By the time Giovanni de’ Medici founded the Medici Bank in 1397,his family was already somewhat prosperous in 14th century Florence. Much of the Medici wealth had been
derived from the textile industry. However, the tremendous success of the bank brings with it even greater riches and political power in the city. While Giovanni shuns public office, he becomes one of the wealthiest men in Europe and establishes a dynasty that will shape the course of history for
more than 300 years.
As the Medici Bank becomes the largest in Europe and the principal
financial institution of the Roman Catholic Church, the family come to
dominate the Florentine political scene, and their influence spreads
throughout the western Mediterranean.
Eventually, nine branches of the Medici Bank are in operation.
Meanwhile, the family produces three popes and two queens of France.
Although the representative form of government is never abolished, and the city’s legislative councils sometimes
oppose the family’s wishes, three generations of the Medici generally control the Florentine political scene during the 15th century. The most significant contribution of the Medici family to the life of Florence and to Western culture takes place during the supremacy of Cosimo de’ Medici and Lorenzo de’ Medici, respectively the son and great-grandson of Giovanni.
Cosimo’s patronage during the Italian Renaissance — the transitional era from the Middle Ages to modern history
that produces a tremendous flowering of the visual arts, architecture, music, and philosophy — serves as a catalyst
for the continuation of the era.
Along with other leading families of Florence, Cosimo provides financial support
for such famed artists as the sculptor Donatello and painters Fra Angelico and Fra Filippo Lippi, while Lorenzo supports renowned artists Boticelli and Michelangelo, among others.
After nearly a century of operation, the Medici Bank collapses amid economic depression in 1494. However, the measure of its critical contribution to the wealth of the family and in turn
the progress of the Italian Renaissance is incalculable.
Eventually, nine branches of the Medici Bank are in operation.
Meanwhile, the family produces three popes and two queens of France.
Although the representative form of government is never abolished, and the city’s legislative councils sometimes
oppose the family’s wishes, three generations of the Medici generally control the Florentine political scene during the 15th century. The most significant contribution of the Medici family to the life of Florence and to Western culture takes place during the supremacy of Cosimo de’ Medici and Lorenzo de’ Medici, respectively the son and great-grandson of Giovanni.
Cosimo’s patronage during the Italian Renaissance — the transitional era from the Middle Ages to modern history
that produces a tremendous flowering of the visual arts, architecture, music, and philosophy — serves as a catalyst
for the continuation of the era.
Along with other leading families of Florence, Cosimo provides financial support
for such famed artists as the sculptor Donatello and painters Fra Angelico and Fra Filippo Lippi, while Lorenzo supports renowned artists Boticelli and Michelangelo, among others.
After nearly a century of operation, the Medici Bank collapses amid economic depression in 1494. However, the measure of its critical contribution to the wealth of the family and in turn
the progress of the Italian Renaissance is incalculable.
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