“To the Magnificent Lorenzo Di Piero De' Medici:
Those who strive to obtain the good graces of a prince are accustomed to come before him with such things as they hold most precious, or in which they see him take most delight; whence one often sees horses, arms, cloth of gold, precious stones, and similar ornaments presented to princes, worthy of their greatness. Desiring therefore to present myself to your Magnificence with some testimony of my devotion towards you, I have not found among my possessions anything which I hold more dear than, or value so much as, the knowledge of the actions of great men, acquired by long experience in contemporary affairs, and a continual study of antiquity; which, having reflected upon it with great and prolonged diligence, I now send, digested into a little volume, to your Magnificence.”
– Dedication of Niccolò Machiavelli's “The Prince” (1532)
The rise of the Medici family owed much to the economic strength that they gained from banking
During this time, one family in particular rose to prominence in Italy – and more specifically, in Florence. In its heyday, this family produced kings, queens, and even three popes. That family was, of course, the Medici; but it did not start out as a royal family. Rather, it made its name through banking; and amassing wealth by means of the private sector. The rise of the Medici family owed much to the economic strength that they gained in this way. They actually started out their ascendancy as a family of Italian merchant-bankers, and continued to be such even during their political rule. They were among the earliest bankers in Europe, and were great pioneers in the banking industry. Their depositors stored their money in the “Medici Bank,” and the Medici then loaned out this money to people who needed it. The interest from these loans actually brought great wealth to the Medici family, and allowed them to pay some small interest to their depositors as well. It helped to create the family fortune, which brought them to political prominence in Italy. Money was often the greatest weapon in the Medici arsenal, and was a great driver of the politics of the Renaissance (as it was for every other era of human history).
Cosimo de Medici, the Italian banker who became the first of the Medici dynasty