Impact Of Banking In The Renaissance
Jackson Neufeld
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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