Credit and banking was originally started by a family called the Medici family to help them within their company about controlling their money and keeping track of it. It was started at the beginning of the 14th century, which also was around the time of the start of the Italian Renaissance. Along with credit and banking came many other innovations like double-entry bookkeeping, bills of exchange, and letters of credit. These innovations were greatly used and spread further out into other places as time progressed. This invention started the globalization of trade as well, which helped spread many things between countries all around the world. These innovations all together were a great help to the time period and are still used today by everyone everyday, though they seem to have lost popularity since the Italian Renaissance.

The globalization of trade occurred due to the fact that banking was getting bigger due to the inventions of the bills of exchange, letters of credit, and double-entry bookkeeping. Money was starting to circulate more, meaning expansions within the cities of Italy could be made. Trading routes were a top priority due to the fact it could provide Italy with more sources. With this expansion occurring, trade started to become more popular, causing it to spread further out in the continent. This spread allowed countries to obtain more religions, ideas, and resources.