One of the greatest periods of social and technological change in world history was the Renaissance. At the heart of the Renaissance was the city-state of Florence. It was the home to some of the world's greatest artists and thinkers. And in the heart of Florence was a family that ran the city for several centuries. They became fabulously wealthy and sponsored much of the great art that we still appreciate today.
and they also purchased themselves an enormous amount of power and even the papacy. Learn more about the Medici family and Renaissance Florence on this episode of Everything Everywhere Daily. Get started with the commerce platform made for entrepreneurs. Shopify is specially designed to help you start, run,
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Ronald Reagan found himself at the center of a massive scandal that looked like it might bring down his presidency. Did you make a mistake in sending arms to Tehran, sir? No. It became known as the Iran-Contra affair. And I'm not taking any more questions in just a second. I'm going to ask it. I'm Leon Nafok.
co-creator of Slow Burn. In my podcast, Fiasco, Iran-Contra, you'll hear all the unbelievable details of a scandal that captivated the nation nearly 40 years ago, but which few of us still remember today. The things that happened were so bizarre and insane, I can't begin to tell you. Please do. To hear the whole story, listen to Fiasco, Iran-Contra, wherever you get your podcasts.
The story of the Medici family is the story of one of the most powerful non-royal families in European history. They weren't kings and queens, although some did eventually receive aristocratic titles, and in fact one was a queen. The rise of the Medici family traditionally begins with Giovanni de Bici de' Medici. Born in 1360 in Florence, he took the step that would establish the source of the Medici family's power and wealth, the Medici Bank.
Established in 1397, the Medici Bank would become the largest bank in Europe during the 15th century. Giovanni strategically positioned his bank as the payable banker, which provided both financial rewards and political connections. His conservative banking approach built a solid foundation for the family's future prosperity. The Medici revolutionized banking through several groundbreaking practices.
The first was double-entry bookkeeping. While they didn't invent the technique, here I'll refer you to my episode on the history of accounting, the Medici perfected and standardized double-entry bookkeeping across their operations. This system, where each transaction appears as both a debit and a credit, drastically reduced errors and provided clear financial pictures of their various enterprises. Their ledgers were meticulously maintained, allowing managers to spot problems early.
The second innovation was branch banking. The Medici created one of the first true branch banking networks in the world, with locations in major European commercial centers like London, Bruges, Geneva, Avignon, and Rome. Each branch operated as a partnership with local managers holding ownership stakes, usually around 25%, aligning their interests with the main bank's success. This structure motivated branch managers to be prudent while giving them enough autonomy to respond to local conditions.
The third innovation was an expertise in bills of exchange. The Medici mastered the bill of exchange, a financial instrument that solved multiple problems. These bills allowed merchants to conduct business across Europe without physically transporting coins, thus avoiding robbery and wear. They bypassed church prohibitions on usury by embedding exchange rates that concealed interest and facilitated trade between regions with different currencies.
Giovanni also instituted conservative lending practices. The bank generally avoided large loans to rulers who could simply refuse payment, preferring instead to finance merchant activities with clear returns. When they did lend to the powerful, they secured valuable collateral or political advantages. Giovanni avoided overt political ambition, but his financial acumen allowed the family to accumulate significant influence in Florentine society.
Giovanni died in 1429, and control of the family bank transferred to his son, Cosimo. Cosimo transformed the family from wealthy merchants into political power brokers. Although Florence was officially a republic, Cosimo ruled effectively as its pater patriae, or father of the nation, through a combination of patronage, strategic alliances, and careful management of the city's internal factions.
In 1433, Cosimo de' Medici was exiled by a rival political faction led by Rinaldo del Gui Albizzi. The Albizzi faction feared Cosimo de' Medici's growing influence and sought to curb the Medici's family power in Florence. However, he returned the following year stronger than ever and maintained control till his death.
Cosimo understood something fundamental about power in Renaissance Florence. Direct rule might provoke resistance, but influence exercised discreetly behind Republican institutions could be more effective and enduring. He was a major patron of the arts and humanist scholarship, supporting figures such as Filippo Brunelleschi, Donatello, and Marsilio Ficino, and helping to finance the construction of the Medici Palace and Dome of the Florence Cathedral.
I should note the importance of the Florence Cathedral. Its dome, the largest of its kind since the Pantheon was built in ancient Rome, marked a turning point in architecture, inspiring generations of builders and artists. It represented Florence's aspiration to rival Rome and grandeur and cultural significance.
In English, the word dome originates from the Italian word duomo, which originally meant house. However, its association with a large enclosed structure stems directly from the Florence Cathedral's dome. Cosimo passed away in 1464, just before the Renaissance really got going. Cosimo's son, Piero the Gaudi, ruled for only a few years before dying in 1469. He was perpetually in poor health and didn't have a major role in the administration of Florence.
However, he was succeeded by his son, Lorenzo de' Medici, known as Lorenzo the Magnificent. Lorenzo was a brilliant politician and an extraordinary patron of the arts and letters. His court became a hub of the Italian Renaissance, supporting artists such as Leonardo da Vinci, Sandro Botticelli, and Michelangelo, whom Lorenzo housed as a young man.
Lorenzo also maintained a fragile peace among the various Italian city-states, helping to forestall large-scale conflict during his lifetime. However, his political dominance aroused resentment. The Pazzi conspiracy of 1478, an attempted coup supported by rival banking families and even elements within the papacy, resulted in the murder of Lorenzo's brother Giuliano during mass at the Florence Cathedral.
Lorenzo survived and cracked down on the conspirators. The Pazzi conspiracy will be the subject of a future episode. After Lorenzo's death in 1492, his son, Piero the Unfortunate, failed to maintain the family's grip on power. And with a name like Piero the Unfortunate, even if you've never heard of him before, it's kind of a spoiler. In 1494, Charles VIII of France invaded Florence. Piero capitulated and the Florentine population expelled the Medicis.
This ushered in a short period of Republican government, influenced by a Dominican preacher named Girolamo Savonarola. Savonarola was an extreme Dominican friar who will also be the subject of a future episode. Savonarola established a theocratic regime and denounced Medici opulence and Renaissance culture.
He was eventually excommunicated and executed in 1498, but the Medici remained in exile until Cardinal Giovanni de' Medici, the son of Lorenzo the Magnificent, returned with papal backing and the Spanish military in 1512. During this period when the Medici were in exile, Niccolò Machiavelli served in the Florence government. He later wrote his famous political work, The Prince, based on lessons learned about power from the Medici family.
and he decided to dedicate the book to Lorenzo de Piero de' Medici, the son of Piero the Unfortunate. Giovanni de' Medici, the one who took Florence back, was named a cardinal at the age of 13 in 1489. Technically, back then, cardinals didn't have to be priests or bishops, although they all are today. They were just the Pope's electors.
The year after taking Florence in 1513, Pope Julius II died and Giovanni de' Medici was elected Pope Leo X. At the time of his election, he was not a bishop or even a priest. Two days after his election, he was ordained as a priest and consecrated as a bishop. He was the last pope to be elected without being a priest. Leo died in 1521, and after his successor Adrian VI's short year-and-a-half papacy, his cousin, Giulio de Giuliano de' Medici, was elected Pope Clement VII.
The papacies of these first two Medici popes, Leo X and Clement VII, were historically significant. Leo X is best known for his extravagant spending and for accelerating the construction of St. Peter's Basilica, which he financed through the sale of indulgences. an act that directly triggered Martin Luther's 95 Theses and the beginning of the Protestant Reformation. Leo excommunicated Luther but underestimated the movement's momentum, leading to a major schism in Western Christianity.
Clement VII faced even greater turmoil, including the sack of Rome in 1527 by troops of the Holy Roman Emperor Charles V, which symbolized the collapse of papal political power. Clement also failed to resolve the crisis of the English Reformation when he refused to annul Henry VIII's marriage to Catherine of Aragon, resulting in England's break with the Catholic Church.
Together, their papacies illustrate the decline of Renaissance papal authority amid rising Protestantism, political fragmentation, and the limits of Medici power on the world stage. Back in Florence, it ceased to be a republic in 1530 after Pope Clement VII, with the help of Emperor Charles V, the guy who sacked Rome, established Alessandro de' Medici as the Duke of Florence. This was the first time a Medici ruled Florence with an actual title instead of wielding power behind the scenes.
Alessandro's sister, Catherine de' Medici, had an incredible impact on history herself. She married the second son of the King of France, who later became King Henry II. After her husband's death, she became the regent and de facto ruler of France for three of her sons who became kings, Francis II, Charles IX, and Henry III. And she is most definitely worthy of an episode of her own in the future.
Alessandro was assassinated in 1537 by his cousin, Lorenzino de' Medici. His distant relative, Cosimo I de' Medici, succeeded him as duke and proved to be an effective ruler. Cosimo I is titled The First because he was a duke. The original Cosimo is often called Cosimo the Elder just to avoid confusion. Cosimo I centralized power, subdued rival families, and turned Florence into a hereditary duchy recognized by the Holy Roman Emperor in 1569, becoming the first Grand Duke of Tuscany.
Under Cosimo and his descendants, the Medici court again became a center of science, culture, and innovation. Cosimo sponsored painters such as Giorgio Vasari and Angelo Bronzino, as well as sculptors such as Benvenuto Cellini. He also initiated the building of the Uffizi Gallery. In 1559, another family member, Giovanni Medici became Pope Pius IV.
Pius IV is best known for successfully concluding the Council of Trent, a major event of the Catholic Counter-Reformation that had been suspended for years. Under his leadership, the council reaffirmed core Catholic doctrines, addressed abuses, and enacted significant reforms in church discipline and administration, many of the problems of which were created by earlier Medici popes.
I should note that there was one other Medici pope. Alessandro de Avitiano de Medici was elected Pope Leo XI in 1605. And his papacy is noted for being one of the shortest in history. He was only pope for 26 days before he died. Later, Medici rulers, including Ferdinando I, Cosimo II, and Fernando II, continued the tradition of artistic and scientific patronage.
The family supported Galileo Galilei, who tutored members of the family and dedicated works to them. However, by the 17th century, the Medici were increasingly isolated and their political power started to wane. The family line grew decadent, and dynastic inbreeding weakened its vitality. Cosimo III and John Gastone, the final Medici rulers, were unable to sustain the grandeur of their predecessors.
When John Gastoni de' Medici died in 1737 without heirs, the house of Medici became extinct in the male line. When one of the richest families in the world goes extinct, what happens to all their stuff? While John Gastoni de' Medici was the last male Medici, he wasn't the last Medici. His sister, Ana Maria Luisa de' Medici, the last surviving member of the family, died in 1743.
In her will, she left the family's artistic and architectural legacy to the Tuscan state in a formal agreement known as the Family Pact. This pact ensured that the Medici treasures would remain in Florence, quote, for the benefit of the public and to attract the curiosity of foreigners. The Medici family influenced almost every aspect of life for several centuries. Through their bank, they had a huge influence on finance and economics all throughout Europe.
Through their patronage, they helped create some of the world's greatest works of art, from artists like Michelangelo, Da Vinci, Raphael, Donatello, and Brunelleschi. They supported the advancement of science through the likes of Galileo. Through the election of four different popes, they played roles in both the Reformation and the Counter-Reformation. Through marriage, they created one of the most influential queens in French history.
Today if you visit Florence, you will still see evidence of the Medici all around you. The Uffizi Gallery is one of the world's great art museums, and it was filled with art that was commissioned or collected by the family. The Florence Cathedral, which dominates the city, was built in large part with the support of the Medici.
The story of the Medici remains one of the most remarkable examples of how a single family, through wealth, ambition, and vision, can shape the destiny of an entire civilization. The executive producer of Everything Everywhere Daily is Charles Daniel. The associate producers are Austin Okun and Cameron Kiefer. Today's review comes from listener Cade Backus over on Apple Podcasts in the United States. They write,
Seven Marathons, Seven Continents, Seven Days. Great stuff. I was finally able to join the Completionist Club while training to run the World Marathon Challenge. Seven Marathons, Seven Continents, Seven Days. Keep up the good work. Well, thanks, Cade. I have to say, I'm pretty impressed. I've been to all seven continents, but it took me way longer than seven days. And I certainly wasn't running marathons when I did it.
Word of advice, watch out for penguins when you run your Antarctica marathon. They are very easy to miss. Remember, if you leave a review or send me a boostagram, you too can have it right on the show.