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This period also saw the eclipse of Florence's formerly powerful rival Pisa, which was defeated by Genoa in 1284 and subjugated by Florence in 1406. [5] Power shifted from the aristocracy to the mercantile elite and members of organized guilds after an anti-aristocratic movement, led by Giano della Bella, enacted the Ordinances of Justice in 1293.
Its coin, the florin, was the dominant trade coin of Western Europe for large scale transactions and became widely imitated throughout the continent. [4] [5] During the Republican period, Florence was also the birthplace of the Renaissance, which is considered a fervent period of European cultural, artistic, political and economic "rebirth". [6]
The idea of interest came about in Venice from Jewish bankers. The Medici’s were able to by-pass laws against interest by charging commission on converting different currencies. War bonds became popular in Florence and other Italian cities. Dutch merchants became rich by purchasing spices in the East Indies and trading them in Europe.
The House of Medici (English: / ˈ m ɛ d ɪ tʃ i / MED-itch-ee, UK also / m ə ˈ d iː tʃ i / mə-DEE-chee; [4] Italian: [ˈmɛːditʃi]) was an Italian banking family and political dynasty that first consolidated power in the Republic of Florence under Cosimo de' Medici and his grandson Lorenzo "the Magnificent" during the first half of the 15th century.
By 1938, only 5.18% of workers were state employees. Only one million workers, out of a total 20 million, were employed in the public sector. [43] Finally, Italy's involvement in World War II as a member of the Axis powers required the establishment of a war economy. This put severe strain on the corporatist model, since the war quickly started ...
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Over the next century, Naples and Lombardy became a major source of men and money for the Spanish Army of Flanders during the 1568 to 1648 Eighty Years' War. [82] England entered the war in June 1557 and the focus shifted to Flanders, where a Spanish army defeated the French at St. Quentin on 10 August. [83]