The Bright History of Tobacco
BFOT – Radio
English - January 13, 2010 01:28 - ★★★★★ - 15 ratingsBusiness Comedy urbanhonking future tobacco media business art jokes comedy interviews portland Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
There are many species of tobacco, which are all encompassed by the plant genus Nicotiana. The word nicotiana (as well as nicotine) was named in honor of Jean Nicot, French ambassador to Portugal, who in 1559 sent it as a … Continue reading →
There are many species of tobacco, which are all encompassed by the plant genus Nicotiana. The word nicotiana (as well as nicotine) was named in honor of Jean Nicot, French ambassador to Portugal, who in 1559 sent it as a medicine to the court of Catherine de Medici.
The House of Medici was a political dynasty, banking family and later royal house who first began to gather prominence under Cosimo de’ Medici in the Republic of Florence during the late 14th century. The family originated in the Mugello region of the Tuscan countryside, gradually rising until they were able to found the Medici Bank. The bank was the largest in Europe during the 15th century, seeing the Medici gain political power in Florence.
The Medici Bank was one of the most prosperous and most respected institutions in Europe. There are some estimates that the Medici family were the wealthiest family in Europe for a period of time. From this base, they acquired political power initially in Florence and later in wider Italy and Europe. A notable contribution to the profession of accounting was the improvement of the general ledger system through the development of the double-entry bookkeeping system for tracking credits and debits. This system was first used by accountants working for the Medici family in Florence.
Double-entry bookkeeping has been considered a fundamental innovation and a cornerstone of Capitalism by such thinkers as Werner Sombart and Max Weber, Sombart writing in “Medieval and Modern Commercial Enterprise” that:
“The very concept of capital is derived from this way of looking at things; one can say that capital, as a category, did not exist before double-entry bookkeeping. Capital can be defined as that amount of wealth which is used in making profits and which enters into the accounts.”
(via Wikipedia)