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Political conflict did not, however, prevent the city's rise to become one of the most powerful and prosperous in Europe, assisted by its own strong gold currency. The "fiorino d'oro" of the Republic of Florence , or florin , was introduced in 1252, the first European gold coin struck in sufficient quantities to play a significant commercial ...
News of this sacrilege reached Pope Sixtus IV (who had also supported the conspiracy against the Medicis). Sixtus IV was "outraged" and excommunicated everyone in Florence. Sixtus sent a papal delegation to Florence to arrest Lorenzo. [40] The people of Florence were obviously enraged by the Pope's actions, and the local clergy too.
In 2013, Florence was listed as the second best world city by Condé Nast Traveler. [56] Manufacturing and commerce remain highly important. Florence is Italy's 17th richest city in terms of average workers' earnings, with the figure being €23,265 (the overall city's income is €6,531,204,473), coming after Mantua, yet surpassing Bolzano. [57]
By 1870 Italy was an economically backward and depressed area; its industrial structure had almost collapsed, its population was too high for its resources, its economy had become primarily agricultural. Wars, political fractionalization, limited fiscal capacity and the shift of world trade to north-western Europe and the Americas were key factors.
The Medici became the town's leading family, a position they would hold for the next three centuries. Florence organized the trade routes for commodities between England and the Netherlands, France, and Italy. By the middle of the century, the city had become the banking capital of Europe and thereby obtained vast riches. [32]
Mercantilism meant that the government and the merchants became partners with the goal of increasing political power and private wealth, to the exclusion of other empires. The government protected its merchants—and kept others out—by trade barriers, regulations, and subsidies to domestic industries in order to maximize exports from and ...
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The Albizzi family (Italian pronunciation:) was a patrician noble family and were the de facto leaders of an oligarchy of wealthy families that ruled Florence in the second half of the 14th century. They were at the center of the oligarchy from 1382 , in the reaction that followed the Ciompi revolt , to the rise of the Medici in 1434 .