economic status of venice in the 16th century

economic status of venice in the 16th century

Peace with the Turks was finally achieved in 1479. The colonies enjoyed autarchy and autarky. This diminished the ability of those outside of the hereditary aristocracy to participate in political decisions and in economic processes such as the colleganza. The Arsenal, an advanced naval munitions factory that anticipated by several centuries the production-line method of manufacture, was the beating heart of the Venetian naval industry. Venice was saved from the worst results of this event by internal discord within the League of Cambrai, but Venetian territories on the mainland were diminished. In the early 1980s they revived the ancient Carnival during February, a complement to the round of events of the Biennale, an international gathering held every other year that includes art, architecture, film, dance, music, and theatre festivals. Moreover, the Republics publishing industry attracted many writers to the city, such as the great satirist Aretino who were able to earn a living with their pen and did not require a patron.[10]. Economic success Venice allied with France and the city paid dearly for this alliance. The Publication of the Institute of Nautical Archaeology 30 (2003) 2228, als PDF (Nr.1, Jahrgang 30): Ludwig Beutin, Der wirtschaftliche Niedergang Venedigs im 16. und 17. Venetian policy in the 16th century was dictated by the need to keep intact its political, economic, and territorial heritage against the advance of the Turks on the one side and the pressure of the great western European powers on the other. 1400 - 1500. If, as Michael Porter wrote, competitive advantage stems from how activities fit and reinforce one another.creating a chain that is as strong as its strongest link, then strategic fit is something that the Venetian Republic had in spades. The crusades brought intensification of trade, of which Venice took profit so that it soon ranked first among the trading nations. What was the economic status of Venice in the 16th century? After helping defeat Charlemagne in battle, it was granted de facto independence in 814, then full independence in 992. Venetian might reached its peak during the 15th century when the city-state monopolized the spice trade from India, through the Arab lands, using exclusive trade agreements. [5] Before 785 already, Venetian traders resided in Ravenna and in the so-called Pentapolis, men that had been "expelled" by the Franks in 787/791. In addition market access became ever more difficult because protectionism became rampant in most Mediterranean and European states. One major move by a competitor, or one new technology, is sometimes all it takes to end an empire. They introduced oil painting to the city, and the works of Leonardo were also influential. Marghera was for 50 years the site of a huge oil-refining and petrochemical complex, easily visible from Venice and a source of air pollution that severely damaged its architecture. Regardless of this opposition, however, women still managed to exert some influence on economic and social relations through the acquisition of dowries and management of the familys wealth and income. Venice likely would not have become a center of trade if a series of events had not conspired to make it uniquely independent. [5] This involved it in wars against an alliance of Italian principalities and city-states. It was instrumental in the economic expansion of Italy that was so important for the artistic and intellectual flourishing, that was the Renaissance. They then sold or supplied salt and other goods to cities in the Po Valley - Piacenza, Parma, Reggio, Bologna, among others - in exchange for salami, prosciutto, cheese, soft wheat, and other goods. Venices unique social and political environment enabled women to find alternate ways of coping with the strict tenets outlined by the Counter-Reformation; however, many of these strict ideals still strongly impacted the lives of Venetian women during the sixteenth century. [6] About thirty years earlier they did appear in the slave trade with the saracenes.[7]. Transportation in Venice was done by the use of canal systems. Exhaust fumes from this ancient industry also have contributed to the corrosion of Venices stonework. Historians have long recognized the contribution of Venice to this period for many years. Greed for conquering new territory involved the Venetians in a tangled web of Italian balance-of-power politics and in conflicts between the great powers of Europe on a scale out of proportion to Venetian forces and direct interests. They often acted as counselors in the home, "tempering" their husbands' words and actions. A good deal of the difference between men's and women's legal status derived from the patrilineal system of descent and succession. Already a century before the sack of Constantinople (1204) many traders' colonies flourished. [9], Venetian printers also did not have to contend with Church censorship or the threat of the Inquisition. Quite important in the later Middle Ages were the production of drapery, of silk and glass. This location, consisting of a series of islands in a marshy lagoon, also pushed it to develop a (then unusual) trading and moneylending economy, since there was little land to support agriculture. The story of Venice from 800 to 1350 is of incredible political and institutional change of a remarkably modern sort, sparked by international trade. From the late fifteenth to the mid-sixteenth century the Hapsburgs and the French monarchs battled for control of the Italian peninsula. . Venetian trade required well-constructed vessels both for transport and for protection from pirates, rivals, and Turkish military forces. Finally, the Republic of Venice the schools for painters, architects, and sculptures created some finest work in Italy during the High Renaissance (1490-1550). From 697 to 1797 AD, Venices technological acumen, geographic position, and unconventionality were interlocking advantages that allowed the Most Serene Republic to flourish. This type of trade was absolutely unique, and required institutional innovation as, according to the paper: (1) It required large amounts of capital relativeto most other contemporary private commercial activity such as agriculture or manufacturing. xi, 284. They essentially cut off the poor from engaging in long distance trade by limiting the most lucrative routes and goods to a select few, most notably with a 1324 law called theCapitulare Navigantium. During the various cataclysms that engulfed northern Italy in the centuries after the fall of Rome, many refugees fled to a lagoon in the Adriatic Sea, sometime in the 5th century AD. At the beginning of the 16th century, only Paris, Naples, Venice, and Istanbul had populations of over 100,000. If you dont want to be caught by surprise, you have to recognize that the future will be different fromthe past. Casino Zeus, What Are The Advantages of Playing Poker On Getmega, The Ultimate Guide to Downloading Poker Apps In India. Egalitarian institutions and economic mobility threatened the power of Venice's elites, and they used their wealth and power to choke off competition, ending Venice's dominance. Due to a plague killing about 50 000 people and a war occurring between the Turks, Venice started losing their central role politically and losing their status. The Venetians by 1400 had established a maritime Empire in the Eastern Mediterranean and the Adriatic. It left production and small business to the strata of its society that were not capable of becoming a member of the council - which was the visible sign of nobility. Most organizations would be happy to last for centuries, as the Venetian Republic did. Indeed, it was to become one of the major centers of the early print industry in Europe. Whats the lesson for entrepreneurs and innovators today? In compensation for military aid against the Arabs of southern Italy, the Byzantine emperor Basil II had reduced the tax for the ships by half. It was the first and the largest trading power in the world, and they made most of their money from trading on the Mediterranean with its large trading fleet. What was the main religion in Venice in the 16th century? This shouldn't surprise us, for Venice in the late 16th and early 17th centuries - the period in which Othello is set and when Shakespeare wrote his play - was still home to people of a wide variety of cultural and ethnic backgrounds. Codex Carolinus 86, Monumenta Germaniae Historica, Epistolae III, S. 622, Alvise da Mosto, L'ARCHIVIO DI STATO DI VENEZIA. The Arabian conquest of Jerusalem caused a long lasting deviation of trade routes to Baghdad and Tabriz. It's a lesson worth remembering about the benefits of an open society, and the costs of excessive concentration of political and economic power. The seventeenth century was not an era of drastic changes in the status or conditions of women. Not only was the Eastern market lost, but the discovery of new lands in the West and new trade routes to the East released Europe from dependence on Venetian merchants. On the other hand, they provided protection against competitors, against violation of secrecy - and exercised strict control. Established practices and preferences became more popular than exploration and speculation. ), London 1973, 346378, Robert C. Davies, Shipbuilders of the Venetian Arsenal. But, like a lot of successful entities, Venice reached a point where it focused more on exploitation than exploration: Venetian traders followed existing paths to success. As a consequence the economy depended heavily on the timely afflux and efflux of these metals. More importantly, the profits generated by Venice traders for Italian merchants and rulers, allowed them to become patrons of the arts. Chioggia (Clodia) was a Roman military colony and in the Fontego dei Turchi above the Canal Grande a coin from the days of emperor Trajan was found. This internal discord made Italy a prey to invading foreigners, Spanish, French, and German. HBR Learnings online leadership training helps you hone your skills with courses like Innovation and Creativity. However, with the foundation of the Ghetto in 1516, the majority of the Jewish people started to live in secluded quarters, locked up at night. Economy and society The 16th century was a period of vigorous economic expansion. Due to a plague killing about 50 000 people and a war occurring between the Turks, coins of emperor Louis the Pious were in use, but stamped with Venecia on the reverse[8] -, but Venetians preferred the coins of Verona, although a Venetian zecca (Arabian word for coin) is verifiable for the ninth century already. Despite political and societal opposition, women continued to aid in Venices development as contributing members of society. Salt trade Venetian merchants bought salt and acquired salt production from Egypt, Algeria, the Crimean peninsula, Sardinia, Ibiza, Crete, and Cyprus. The Rialto remains the core of Venetian commercial and mercantile activity. Classy courtesans The Venice International Film Festival, part of the Biennale, is held on the Lido every September. They know the goal is not to chase a fixed horizon but to understand when and how the horizon moves as they approach it. The republic of Venice was active in the production and trading of salt, salted products, and other products along trade routes established by the salt trade. Additionally, they nationalized the Galley fleet. A second way led to Trabzon further to the Persian Gulf to India, a third one from Tana at the mouth of the river Don to the Volga and the Caspian Sea to India. The Venetian victory over Genoa took place under the threat of Turkish advance in the East. The Venetians, natural entrepreneurs, began to find other markets, and the city became a significant exporter of agricultural products and developed new markets such as the glass industry. We and our partners use cookies to Store and/or access information on a device. For example, Florentine clothiers could export their cloth to Northern Europe and the Levant. Since the end of the 18th century, tourism has been at the heart of the Venetian economy. Further Turkish moves prompted Venice to defend its eastern territories, but in 1470 Euboea fell into Turkish hands. In the early 16th century the population of Venice was about 175 000 people. Venice Reconsidered: The History and Civilization of an Italian City-State, 12971797 ( Oxford, JHU Press, 2003). Venetian peace and neutrality meant defending the immediate interests of the nation but ceasing to take part in problems in which it was not directly concerned. The Serene Republic and its fleet of trading ships allowed Italian states to export their wares and products. The infrastructure is often close to collapse under the weight of literally millions of visitors every year, and residents have to deal with extremely high prices dictated by the tourist industry. Literate women could even be suspected of witchcraft since popular opinion endowed the written word with magic powers. Women were forced to suppress their individual needs and desires to their husbands, all in the name of rationality and civic decorum. Directing activities and intensification of local contacts were facilitated this way, too. It was very democratic for the time and its institutions and laws were by contemporary standards very equitable. This predominance formed the political frame together with the Latin Empire (120461), which allowed a massive expansion of trade. 2: The Venetian Money Market: Banks, Panics and the Public Debt, 12001500, Baltimore/London 1985 and 1997, Gino Luzzatto, I prestiti della Repubblica di Venezia (sec. The Rialto Bridge and surrounding streets remain crowded with market stalls. It was at first the most Western outpost of Byzantium. In fact, efforts to enlarge its conquests might be dangerous, and it was better to preserve, not to risk, its accumulated wealth. In addition the Venetians lost their main ports in Egypt and in 1291 also the most important Acre. Sign up for notifications from Insider! Murano remains the focus of present-day glass production, though the industry has declined considerably. The landscape of Venice is as much a product of its economic activities, past and present, as of its physical environment. From the paper: By the early fourteenth century, financial innovations included: the appearance of limited liability joint stock companies; thick markets for debt (especially bills of exchange); secondarymarkets for a wide variety of debt, equity and mortgage instruments; bankruptcy laws thatdistinguished illiquidity from insolvency; double-entry accounting methods; business education(including the use of algebra for currency conversions); deposit banking; and a reliable medium ofexchange (the Venetian ducat). By and by Venice lost its colonies and its monopoly for the trade in the Adriatic Sea. In addition the change rates between the currencies circulating within Venice and outside had to be adjusted adequately. Deeply mired in the Investiture Controversy he allowed Venetians to trade in his whole realm, but his subjects were not allowed to extend their trading activities over Venice. Most organizations would be happy to last for centuries, as the Venetian Republic did. Handels- und verkehrspolitische Beziehungen in der deutschen Kaiserzeit, Tbingen 1982, Freddy Thiriet, La Romanie vnitienne au Moyen Age. Le dveloppement et l'exploitation du domaine colonial vnitien (XIIXV sicles), Paris 1959, 2. The architectural history of Venice (Yale, Yale University Press, 2002). The Venetians were very independent-minded and often resisted Papal policies, even during the Counter-Reformation. Among the other great painters that lived and worked in the Republic were Tintoretto (15181594), and he helped to develop the Mannerist School which prefigured Baroque Art. Venice was a very wealthy city, with a strong merchant class that helped shape its culture. They formed the European Coal and Steel Community in 1951. The Venetian School because of the citys liberal atmosphere were able to paint nudes and also erotic paintings. The colleganzawas so innovative because they limited liability for each partnership and to the joint stock of the partners. But the larger part of trade was conducted by sea-vessels and not overland. Howard, Deborah, Sarah Quill, and Laura Moretti. [9] Emperor Leo V (813820) had already forbidden this trade,[10]. INDICE GENERALE, STORICO, DESCRITTIVO ED ANALITICO (PDF, 796 kB oder im HTML-Format), "International Trade and Institutional Change: Medieval Venice's Response to Globalization", "Jan de Vries. There was no broad decadence but a slow recidivism behind the expanding trade powers of the 18th century. The Venetians had to negotiate a state of neutrality with the Turks and find another economic base to compensate for the smaller yield now to be expected from trade with the East, so they turned to the Italian mainland, first to rid themselves of neighbouring lordships and then to defend and exploit the rich lands they had acquired.

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