The Venetian government managed to increase and consolidate its growing trade hegemony in the Adriatic and the Mediterranean, thanks to a far-reaching network of skilled diplomats, thus ensuring that its ships could sail in peace and enjoy privileges in each harbour. Free movement of goods and an increase in the volume of trade and transactions finally forced the Zecca to increase the production of currency
, adding a multitude of copper coins to the duchy or “zecchino d’oro” (1284) .
All trade was governed by strict laws and measures passed by the public bodies responsible for the State’s economy. New laws allowed foreigners to settle in Venice in order to facilitate commercial transactions and encourage more substantial gains for Venetian merchants. Then came the first Fondachi , a place where foreigners could deposit their goods and lodge, plus the first commercial shipping lines, called “le fraterne”, as almost all family-run.
The current banking account was introduced and the technique of double entry bookkeeping refined, resulting in the creation of the first Banco della Piazza di Rialto in the 16th Century.
There was also an important novelty in the field of public finance: in addition to indirect taxes, duties, and mandatory loans by citizens to the State, direct taxes were added, including the so-called Decime. Another major source of revenue for the State treasury came from the first ever State-owned industry, the Arsenale , thanks to its shipbuilding activities and role as a shipping base. Almost all Venetian ships (merchant ships , war ships and passenger boats) were built in the Arsenale under the aegis of the State and then leased to those requesting them.
The transport of goods, especially precious cargo, was often guaranteed by escorted convoys, the mude, which were a regular shipping line. Increasing developments in the system guaranteed safety for traders and a consequent fall in the cost of maritime insurance (adopted in Venice in the 1400s onwards).
