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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:
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underwriting:
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2.
Analyzing Why was the Medici family in a strong position to have a
great effect on the Renaissance?
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Identifying Central Issues How can someone be in power without
actually holding a government office?
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4.
Making Inferences Why do you think Pope Pius II might have been
so generous to Giovanni de Medici?
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Copyright © The McGraw-Hill Companies, Inc. Permission is granted to reproduce for classroom use.
3.