An early capitalist: Jakob Fugger the Reich (1459-1525)[1, painted by Albrecht Dürer.
Capitalism derives from capital. You get the capital as a loan from the banks, to which you have to repay it with interest.
However, the first banks were only able to develop with us when the Christian interest rate ban was lifted at the end of the Middle Ages[2).
Bank[3 comes from the Italian word Banco or Banca.This meant the table of the money changer. In Europe, the first European banks flourished in the 13th century, when Florence became a trading power and the banking business there began to flourish. As original commodity wholesalers, commissioners or forwarders, the first bankers turned to banking through the credit and bill of exchange related to the commodity business. The families of bardi , Peruzzi and Medici played a leading role.Even today, we see the Italian language influence in numerous terms in banking. [4 An important invention was the so-called”double accounting” for commercial accounting. [5
Capitalism was thus invented – who would have thought it – in the medieval city-states of Italy such as Florence, Venice or Genoa.But other cities such as Bruges (where the first stock exchange[6) and the German Hanseatic cities were connected to the international trade network.Thus, the business-minded merchants increasingly emancipated themselves from the feudal nobility and clergy that had hitherto been leading the way. The sociologist Werner Sombart summarized the whole thing under the term “early capitalism”[7.
The picture “The Arnolfini Wedding” by Jan van Eyck was taken in 1434 in Bruges and shows us a rich Italian merchant with his bride.