Medici, an Italian family of bankers in 1400s, was probably the first to successfully operate a bank. Their main job was to do book keeping while sitting behind a table in streets which was called a bank. Most of the previous attempts to earn by lending money failed because of large defaults, but Medici diversified their business by providing multiple financial services like money exchange which allowed them to survive. Although they came before the 16th century, but mentioning of their story is particularly important because they are a perfect example of what wonders can be achieved when too much wealth is concentrated in few hands. They ideally represent the mentality of people who control the money and how they influence society. Also, it was their banking system that became the model for other North European nations who went on to achieve some greatest commercial success in the coming centuries.
The Medici family were devout Christians who enthusiastically sponsored religious art. The only problem was that devout Christian and banking does not go hand in hand. The banking system in essence works on the principles of interest, and any person who deals with interest is indulging in usury which is one of the most major sins in Christianity. The Medici was no different; their banking business made profits from usury and elevated their status in the Florence, but on the same time it was at the expense of eternal damnation.
But there must have been a way out for surely they did not want to leave their banking business. And so they found a way to salvation. In the early days, according to Church doctrine, you could buy your way out of hell (or at the very least reduce the time you spend there), by sponsoring a great work of art and architecture. In the 1430s, the Pope Eugene IV promised Cosimo de’ Medici, then head of Medici family, redemption if he would pay for the construction of the monastery of San Marco. It was a great opportunity for him to wash his and his family’s hands from the sins of usury.
This was how Medici family was introduced to art. In an attempt to escape the punishment for their sins, they discovered the extraordinary potential of art. They were staggered by the influence it had on people’s mind and how dramatically it turned the tables for them. Art helped them alter their image from greedy bankers who sucked on people’s wealth to noble men who do great deal of service for the religion. By showing themselves in religious scenes they portrayed themselves as pious figures to the illiterate population of Florence. Art became the easiest way of studying religion.
The picture above by Botticelli is one of the highlights of Medici Art. If you look closely, you’ll discover that many figures in this religious scene are none other than members of the Medici family. Cosimo the Elder is the one depicted as the eldest king, who is almost touching the feet of the baby Christ. Right at the centre is his son, the royally dressed and red-cloaked Piero. Next to him is his brother Giovanni dressed in white and some other members of the family. Soon they were respected and loved in the society.
With enormous wealth and now also the support of people, position of the family was stronger than ever. Although they never held any political office, their influence became so great that even kings had to consult the head of the family, Cosimo de’ Medici, when making important decisions. By 1458, Pope Pius II commented on the power of Cosimo as: “Political questions are settled at his house. The man he chooses holds office … He it is who decides peace and war and controls the laws.. . He is King in everything but name.” They clearly dominated Florentine representative government without abolishing it altogether.
Directing massive wealth towards art led to artistic talent flourishing in Florence like anything. Some of the greatest artists of history like Leonardo da Vinci, Michelangelo and Botticelli were born in this era largely due to the interest driven by the wealth of Medici. An environment was developed where everyone appreciated art and artists. A lot of attention was diverted towards this as people continuously looked for new ways to bring innovative pieces of art. A new kind of architecture emerged where paintings and sculptures were present on walls and roofs of buildings. Art became a part of visible culture for the Florence and attracted tourists from all parts of Europe. Medici, through the power of money, focused the interests of people towards something that benefited them the most. They created a sensation to divert people’s energies towards where they wanted.
The impact money has on talent is similar to what water has on a seed. Just as water helps grow a tiny pip buried underground into a huge tree, money allow people to express talent buried inside them more extravagantly. Getting paid well for something is considered as a symbol of success and appreciation. And people tend to do more of what gives them these two things. They get more motivated and do it wholeheartedly which brings even greater results. Thus people who control finance literally decide what success would mean for masses. And it was Medici in 15th century who got this authority and truly became masters of Florence and Italian renaissance.
Read Next: Financial Alchemy
Originally published at haq.life, Financial Innovations series is an essay divided in 7 parts which should be read in sequence for better understanding. Click on the links below to navigate to other parts of this series:
Table of Contents
