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Banking Was Not An Easy Business In 17th-17th Century Europe

332 Words2 Pages
They were the merchants in banking. Due to their success in banking businesses, they became the most influential and strong powerhouse in Europe during 15th to 17th century. Banking was not an easy business in modern world, it was even harder back to past, because at that time, taking interests from the money that you have lent was illegal in church’s view. Taking interests was just nit nice. However, economists are equally indispensable in any periods in the history to keep the economy running. The men in power needed credits to either support their military power or their luxurious life styles. But the Medici family was clever, they traded and made loans.“By changing money and issuing letters of credit, they could build in an interest
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