Cosimo de’ Medici

The real founder of the business and political empire of the house of the Medici was Cosimo de'Medici, also known as Cosimo the Elder.

During Cosimo's management, the Medici bank became the largest banking house of its time. In the middle of the 15th century it included the Tavola in Florence, three branches in Italy (Pisa, Roma and Venice), four branches outside (Avignon, Bruges, Geneva and London), and three industrial establishments (two wool shops and one silk shop). With the possible exception of Pisa, all these branches were controlled and wholly or partly owned by the Medici bank.

The great financial power was in those days inseparably linked to political one. While Cosimo's father carefully avoided involvement in politics and forcibly performed duties of a prior and of a Gonfalonier of Justice in order to avoid conflicts with the ruling Florentine's powers, Cosimo was of a different opinion. He was very well aware of the fact that business people don't prosper without taking a share in the government.

At the beginning, he came under the ruling elite in Florence, which was led by the powerful family of the Albizzi, and was banished from Florence due to excuse “of having sought to elevate himself higher than others”. But, only after a year in exile he managed to return in triumph and eventually to establish the rule of the Medici family over the Florence which lasted also for his heirs.

Although the republican institutions were apparently intact, the effective and the real power were placed in Cosimo’s hands who controlled all aspects of public affairs during his lifetime. Perhaps his greatest achievement in the field of politics and diplomacy was maintenance of the famous General Council of the Greek Orthodox and Roman Catholic Churches in city of Florence in 1439 thanks to his close friendship with the Pope Eugenius IV. This event gave to him and Florence a great prestige in contemporary Europe.

As a great supporter of education, Cosimo recreated the famous Plato’s ancient academy in his villa of Carreggi. He also owned a library which that has been recognized as one of the most valuable in the world, and served as a model for the Vatican library in Rome. His agents all over the Europe and Near East were buying important books and manuscripts on his instructions, thus patiently creating one of the largest libraries of Renaissance which became known as the Biblioteca Laurenziana. It is estimated that Cosimo during his lifetime spent an extraordinary sum of approximately 600,000 gold florins supporting architecture, scholarly learning, and other arts.

Because of his great contribution to the Florentine Republic, he was proclaimed “Pater Patriae”, or the father of his country. Although he was surrounded by luxuries all his life, his last wish was to be buried simply as ordinary citizen.

At the time of Cosimo’s death, the business empire that he created was at the height of its power. This will change in the coming years.