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Second millennium

Margrave Hugo chose Florence as his residency instead of Lucca around 1000 AD. The Golden Age of Florentine art began around this time. In 1100, Florence was a " commune ", meaning a city-state. The city's primary resource was the Arno river, providing power and access for the industry (mainly textile industry), and access to the Mediterranean sea for international trade, helping the growth of an industrious merchant community. The Florentine merchant banking skills became recognised in Europe after they brought decisive financial innovation (e.g. bills of exchange, double-entry bookkeeping system) to medieval fairs. This period also saw the eclipse of Florence's formerly powerful rival Pisa. The growing power of the merchant elite culminated in an anti-aristocratic uprising, led by Giano della Bella, resulting in the Ordinances of Justice which entrenched the power of the elite guilds until the end of the Republic.