WORLD HISTORY

Detailed explanation-1: -The term bank comes from the medieval Italian word banca-bench or table in English. The term came to be used because early financial transactions were conducted at a table or bench.

Detailed explanation-2: -By the dawn of the twelfth and thirteenth centuries, bankers were grouped into three distinct categories: the pawnbrokers, the moneychangers, and the merchant bankers. But with these economic specializations came religious denunciation and backlash. However, these bankers persevered and a new industry was born.

Detailed explanation-3: -Medieval Europeans began trading frequently at local markets and at the larger and less-frequent fairs held in towns and cities. These were both organized with the approval of local councilmen and church officials, who in turn fostered a growing trade-based economy.

Detailed explanation-4: -Merchants were those who bought and sold goods, while landowners who sold their own produce were not classed as merchants. Being a landowner was a “respectable” occupation.