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What helped give rise to the banking system during the early Renaissance?

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  • What helped give rise to the banking system during the early Renaissance?


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Answer #1 | 02/01 2014 12:02
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Answer #2 | 02/01 2014 15:38
Popes who were deep in debt. Double entry accounting. Popes of the 1400's were increasingly corrupt, and in debt. When Italian merchants started to charge interest, the popes looked the other way. They needed the money. Double entry accounting allowed bankers to understand complex deals. When the King of England borrowed money from the Medici's, he could not simply cancel the debt by expelling the jews. The Medici's had high friends in low places.
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