How did medici family did not the renaissance?

The Medici family originally originate in a small village to the north of Florence. In the thirteenth century, the first Medici arrived in Florence. The family soon prospered in their new home. The early De Medici’s made their money in the wool trade. They used the profits that they made in the wool trade to diversify their business interests. Giovanni di Bicci de' Medici (c. 1360–1429), increased the wealth of the family and established the Medici Bank, and became one of the richest men in the city of Florence.[1] The Medici became involved in politics, and they were often involved with the popular party in Florence. In general, the Medici liked to influence politics from behind the scene and used their wealth and connections to achieve their goals. In 1434 Cosimo the Elder was elected as one of the leaders of the Florentine Republic, and although he was only one of several magistrates who ruled the city, he came to dominate it.[2]

Cosimo was a very effective leader and was a skilled negotiator, and he brought stability to the city and made it even wealthier. Before Cosimo, the city had been regularly disturbed and unsettled by political factions and influential families. Cosimo was succeeded by his son Piero who had little of the abilities of his father. He died while still quite young and was succeeded by his son Lorenzo, who is known to history as Lorenzo the Magnificent. He was an excellent ruler and brought peace and prosperity to Florence and its hinterland.

However, the De Medici business fortunes began to falter, and this ultimately weakened their hold on Florence. Lorenzo and the Medici survived a plot to kill them and seize power in 1474.[3] After Lorenzo died, his son became head of Florence but he was incompetent, and he provoked a popular uprising against the family, and this led to their expulsion from Florence from 1494-1512. The Family was restored to Florence in 1512, and they eventually became the Dukes of Florence. However, the glory days were gone, the later de Medici was not as powerful or as rich as their predecessors, and Florence became a political and cultural backwater.