Merchants
The earliest merchants were peddlers who went from village to village selling their goods. As the demand for goods increased--particularly for the gems, silks, and other luxuries from Genoa and Venice, the ports of Italy that traded with the East--the peddlers became more familiar with complex issues of trade, commerce, accounting, and contracts. They became savvy businessmen and learned to deal with Italian moneylenders and bankers. The English, Belgians, Germans, and Dutch took their coal, timber, wood, iron, copper, and lead to the south and came back with luxury items such as wine and olive oil.
With the advent of trade and commerce, feudal life declined. As the tradesmen became wealthier, they resented having to give their profits to their lords. Arrangements were made for the townspeople to pay a fixed annual sum to the lord or king and gain independence for their town as a "borough" with the power to govern itself. The marketplace became the focus of many towns.
The population of cities swelled for the first time since before the Dark Ages. With the new merchant activity, companies were formed. Merchants hired bookkeepers, scribes, and clerks, creating new jobs.