Banks and Capitalists in Florence in the Decades after Unification

The paper examines some aspects of the Tuscan banking system, emphasising the duality between the private banking system and the issuing banks. It considers both the different methods of managing credit and investments, and the transformation of the banking sector which emerged in the aftermath of unification of Italy and the transfer of the capital to Florence. Marco Cini uses as a case study the Banca Nazionale Toscana, established shortly after unification (1857). He examines, on the one hand, the relationships with the important Tuscan landowners and the Florentine financial system, which came to be associated with forms of speculation, especially in the construction field, when the capital was moved to Florence. On the other hand, he explores the theme of monetary emission and relationships with the issuing banks and the new state power. Simone Fagioli examines the activities of two private banks, Banco Fenzi and Banco Schmitz & Turri, using previously unpublished archive material. During the early years of unification, the management of these banks was still closely intertwined with the local political system. Fagioli analyses both what could be termed their "pure" banking activities and the areas and models of investment in industrial sectors (metallurgy, textiles and mining).