How the Medici family created and lost their banking empire

Mike Colagrossi in Big Think has this piece on Medici banking history:

The Medici family had a long and powerful influence in European history for hundreds of years. They were well known for their banking prowess and are synonymous as an unparalleled patron of the arts during the Italian Renaissance. Early historical records point to some of the first Medici’s being active in political affairs starting in the 13th century.

But it wasn’t until the late 14th and 15th century that the family truly came to power with the creation of the Bank of Medici. Giovanni de’ Medici opened up one of the first family banks in 1397 in Florence,  the city which would become and remain a central hub for the family for the next four hundred years. Throughout the years they saw their fortunes grow and flounder through a variety of ventures.

From running one of the largest banks in Europe to shifting their fortunes to patronage and control of the papacy and other political posts, the Medici’s reign was a complex affair. This is how they rose to financial prominence because of their banking success and their eventual downfall. The family took their once great banking kingdom and dominance and turned it into a dynastic legacy that affected Europe and the world as we know it today.

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