IN the thirteenth century, Florence emerged as the leading commercial and banking centre of western Europe. At the same time, there evolved in it – under the impact of factional conflict and attempts to restrain the violence this unleashed – a distinctive political system which enabled a dominant mercantile aristocracy to exercise power with the collaboration of artisans, shopkeepers and less distinguished merchant families. In the closing decades of this period, out of the vitality and intensity of the city’s economic and political life, a culture grew which was not to attain full expression till the opening years of the following century, but which nevertheless reflected the social and ideological climate that had come to prevail there by 1300.

The ascendancy which Florence established in finance, trade and manufacture was closely linked with the pursuit of policies that opened to its merchants the lucrative fields of papal banking and of tax collecting and moneylending in the Neapolitan and English monarchies, as well as of commerce in France and Flanders, in conditions made more favourable by the political orientation of its government. There were therefore connections between economic developments, internal factional conflicts, the wider Italian confrontation between popes and emperors and more immediate relations with neighbouring communes. Issues of domestic and foreign policy were intertwined, the pursuit of wealth bringing with it power, and political success in turn yielding financial benefits.