de medici family
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De MediciA Family of Bankers
By Sam Knewstub
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Medici Wealth
Owned vast amounts of gold florinsPricless ArtLarge land holdings in the Mugello regionGreat political power in florence through their success in the banking industry
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Giovanni di Bicci de Medici 1397-1429
Began the businessTrained along side his elder brother francesco by Vieri di cambioBecame general manager of Rome branch which split into 3 banksFormed a partnership in the business with Benedetto di Lippaccio de’ Bardi then later Gentile di Baldassare Buoni
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Cosimo de’ Medici 1428-1464
A.K.A. Cosimo the Elder or Cosimo IActed as an ambassador promoting peace in the regionLiberally spent the family fortune to promote renaissance behavior
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Piero di Cosimo de’ Medici 1464-1469
A.K.A. Piero the GoutyMarried Lucrezia Tornabuoni link to florentine nobilityCalled up many long-standing loansEscaped attempted coup due to warnings from Lorenzo and Giovanni II Bentivoglio
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Lorenzo de’ Medici 1469-1492
A.K.A. The MagnificentRuler of florentine republicSpent a large amount of florins on art and philanthropyMade bad loans and caused the collapse of several branchesHE HAD NINE CHILDREN
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Effect on Banking Industry
Creation of double-entry systemCredits and Debits now in the ledger system!
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The Decline
Near collapse of the banks in London and BrugesExtreme shortage of cash in Roman branch from Papal CourtNiccolo Machiavelli lays on the social pressure
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SourcesFornaciari, Gino, and others. "Secrets of the Medici." Archaeology (Vol. 58, No. 4) July/Aug. 2005: 36-40. SIRS Renaissance. Web. 09 February 2010."Cosimo II." Encyclopædia Britannica . Encyclopædia Britannica Online School Edition . Encyclopædia Britannica, 2010. Web. 9 Feb. 2010 <http://school.eb.com/eb/article-9026465>."Europe, history of." Encyclopædia Britannica . Encyclopædia Britannica Online School Edition . Encyclopædia Britannica, 2010. Web. 9 Feb. 2010 <http://school.eb.com/eb/article-58340>. "Florence." Encyclopædia Britannica . Encyclopædia Britannica Online School Edition . Encyclopædia Britannica, 2010. Web. 9 Feb. 2010 <http://school.eb.com/eb/article-22454>.