The Medici Family of Italy is probably something you’ve never heard of, unless you’re involved in high finance, politics, or the academic sides of each… but they’ve likely influenced your life more than you’ll ever know.
The Medici family rose to prominence during the 14th century in Florence, getting very wealthy off the textile and later, further gathering power in the Kingdom’s local governments. At the time, their seemingly unstoppable rise continued onward and upward, to the point where they founded the Medici Bank, the largest and most notable bank of the 15th Century of Italy.
Why is this so important? The Medici family not only produced FOUR Catholic popes (Popes Leo X, Clement VII, Pius IV and Leo XI) — but it also made massive contributions to accounting and finance methodology — including the advent of the dual-book accounting system and overall improvements of the general ledger. Many of these improvements are still used by public and management accountants even today!
Arguably, the Medici’s were the most wealthy family in Europe, and among the most powerful — effecting policy, religion and even banking methodology that’s still in use today. Next time you balance your checkbook, take a minute, and think about how the whole system of finance works, and where it came from… and look into it! You’d be surprised how the simple methods we use today to balance our sheets were revolutionary just a few hundred years ago…
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