How Did Florence Influence The Renaissance

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Europe’s historical development was brought to life by two dominant states of the renaissance. Florence and Venice, being the powerhouses, speedup the renaissance and developed along the way. Florence being the main hub of influence in the europe(Italy), during the renaissance along with Venice. Florence could be characterized as a financial central , with their banking system which was considered extraordinary at the time. Also, their focus of wool making, being the main producer of wool making gave them a chance to do trade. Venice was considered a biggest center of trade, being one of the coastal cities. It had access to Adriatic sea, which helped trades with Eastern world. Venice was known for their ship building as well. Two different…show more content…
Venetians on the other hand controlled most of the trade and shipping in the northern Italy. The Medici family ran Florence’s banking and international finance; they were an influentional family in the Renaissance Italy. The Medici family was well accomplished and famous for their banking systems, especially the double entry system. This system was introduced by Giovanni Bicci de Medici. This system made it easy to record credits and debits for the person writing them, while registering money flow, money going in and money going out. The system was also helpful for the merchants since if allowed them to use this to record credits rather than carrying coins and do the trade. The Medici bank was known internationally due the trade and fund transferring; it allowed the Medici bank be the dominant bank in Italy and Europe. Florentines accounting techniques supplied the coating in the Florentine economy. The Medici banking system began the era of credit in economy. Florentines also had strong currency which gave an upper hand to them over other cities. The Florentine gold coinage was considered standard in Europe. The Medici bank branches present in all major cities of Italy, also Avignon, London, Geneva and most importantly…show more content…
Venetian merchants had an advantage they were granted special privilege to trade by the Byzantine Empire. Venice in the renaissance was greatest trading power in the world. The trading connected Europe to the eastern world. The trading products consisted of animal skin, salt and minerals, sugar, wax, wool, metal, spices, drugs, precious metals like gold and silver. Venice received luxury goods from the east and raw material was sent to east form northern Europe. Trade and banking went hand in hand. The branches of Medici Bank were present in Venice and all the other big cities in the renaissance time. The currency and the banking systems by the Medici Bank supported the expansion of trade. Through the system, accounts were structured around the two traders which were helpful and handy for the traders. The level of convenience was a root cause of booming trades between the traders. Banking caused the expansion of trading while trade created a new division of banking. ( TAKE ABOUT THE
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