Impact Of Banking In The Renaissance
702 Words3 Pages
Mr. Johnson
History 40S
23 December
The Impact of Banking on Northern Italy During the Renaissance
The Renaissance was a time period between the 14th to the 17th century, originating in northern Italy. The Renaissance movement was specifically focused on the “rebirth” of culture. This included the revival of ancient techniques in the fields of art and literature, in addition to the growth and spread of the worldview of humanism (a raised importance of secular matters). Furthermore, this period involved the implementation of new concepts in the areas of philosophy as well as finances and trade. These revolutionary concepts included the formation of banking institutions to provide financial security (Goldthwaite, The Economy 206), and to provide a means of currency exchange (Goldthwaite, Local Banking 6). The usage of banking during the Renaissance had significant benefits for the Italian city state of Florence and positively impacted Europe’s merchants, as well as northern Italy’s wealthy noble classes.
In Florence, banks were able to favorably affect the city state as a whole. Through the process of providing short term credit to business clients, merchants were able to help businesses in Florence flourish (Goldthwaite, The Economy 205). The establishment of successful businesses is essential to the growth and development of societies, such as Florence. Through the offer of financial security, banks were also able to entice wealthy nobles from outside
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Futhermoe; the banks were very sucessful as they financed public infrastructure such as: railways and public works. The banks being nationalised allowed Giolitti to achieve some of his aims, for example, the funding meant that from 1900-07 public infrastructure sector saw an increase of 50% more being spent by the goverment. Giolittindecided that even though Italy had been unified the country was still divided in ways, using the money from nationalised banks enabled him to build trains, this slightly closed the gaps between the north and the south, the trains meant the southerns now had forms of transports and they could get jobs by helping to build the trains. The trains also meant that Gioliiti had slightly solved the issue between the divide between the North and the south in geographical and physical terms as now it was much more easier to get to one side of the country this meant that some of the working classes might adhere to Giolitti. Lastly; the railway allowed Giolitti to achieve some of his political aims as the threat of
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7th centuries when there was a new interest in science and in ancient art and literature especially in Italy” Merriam Webster's dictionary. Economic links existed between the mercantile north (notably Flanders) and the merchants and bankers of Florence – especially those involved in the woollen trade. In the courts of northern Europe during the 15th century, especially that of the Dukes of Burgundy, there existed centres of art and artists. These courts employed artists, as did the Italian Renaissance courts, to create decorative arts for appreciation, memorial and pageantry.
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At the time, the continent of Europe was embroiled in conflict between major kingdoms such as that of the French, English, Portuguese, Spanish and the Holy Roman Empire. The papacy in Europe too wanted to exercise influence larger than it already did, and in the east there was the Ottoman Empire making its way into the balkans and Africa. The city states of Italy were in constant threat as except for the Swiss, all the powers In Europe desired more territory, thus giving rise to great political instability in the region. Florence was among the richer city states in Europe because of the fortunes that many of its banking families and wealthy merchants had
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Introduction The Renaissance was a period during which Europe flourished through the middle ages. The Renaissance comes from the French word rebirth. Given the name Rebirth, it was not only a historical period in Europe, but also the emerging of a new spirit of intellectual and creative review. It was the main feature in the religious, political, and theoretical sensation.
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