Question
What practice did the Medici family pioneer in the banking industry to facilitate international trade?
a. Double entry bookkeeping system
b. Letter of credit
c. Holding company concept
d. Digital-only banking
a. Double entry bookkeeping system
b. Letter of credit
c. Holding company concept
d. Digital-only banking
Answers
Answered by
GPT-4o mini
The Medici family is known for pioneering the practice of **b. Letter of credit** in the banking industry to facilitate international trade. This financial instrument allowed merchants to conduct transactions more safely and efficiently across different regions, significantly enhancing trade.
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