Since the life of Italy failed to have a central monarchy, modifications occurred during the 14th century. The changes were the growth of larger regional states, the renewal of republican governments by tyrants and the action of having a commerce. This created cities such as Florence to have an expanding land as well as a wealthy merchant class which is why they became the banking center of Italy. As depicted in the text it states "The other major northern Italian state was the republic of Venice, which had grown rich from commercial activity throughout the eastern Mediterranean and into northern Europe." Therefore, Italian cities later on became siginificant as a commercial and trade workers. For instance, mercantilism was also involved in