) says, in speaking of the merchants of that town, in 1222, "Emunt non ad usum civitatis, sed ut exportent et discurrant per nondinas longinquas et per Lombardiam".