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How Did The De Medici Contribute To The Renaissance?

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Medici Banking System

The Medici family had little economic stature in their beginning when they first moved to Florence in the early 15th century which gave them cause to change their current position and earn a name and fortune for themselves. Their actions resulted in their family becoming one of the wealthiest and most powerful families in the 15th century. The Medici family’s problem was not having sufficient funds when they first came to Florence. This created a large concern for them because they did not have adequate funds. Which created a concern for what could become of them. At first the “Medici family made their money in the wool trade” (How did the de Medici contribute to the Renaissance? 2017). The Medici family also used the back of their shop to do “illegal transactions” (Detrick “Early Renaissance”). However this still did not solve their economic dilemma, however eventually they saved enough money through the wool trade that they were able to “soon prosper in their new home” (How did the de Medici contribute to the Renaissance? 2017). This gave them profits to expand their family’s interest in wealth and economics. …show more content…

1360-1429) choose to solve the family’s economic stature. Giovanni “established the Medici bank” (How did the de Medici contribute to the Renaissance? 2017) he used the family’s profits from the wool trade to do so. “The Medici bank was one of the most prosperous and most respected in Europe” (Medici family - New World Encyclopedia 2014). The Medici family gained even more financial security when they acquired another medieval power, the Catholic church. “The Medici bank collected 10% of your earnings for the church” (Gods of Bakers). The fact that the Pope had used the Medici bank also gave cause for the people the want to have an “account with the Pope's personal bank” (Gods of Bankers N/A). This invention of their bank solved their economic position and gave them immense

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