This coin was a common currency for the Papal states during the mid to late 15th century. Politically currency was important to the Papal States so they could continue to hold sway over the italian city states and rest of Europe. However between 1300s-1600s, it is clear Italy is the poster child of child of economic decline, which needs to be seen through a political lens. Italian city-states, such as Florence were dependent on agriculture as well as luxury industry, which primarily dealt with high quality textiles (Lachmann 354). It was partly due to the fact that Italian textiles were costlier to produce in comparison to Britain (Hanlon 205). In addition, the shift to trading in the Atlantic dried up many of the city states main consumers leaving them with a much smaller number of potential consumers. Ironically, the Italian city-states were at the height of their power regarding there influence in trading with their neighbors. Once the Atlantic began, Italian city states suffered a massive decrease in there trading profits. Economic developments in the Italian city states, were grounded, by the inability of the political elite to create political policies, that could reform their economic system and help them survive economic disasters. The economic hardships Italian, such as Florence, faced, were due to mainly political reasons. In Florence, it was mainly due to the consolidation of economic power under the Medici’s and the “continuing power of guilds that supported the ruling elites” (Lachmann 357). The political policies adopted by Italian city states had an adverse effect on Italy’s economic growth in the early modern period. Economic developments in the Italian city states, were grounded, by the inability of the political elite to create political policies, that could reform their economic system and help them survive economic disasters. The economic hardships Italian, such as Florence, faced, were due to mainly political reasons. In Florence, it was mainly due to the consolidation of economic power under the Medici’s and the “continuing power of guilds that supported the ruling elites” (Lachmann 357). The political policies adopted by Italian city states had an adverse effect on Italy’s economic growth in the early modern period.
Papal States. MEDIEVAL COIN. 1464. A Papal States Coin, Papal States