Economics

The Renaissance helped shape economic thought in Florence, and later, all of Western Civilization. At the end of the twelfth century, social and political reforms allowed commerce and culture to flourish. Democratic participation in the management of city functions lead to a control of commercial and artisan activities. Guilds were spontaneously created as a natural grouping together of workers based on mutual interest. The most important of all was the Wool Guild with about 30,000 dependents. The great commercial and economic expansion gave way to an institution that was destined to characterize the economy of every modern nation: banking. The golden "florin," first minted in 1252, became one of the most valued currencies in Europe. The wealth and power from economic expansion became concentrated in the hands of a few powerful families. Of these, the Medici became the most powerful and famous. Through the Medici, artistic projects that made Florence famous, flourished.

The Medici villa of Poggio a Caiano by Giuliano

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