What industry was the Medici family involved in?
The Medici family were wool merchants and bankers. Both businesses were very profitable and the family became extremely wealthy. Giovanni de Medici first brought the family to prominence in Florence by starting the Medici bank. He also was the leader of the Florence merchants.
In which industry did the Medici work in?
The Medici family, also known as the House of Medici, first attained wealth and political power in Florence in the 13th century through its success in commerce and banking.
What did the Medici family invest in?
The Medici diversified their risk by engaging in the trade of a large number of commodities that included wool, cloth, alum, spices, olive oil, silk stuffs, brocades, jewelry, silver plate, and citrus fruit. In 1429, Giovanni de’ Medici died, and management of the bank passed into the hands of his eldest son, Cosimo.
What profession did the Medici provide?
In addition to backing artists, the Medicis helped support scientists, such as the astronomer and physicist Galileo Galilei. In the early 1600s, Galileo, who was cash-strapped and had a family to provide for, took a job tutoring Cosimo de Medici, the teenage son of Ferdinando I, grand duke of Tuscany.
Why was the Medici family exiled?
One Salvestro de’ Medici was speaker of the woolmakers’ guild during the Ciompi revolt of 1378–82, and one Antonio de’ Medici was exiled from Florence in 1396. Involvement in another plot in 1400 caused all branches of the family to be banned from Florentine politics for twenty years, with the exception of two.
Which economic and commercial institutions did the Medici family help develop?
Medici Family Banking Empire Early modern Florence was an important financial center with many firms specializing in international commerce and banking. The Medici bank became one of the most famous and successful of these institutions, although not the first Florentine bank to amass large amounts of wealth.
How many banks did the Medici family own?
banchi grossi (“great banks”): the largest financial institutions in Florence, though not the most numerous (only 33 in 1469 according to Benedetto Dei). They were the major movers and shakers in the European economy.
Who were the Medici family in Florence?
Medici family, French Médicis, Italian bourgeois family that ruled Florence and, later, Tuscany during most of the period from 1434 to 1737, except for two brief intervals (from 1494 to 1512 and from 1527 to 1530).
What role did the Medici family play in Florence?
What role did the Medici family play in Florence? They gave large amounts of money to artists to build buildings, produce paintings, and sculpt for the inner community.