| Europe became strong economically as a result of | | | | because they could make money. With Europe's |
| brilliant strategies of the de' Medici family. He | | | | riches came Europe's power. |
| created an international banking system using the | | | | This historical significance on society today is huge. |
| Church. Cosimo de' Medici began in Northern Italy | | | | The Renaissance showed the purpose as well as |
| because this was where all the business was. | | | | the power of money. Still even today usually the |
| Before this there had always been barter trade | | | | richest people are the people who have the most |
| going on, but not like the reputable banking | | | | power. Everything from bank machines to checks |
| system that de' Medici envisioned. He used the | | | | all come from these early ideas during the |
| Church because it was the only trustworthy | | | | Renaissance. Also, once again banking is a crucial |
| organization there was at the time. The way he | | | | part of capitalism which emerged during the |
| created this banking system was by infiltrating the | | | | Renaissance. The ability to be an employer instead |
| Church. He used former pirate, Baldassarre Cossa | | | | of an employee was never thought of until this |
| to work his way up the holy hierarchy until he | | | | time. Critical thinking was crucial and still is key |
| became pope John XXIII. De' Medici could do as | | | | today. Nowadays anyone can start a business if |
| he pleased knowing that he had the head of the | | | | they choose. Today it is possible measure GDP |
| Church on his side and he did. He opened offices | | | | and financial statements all because of this |
| all over Europe and Africa where people could | | | | Renaissance time period. Merchants' earned |
| conduct business, whether it was banking or | | | | income was spent on art which led to |
| trading. This was more practical and efficient. With | | | | expressionism, which led to the more |
| this system new ideas were introduced, such as | | | | open-minded society which the West thrives on |
| the numerical system. The ten symbols and most | | | | today. It was not that all the other countries |
| importantly the concept of zero. The concept of | | | | were not capable, it was because they did not |
| accounting, credit, and corporation were all | | | | have the competition and the same values. This |
| unknown until this time. Also bills of insurance | | | | tells a lot about one's culture and raises |
| were introduced which are like checks. All of | | | | philosophical and moral questions and arguments |
| these new ideas and inventions changed Europe. | | | | such as why take more than needed? Less |
| China, The Ottoman Empire and Africa could not | | | | consumption might be a concern for the |
| come compete with Europe's riches. The Catholic | | | | environmental activists today, but big business still |
| Church even partnered with the merchants | | | | has the money and influence using this power. |