A prominent merchant family in Italy during the renaissance was the Medici's.
Who are the Medici's?
- The House of Medici was an Italian banking family, political dynasty, and later royal house that first began to gather prominence under Cosimo de’ Medici in the Republic of Florence during the first half of the 15th century.
- The family originated in the Mugello region of the Tuscan countryside, gradually rising until they were able to fund the Medici Bank.
- The Medici Bank was the largest in Europe during the 15th century, which helped the Medici gain political power in Florence.
- The Medici Bank was one of the most prosperous and most respected institutions in Europe.
- A notable contribution to the profession of accounting was the improvement of the general ledger system through the development of the double-entry bookkeeping system for tracking credits and debits. The Medici family were among the earliest businesses to use the system.
- From this base, they acquired political power initially in Florence and later in wider Italy and Europe.
- Cosimo di Giovanni de’ Medici was the first of the Medici political dynasty and had tremendous political power in Florence.
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