Bruges: The Cradle of Market Capitalism (13th–15th Centuries)

Bruges was a major economic and financial center in Europe in the fourteenth century. The establishment has done well, as it is in a good location and easily accessible. The city established rules that certain groups and courts had to follow to protect contracts and ensure fair trading. People might do business here easily. People generally believe that the Bourse, established in 1309, is the world's oldest stock exchange. The existence of well-known Italian banking families, such as the Medici, Bardi, and Peruzzi, made it easier to conduct complex financial operations, including letters of credit and bills of exchange. Bruges' inns did two important things. First, they rented out rooms to people so they could stay there. Second, they helped others by helping them with their work. Their help was crucial in facilitating trade deals and disseminating information more easily. Bruges became part of the larger European trade network because it had a lively network of enterprises and financial services that attracted many foreign traders. But Bruges was not as important as other cities at the end of the fifteenth century. The Zwin estuary became polluted, and there were also significant political issues, which were the primary reasons for this. As a result, Antwerp became the most important business center in Europe.