Economy of the Second Bulgarian Empire
Economy of the Second Bulgarian Empire
In 1397, Giovanni di Bicci de’ Medici established the Medici Bank on a narrow street in Florence, setting the stage for a financial revolution. Florence, already a hub of commerce and art, was transformed by the Medici's financial acumen, propelling the city into the heart of the Renaissance. Giovanni's strategy was rooted in risk management and political neutrality, which gained the bank the role of official bankers to the Pope after Baldassare Cossa became Pope John XXIII in 1410. This partnership briefly gave the Medici a grip on papal revenue until the Council of Constance deposed Cossa in 1415. See our article on the Banking Power and Florentine Glory: The Rise of the Medici Bank.
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