Banking, and the practice of monetization, were both employed during the Middle Ages to lower the risks associated with trading ventures. Prior to the growth of banking, there was an enormous personal risk associated with financing trading ventures (particularly over long distances).

The Theme System was first developed in the Byzantine Empire in the seventh century, and lasted in some form or another until the fall of the empire in the fifteenth century. The Theme System was used to divide frontier lands between various high ranking members of the military. The theory was that if the soldiers and generals owned the land on which they were fighting, they would feel much more personally responsible for its defense. It proved an effective means of administration throughout much of the empire’s history.

Throughout the history of civilization, the value and supply of money had generally been tied to the supply of precious metals - typically gold and silver. The Chinese government switched to paper money during the ninth century. The switch to paper money allows governments more flexibility with currency manipulation and countries that operate with paper money are more resistant to fluctuations in the market.

During the 17th, 18th, and early 19th centuries, West Africa was the primary region from which Europeans acquired the large numbers of slaves used for agricultural labor throughout the Western Hemisphere. Though some slaves were also acquired from East Africa, far fewer were sent to the New World.

Sadly, the Renaissance era’s humanistic philosophy did not extend to the institution of slavery. Europe had a long slave-holding tradition, stretching back to the mass slave markets run by Viking warriors to the ancient Roman and Greek practices of selling prisoners of war. Enslaved individuals came from many ethnic groups across Europe, Asia, and Africa – including Greeks, Russians, Persians, Tatars, Irish, Africans, and Serbs. This practice continued unabated through the Middle Ages and the Renaissance, especially in cases of warfare, where it was established practice for the victorious army to seize captives from the both military and civilian populations to sell in various slave markets. The wholesale devastation of the Black Death heightened the popularity of slavery among Europeans even further, as the demand for laborers rose in the wake of all the plague’s mass casualties. The most common form of slavery was domestically based, in which slaves lived, worked, and served in a household, performing various duties such as cooking, cleaning, farming, and caring for livestock. The Middle Ages and the Renaissance saw the development of plantation style slavery, in which groups of slaves were used in tandem to grow sugarcane on the various Mediterranean islands. In most cultures, including the birthplace of the Renaissance itself, slaves had no legal standing or protection under the law whatsoever; their owners were free to treat their slaves however they pleased, largely without fear of reprisal from any government figures or religious institutions.

During the seventeenth and eighteenth centuries, Central and Eastern Europe was not nearly as economically prosperous or as advanced as Western Europe. This unfortunate situation was due to a combination of several factors. First of all, the region’s economic system was overwhelmingly based on agriculture; manufacturing, artisanship, and other rising capitalist endeavors hadn’t taken hold here. While Western Europe was seeing rapid urban growth and expansion, Central and Eastern Europe had very few cities. In fact, most of the land in the region was made up of large estates, with an even larger population of serfs who spent their entire lives working the land. This sort of economic setup didn’t allow for any empire building, so while Spain, England, and France were seizing land in the New World, Central and Eastern European leaders couldn’t even consider such a possibility. As for overseas trade, this region hardly engaged in the practice either, which further impoverished and isolated the area. An additional history of local military disputes, conflicts, and disregard for authority prevented any notable measures of economic reform and/or stability from taking hold.

The Encomienda System was established by Spanish colonists in Latin America and the Caribbean. It was an economic and political system that allowed for the effective enslavement of the native population.

Indentured labor, or indentured servitude, was most common in plantations in North America. Indentured servitude was a common way for poor Europeans to emigrate to the Americas. In exchange for an agreed upon period of labor, often three to seven years, a wealthy plantation owner would fund the passage of the worker to the New World. After working for the wealthy plantation owner for a number of years the worker would be able to set up a free life for himself in the Americas.

The Encomienda System was often vehemently opposed by Christian missionaries in the Spanish colonial empire who were appalled by the excesses and abuses of Spanish rule. Dominican and Franciscan friars were occasionally outspoken in their criticism of the realities of the Encomienda System.

The conditions of slaves in the Caribbean were probably worse than they were anywhere else in the world, with the possible exception of slaves in Portuguese Brazil. Slaves in the Caribbean worked on extremely labor-intensive sugar plantations and were considered as expendable labor due to the ready and continuous supply of new slaves arriving from Africa.