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The Medici's Banking Influence Essay

966 words - 4 pages

The Medici family was one of the most prevalent influences during the Renaissance. Their two main contributions were patronage to the arts, and especially the banking systems. Banking systems were established before the Medici family came to reign, but they did not have as much advancement. During the early Renaissance, Florence’s economical system was suffering due to different causes like currency, economic security, and many others. The rise of the Medici Bank correlates to the Common Themes Theory well and can be explained through this process. Throughout this period, the Medici family completely reimagined the banking business and became very wealthy because of it.
Florence was the center of Europe back in the Early Renaissance and maintained power for a long time. The general idea of banking had been around since the medieval times, but it wasn’t until Giovanni de’ Medici came around that the whole banking business boomed. During the early Renaissance, Europe was in shambles because of the Black Death that is said to of killed around one-third of Europe’s population. Also, the previous three major banking systems (Bardi, Peruzzi, and the Acciaiuoli) made crucial mistakes to result in the crumbling of the banks for reasons like overextension of credit, and loan issues (Adrien 2). One of the main problems that this proposed is that the new Pope didn’t have a line of credit, because back then the Church was one of the biggest bank supporters, because of the bank decline and he was searching for a bank to do business with. There came along a family that tried supporting the Pope, but eventually dwindled with time because of the separation of power. This is when Giovanni de Medici came along and moved his banking system to Florence. According to the Common Themes Theory, the first step is a problem would evolve, which in this case would be Europe’s widespread plague and banking fall (Problem Solution Effect). The Medici family, starting with Giovanni and moving through successors like Cosimo and Lorenzo would eventually find a solution to this economical issue.
While people needed to feel financially secure, the Medici’s family would do just that; bring balance and wealth to Florence. The Medici family was by no means ever poor because they were in the wool business and made profit there, but this banking aspect would help them, and many others, make a financial killing. However, finding a solution that fit everyone’s taste was not an easy task, but they knew that with financial power, comes great political and social power. Over the years they grew their banking dynasty far and wide. “By the middle of that century, Medici branch banks existed in London, Naples, Cologne, Geneva, Lyons, Basel, Avignon, Bruges, Antwerp, Lubeck, Bologna, Rome, Pisa, and Venice” (Cunningham 274). The span of their banks was incredible back then because without modern technology and communication it would’ve made it...

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