Money and the Recovery of Renaissance Florence Essays

Supply and demand for goods play a critical role throughout world economies. nbsp;They are perhaps the primary building blocks of any economy. nbsp;Several hundred years ago, supply and demand were no less important, and were particularly instrumental in the economic recovery of Florence during the fifteenth and sixteenth centuries. nbsp;The ability of a group of notable people to provide the supply of goods in response to demand in Florence provided the foundation for the flourishing of art, commerce, and living standards. nbsp;In their own ways, both Michelangelo and the Medici family contributed to the economic recovery and development of Italy. nbsp;While Michelangelo may have represented only one of a slew of notable artists†¦show more content†¦nbsp;2 - 67). nbsp; Let us first look at why there was so much money, all of a sudden, so long after the Black Death. nbsp;In the 1300s and 1400s most of the excessive wealth and money from the reduced populations went into territorial expansion as well as toward military costs. nbsp;These helped Florence become a thriving city, well-positioned to grow. nbsp;Then, in the mid to late 1400s, some political order was restored, taxes were cut, and the military expansion was halted. nbsp;All of the money which had been going to the military could now be spent on the economy. nbsp;Since taxes were cut significantly, people had a lot more disposable income (Goldthwaite, The Building... 1 - 44). nbsp;Disposable income is defined as all of the money after taxes that can be either spent or saved by the people. nbsp;All of this excess money could therefore be spent on extra consumer goods and public works (Baumol and Blinder 592). nbsp;It was at this time that beautiful buildings began to spring up throughout Flor ence. nbsp;The Medici family sponsored the architectural design and construction of many elaborate buildings and churches, many of which still exist today. nbsp;They were among a small number of people who actually had enough money to spend on these very expensive extra goods. nbsp; The distribution of wealth in Florentine then was very different from the distribution of income in the United States today. nbsp;In 1992, the top 5% ofShow MoreRelatedRecovery And Rebirth : The Age Of The Renaissance1414 Words   |  6 PagesChapter 12 Outline Recovery and Rebirth: The Age of the Renaissance Meaning and Characteristics of the Renaissance **Italian Renaissance primarily of the wealthy upper class of elite rather than mass movement** Urban Society Renaissance Italy a result of its commercial preeminence and political evolution, northern Italy (mid-14th century) was mostly a land of independent cities that dominated the country districts surrounding. the city-states were the centers of Italian political, economic, andRead MoreThe Renissance was a Cultural Movement of Humanism718 Words   |  3 PagesThe Renaissance was a cultural movement that spanned the period roughly from the 14th to 17th century, beginning in Italy in the Late Middle Ages and later spreading to the rest of Europe. 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