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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 ...
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]
After Margravine Matilda of Tuscany died in 1115, the city did not submit readily to her successor, Rabodo (r. 1116–1119), who was killed in a dispute with the city. It is not known precisely when Florence formed its own republican/oligarchical government independent of the marquisate, although the death of Rabodo in 1119 should be a turning ...
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 Bardi was an influential Florentine family that started the powerful banking company Compagnia dei Bardi.In the 14th century the Bardis lent Edward III of England 900,000 gold florins, a debt which he failed to repay along with 600,000 florins borrowed from the Peruzzi family, leading to the collapse of both families' banks.
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]
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From the 11th century on, Italian cities began to grow rapidly in independence and importance. They became centres of political life, banking, and foreign trade. Some became wealthy, and many, including Florence, Rome, Genoa, Milan, Pisa, Siena and Venice, grew into nearly independent city-states and maritime republics. Each had its own foreign ...