In the last decades of the century xiv Europe it already knew a phase remarkable economic development that it ended prolonged initiated crisis a half-full of the previous century. The positive conjuncture was accentuated in century XVI: they increased to the population and the agrarian production, that it constituted the fundamental base of all the economic systems of that time, and the development of the oceanic commerce favored the increase of the production of manufactures. The growth of the demand of articles of luxury on the part of small and the great European cuts, the expenses to maintain the troops mercenarias and the supplyings to cities more and more extensive and populated, determined the considerable increase of the demand of articles of luxury and current use. This remarkable increase of the demand also changed the mentality of those who was dedicated to the production: if in the Average Age was fundamental to take care of the quality, now also was receiving importance the amount.

an economy of planetary dimensions

The consequences of the protestant Reformation, promoted by Martin Lutero in 1517 with the publication of their famous 95 theses were remarkable about the indulgences. The catholic Church had always condemned the economic activity directed to obtain gains widely superior to the necessities of survival of the individual and its family. For the protestants, however, the work and the saving were fundamental aspects of the Christian existence, in which profession made vocation. Particularly in the calvinismo, one flourishing economic activity attested the effort of the believer to promote the social order, to greater glory of God “. The discovery of America and the direct communication with Asia opened new markets of supplying and destiny for European productions, and lead to the development of an economy of world-wide dimensions. New centers of the international trade the traditional ones replaced that had not been able to adapt to the new horizons opened by the geographic discoveries. spices, the colorantes for luxury weaves, the precious stones and the perfumes followed the new routes of East drawn up by Vasco of Range; the gold, the silver and new nourishing products came from America. The center of the international trade was not already the river basin Mediterranean: the new Portuguese and Spanish scales, frequented by the retailers received an increasing importance German, French and, mainly, Dutch.

the letters of change of amberes

While in Italy they were born the mounts of mercy and the first banks public, in Amberes and Amsterdam stock-market was developed. In first half of century XVI, in Amberes the number of businesses counted between the most important of the time, because imports of colonies of the Iberian kingdoms found their center of world-wide distribution here. From his warehouses they left for the main markets spices, salt, precious sugar of the tropical plantations, weaves, gold, silver and receive. It is not possible to be surprised, then, of which in Amberes and soon in Amsterdam and London, that happened to him like more important the commercial and financial centers of the Modern Age, they introduced some commercial and banking innovations. In Holland and England, protestant countries, the interest was not sentence object, reason why the resource on the credit was much more easy. There was no necessity to prohibit change letters, since to obtain loan was enough that the indebted one gave to creditor one, promise ” written of that would pay its debit opportunely. Soon, these promissory notes, they turned transferable titles to the carrier. They spread specially in England: still today in British tickets it consists the formula that appeared already in oldest: I promise to pay
, typical of the credit titles. The represented thing by, pagaré it could be transferred to third by means of a allocation. This means that, thanks to an annotation of the creditor on he himself title, one third person could make it effective. Later, of the title, and simplifying the procedure with a simple company/signature, she would be born endorsement document. The well-known oldest operation of discount of a change letter took place in


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