Power in Networks: The Medici*

Abstract

We use the Public Good (Power) Index and the Public Value to rank the marriages of business relations of 16 elite families in 15th century Florence – with a focus on the networks of the Medici and the taking of power by Cosimo de’ Medici. Theoretical analysis supports the outstanding position of the Medici family and explains much of its historical success. The paper offers material for the more general discussion of network rigidity versus social embeddedness, which concludes the paper.

Keywords: Medici, Cosimo de’ Medici, Machiavelli, marriage network, business network, marriage-business network, power index analysis, Public Good Index, and Public Value, network rigidity, social embeddedness

JEL Classification: D03, D63, D74, D91, G70