By Lorris Chevalier

“Because knights, squires, and gentlemen embark on journeys and follow wars, it is fitting for their wives to be wise, to govern with great prudence, and to see clearly in all that they do.” ~ Christine de Pizan, The Book of the Three Virtues

Women have often been viewed through the lens of domestic duties or the matrimonial games of royal courts. However, medieval women, particularly in the Late Middle Ages, played a major economic role in society. Before examining the growing class of businesswomen, it is important to consider that noblewomen, as Christine de Pizan explains, had to manage estates in the absence of their husbands and advise them when they were present. Countless women had to assume the governance of castles and lands alone while their husbands were away on crusades, pilgrimages, or tournaments. The same responsibilities were shared by abbesses, who managed their convents and surrounding lands. Moreover, the world of business also attracted women in the Middle Ages.

Businesswomen in Italy

Giovanni Boccaccio, in The Decameron, mentions the presence of women in the business world. Some took control of their land holdings and managed accounting. Others ran weaving workshops, managed their late husbands’ estates, or administered trading posts in Paris and Florence. More than mere merchants, these women owned the means of production, invested, and accumulated wealth. According to Italian notarial records from the 15th century, around 20% of women participated in buying and selling goods or engaged in business dealings with their husbands’ consent. Even before widowhood, many acted with full autonomy.

London’s Businesswomen

The rise of capitalism in the urban world of the Late Middle Ages saw the emergence of new professions. Ambitious individuals sought to participate in expanding global trade. English archives reveal a social class that did not exclude women.

In London, businesswomen took financial risks by investing and borrowing money. They incurred debts but often won lawsuits against lenders. The 1274 Welsh census roll shows that some of the greatest wool merchants were widows from London. Notable figures include Alice de Morsford, Margery Russel of Coventry, and Rose de Burford among the best-known examples.

A Businesswoman’s Techniques

A successful businesswoman carefully strategized for prosperity, equipping herself with manuals on agronomy and domestic economy, such as The Dicta of Husbandry; The Agricultural Treatise of Walter of Henley; The Rules of Robert Grosseteste; and anonymous texts like Seneschaucie, The Husbandry, or Fleta. By the 13th century, these texts had popularized new technical and practical knowledge, particularly the extent system.

With the rise of urban society and “globalized” commerce, the economic model of the manor was increasingly focused on profit, the enrichment of arable lands, the expansion of farming, and the accumulation of livestock and stockpiles to withstand competition. The extent became a crucial tool in this new economic system, allowing land managers to assess annual revenues and determine profit margins by reducing production costs, improving farming techniques (plowing, animal husbandry, fertilization, marling), and making investments. It also helped ensure financial security and predict growth, reducing the risks of failure.

The extent provided estate administrators with spending limits that “sole women” should not exceed. The Dicta of Husbandry remains surprisingly relevant to modern economics. British scholars have even identified Walter of Henley as the father of modern economics. What he termed surplus corresponds to productivity and economic growth. This surplus is distinct from profit, which results from increased productivity (appruement), a concept measurable through the extent. To maximize profits, Walter of Henley advised what we might now call capital accumulation—saving, through farming or stockpiling. Increased profits depended on mastering and utilizing the extent, expanding agricultural work, increasing livestock production, and accumulating stockpiles.

The Art of Being a Good Businesswoman

Christine de Pizan, in The Book of the Body Politic, describes the virtues necessary for an honest and just merchant, emphasizing humility and integrity. To lead a virtuous life, a businesswoman must neither deceive customers nor tamper with her merchandise, always selling at a fair price. She should also “serve God with courage and reverence and give alms generously, as some merchants do by donating a tenth of their wealth to the poor and establishing chapels, prayer houses, and hospitals for the needy.”

The author of The Goodman’s Book (Le Ménagier de Paris) advised women to respect their employees. If a lady employed a maidservant aged fifteen to twenty, she was to ensure the girl’s safety by having her sleep in an antechamber or a room without windows facing the street. The mistress had a duty to protect her servant. Respect for employees was so significant that even in cases of illness, a woman was expected to personally care for her staff with love and charity:

If one of your servants falls ill, put aside all other concerns and personally tend to him or her with great care and affection, ensuring their recovery.

According to Christine de Pizan, a noblewoman’s budget should be divided into five parts:

1. Alms
2. Household expenses
3. Salaries for servants
4. Gifts
5. Jewelry, clothing, and miscellaneous expenses

Eileen Power notes that “having a good housekeeper as a wife was often more valuable to a lord than his land revenues, as it was her responsibility to manage expenses in proportion to her husband’s rank.”

Far from being confined to the domestic sphere, medieval women—especially in the later Middle Ages—played an active and often essential role in economic life. Whether managing estates in their husbands’ absence, overseeing agricultural production, or running independent businesses in cities like London and Florence, they demonstrated strategic thinking, financial acumen, and moral responsibility. Figures like Christine de Pizan and the authors of practical household manuals recognised and articulated these roles, offering guidance that reflected the complex realities of women’s labour. Their contributions not only sustained households and communities but also helped shape the foundations of medieval commerce and governance.

Dr Lorris Chevalier, who has a Ph.D. in medieval literature, is a historical advisor for movies, including The Last Duel and Napoleon. Click here to view his website.

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Top Image: Bibliothèque nationale de France MS Français 12323