Attitude towards trade is the most important factor in establishing Venice’s trade developments and expansion. How far do you agree? Explain your answer.

Factors: Attitude towards trade, Innovations in maritime technology, Efficiency in managing voyages, Overcome trade competition, Trade monopoly.

Attitude towards trade: The Venetians possessed an enterprising spirit. They were willing to explore new trade routes, supplies and markets by traveling to unknown lands. This adventurous spirit allowed the Venetians to stay ahead of the competition for trade. An example is the Polo family who took calculated risks and extended their trade route to as far as China. This extension of the overland trade route enable Venice to expand its trade. Thus attitude towards trade is an important factor in establishing Venice’s trade developments and expansion.

Innovations: The Venetians had an extensive knowledge of shipbuilding. Using their expertise, they were able to innovate and invent superior vessels to meet their sailing needs. An example of this is the invention of the Venetian great galley. The great galley was a combination of a merchant and war vessel. This discouraged pirates from attacking Venetian trading ships. This advantage over their competitors allowed them to sail more frequently as well as sail with more stock as the Venetians were no longer afraid of piracy. Thus innovations in maritime technology is an important factor in establishing Venice’s trade developments and expansion.

Efficiency: The Venetian traders were efficient in managing their voyages. An efficient system was in place to regulate voyages. For example, the management system grouped the traders and ordered them to travel in convoys. This allowed the traders to maximize their profits as it was more profitable to trade in larger quantities. The efficiency of the system meant that Venice was able to expand its trade into many regions. Thus efficiency in managing voyages is an important factor in establishing Venice’s trade developments and expansion.

Overcoming competition: The Venetians faced stiff competition from its rival Genoa. Genoa took measures to suppress the trading of Venetian goods at Genoese ports such as confiscation and looting. These measures adversely affected Venetian trade. By defeating Genoa in the late 14th century, the Venetians were able to repeal these measures and expand their trade without fear of opposition from the Genoese. Thus, overcoming trade competition is an important factor in establishing Venice’s trade developments and expansion.

Trade Monopoly: Venice was strategically located at the northern tip of the Adriatic Sea. The Venetians were able to use this position to their advantage as they had sole control of trade routes from the Middle East to Central and Southern Europe. For example, goods from the East such as spices and sugar were only available from the Venetians. These goods were sold at high prices, enabling the Venetian traders to reap large profits. Thus, trade monopoly is and important factor in establishing Venice’s trade developments and expansion.

BOC:

Attitude>all other factors: Attitude towards trade is the most important factor as it had the greatest long term contribution to Venice’s trade development. By possessing an enterprising spirit, the Venetians were able to maintain their focus on trade innovations and focused most of their policies on improving their trade. This long term focus contributed more to Venice’s trade development than the other factors as the expansion of Venice’s trade occurred over a long period of time. Thus, an enterprising spirit ensured that Venice’s developments were continual rather than sporadic. Thus attitude towards trade is the most important factor in establishing Venice’s trade developments and expansion.

Trade monopoly>all other factors: Trade monopoly is the most important factor as it was the most efficient in promoting Venice’s trade expansion. By ensuring that they were in sole possession of key trade routes, Venice was able to keep a competitive edge over their rivals and Venice could afford not to explore new trade routes. Furthermore, trade monopoly ensured that the traders were able to make profits as they were the exclusive distributors of prized goods. However, efficiency in managing voyages was unable to provide that guarantee as traders who traveled in convoys could still turn over a loss if they were unable to sell their goods. Thus trade monopoly is the most important factor.