Florence: Medici Banking Innovation (1397)
by Anonymous
The Medici Bank pioneered the holding company structure and bills of exchange, allowing banking across borders while technically avoiding the Church's ban on usury. Their financial innovations funded the Renaissance.
Financial Innovation (Bills of Exchange)
1397
year
Holding company, currency exchange profits instead of interest
innovation
Technically complied with usury ban
religious constraint
Chosen — Medici became richest family in Europe, funded Renaissance
outcome
Traditional Lending
1397
year
Direct loans with interest
innovation
Violated Church law
religious constraint
Not viable — excommunication risk
outcome
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