Venice - Economy

Economy

Venice's economy has changed throughout history. In the Middle-Ages and the Renaissance, Venice was a major centre for commerce and trade, as it controlled a vast sea-empire, and became an extremely wealthy European city, a leader in political and economic affairs and a centre for trade and commerce. From the 11th century until the 15th century pilgrimages to the Holy Land were offered in Venice. Other ports such as Genoa, Pisa, Marseille, Ancona and Dubrovnik were hardly able to make any competition to the well organized transportation of pilgrims from Venice. This all changed by the 17th century, when Venice's trade empire was taken over by other countries such as Portugal, and its naval importance was reduced. In the 18th century, then, it became a major agricultural and industrial exporter. The 18th century's biggest industrial complex was the Venice Arsenal, and the Italian Army still uses it today (even though some space has been used for major theatrical and cultural productions, and beautiful spaces for art). Today, Venice's economy is mainly based on tourism, shipbuilding (mainly done in the neighbouring cities of Mestre and Porto Marghera), services, trade and industrial exports. Murano glass production in Murano and lace production in Burano are also highly important to the economy.