Florence isregarded as the cradle of the Renaissance, but what enabled it to flourish wasthe patronage of great families, none greater than the Medici, whose enormouswealth had its origin in banking. Today, you will learn all about theinnovations that made them bankers to the whole of Europe. Prior to thisperiod, there had long been straightforward money lending, largely in the handsof the Jewish community, usury being considered ‘un-Christian’; what the Medicidid was to turn this into what we know as banking, with a network of branchesall over Europe, as well as introducing letters of credit and dual-entryaccounting. As you walk through the streets of Florence, you will hear aboutinterest rates at the time, forms of investment and currency trading and ofcourse, taxation. You will also hear how they squared all this with theVatican, not least by providing Popes from within their own family!
