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NAME ______________________________________ DATE _______________ CLASS _________ Economics of History Activity netw rks The Renaissance in Europe The Medici: Ruling Behind the Scenes The Medici family line traces back to the twelfth century, but it was not until the mid-thirteenth century that the Medicis came to control Florence, Italy. Read the passage below describing the Medici family's rise to power and how they used their wealth to rule the state for two centuries. Economics Terms to Know monopoly market structure characterized by a single producer underwrite to support by offering financial assistance The earliest Medicis were peasants living north of Florence. As Florence began to grow into a flourishing center of trade and commerce, members of the family moved there and developed a successful cloth and silk manufacturing business. In the late fourteenth century, Giovanni di Bicci de' Medici founded the Medici bank, which soon became one of the largest banks not only in Italy but in all of Europe. When Giovanni's son Cosimo became leading citizen—and unofficial ruler— of Florence in 1434, he continued his father's policy of "friends of friends," making sure that public offices were held by people he could trust or manipulate to help him achieve his goals. Cosimo also continued the Medicis' relationship with the Church, and in 1466, Pope Pius II granted the Medici bank a monopoly on Europe's alum mines. Alum was used to clean fabrics and set dyes so they would not run. In this way alum was essential to Florence's textile industry. Having full control of the mines meant that the Medicis could control the supply of alum and set the prices. This level of control over such an essential commodity helped the Medici bank become the most powerful bank in Europe, and the Medicis themselves the wealthiest family. While the Medicis did use much of their wealth and power to gain more wealth and power, family members were also the greatest patrons of Renaissance arts. They were avid buyers, collecting some of the finest sculpture, painting, and literature of the period, and surrounded themselves with the keenest artists and thinkers of the Renaissance. They were directly responsible for much of the art created during the Renaissance, underwriting works of art in every city they operated in, including the works of such brilliant artists as Brunelleschi and da Vinci. Copyright © The McGraw-Hill Companies, Inc. Permission is granted to reproduce for classroom use. One of the main strategies that the Medicis used to increase their wealth and strengthen their position was to always have powerful friends in high places. Early in the bank's history, a business friend of Giovanni's was elected pope and made the Medici bank the official bank of the Church. The Medici wealth skyrocketed. Giovanni was now in control of all money going into and coming out of the Church. Collecting debts became easy when the penalty for not paying was excommunication, or expulsion, from the Church. NAME ______________________________________ DATE _______________ CLASS _________ Economics of History Activity Cont. netw rks The Renaissance in Europe Applying Economics to History 1. Using Context Clues Using information from the passage, write a new sentence for each boldfaced word: monopoly: ________________________________________________________ ________________________________________________________ underwriting: ________________________________________________________ ________________________________________________________ 2. Analyzing Why was the Medici family in a strong position to have a great effect on the Renaissance? ________________________________________________________ ________________________________________________________ ________________________________________________________ Identifying Central Issues How can someone be in power without actually holding a government office? ________________________________________________________ ________________________________________________________ ________________________________________________________ 4. Making Inferences Why do you think Pope Pius II might have been so generous to Giovanni de Medici? ________________________________________________________ ________________________________________________________ ________________________________________________________ Copyright © The McGraw-Hill Companies, Inc. Permission is granted to reproduce for classroom use. 3.