Global economy

One can find examples of sustained economic growth throughout history, for example in the woolen industry in 13th century Flanders, and in 14th century Florence. Starting with the 11th century long distance trading flourished connecting thriving pockets of growth, between Venice and the Netherlands. However, by and large, living standards remained at subsistence levels for the majority of the world’s population until the middle of the 18th century. Over the centuries as commerce grew, albeit slowly, the power of the vassals of the feudal system declined being replaced by merchants and incipient capitalists. Innovations in sailing led to long distance trading.