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The Medici Bank Financial and Commercial Operations

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  • de Roover, Raymond

Abstract

According to the articles of association forming the Medici partnerships, the purpose of the banco in Florence and of the branches abroad was “to deal in exchange and in merchandise with the help of God and good fortune.” When we ask just what is meant by dealings in exchange and in merchandise, we are led to examine how the Medici raised the funds with which they operated, to study their role as fiscal agents of the papacy and lessees of the Tolfa alum mines, to consider the technique they used in international banking, and to look into the reasons for their failure. The Medici did not innovate in international banking, they followed existing business practice; but their records are an extremely valuable source of information, if only for the sake of comparison. Let us begin by finding out what is meant by dealings in exchange and then tackle the other problems.

Suggested Citation

  • de Roover, Raymond, 1946. "The Medici Bank Financial and Commercial Operations," The Journal of Economic History, Cambridge University Press, vol. 6(2), pages 153-172, November.
    • Handle: RePEc:cup:jechis:v:6:y:1946:i:02:p:153-172_05
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    Cited by:

    1. Matteo Palmaccio & Alessandra Lardo & Benedetta Cuozzo & Rosa Lombardi, 2017. "Bookkeeping methods and accounting controls: Developments within the Abbey of Montecassino from the 15th to the 17th century," CONTABILIT? E CULTURA AZIENDALE, FrancoAngeli Editore, vol. 2017(1), pages 7-27.
    2. Zegarra, Luis Felipe, 2017. "Usury laws and private credit in Lima, Peru. Evidence from notarized records," Explorations in Economic History, Elsevier, vol. 65(C), pages 68-93.
    3. Koyama, Mark, 2010. "Evading the 'Taint of Usury': The usury prohibition as a barrier to entry," Explorations in Economic History, Elsevier, vol. 47(4), pages 420-442, October.
    4. Andrea Günster & Stephen Martin, 2015. "A Holy Alliance: Collusion in the Renaissance Europe Alum Market," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 47(1), pages 1-23, August.
    5. Rubin, Jared, 2010. "Bills of exchange, interest bans, and impersonal exchange in Islam and Christianity," Explorations in Economic History, Elsevier, vol. 47(2), pages 213-227, April.

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