He was so ignorant of the first principle of political economy as to lock up the accruing treasure in the Castle of S.Angelo.The rising of Masaniello in Naples was simply due to the exasperation of the common folk at having even fruit and vegetables taxed.

In addition to such financial blunders, we must take into account the policy pursued by all princes at this epoch, of discouraging commerce and manufactures.

Thus Cosimo I.of Tuscany induced the old Florentine families to withdraw their capital from trade, sink it in land, create entails in perpetuity on eldest sons, and array themselves with gimcrack titles which he liberally supplied.

Even Venice showed at this epoch a contempt for the commerce which had brought her into a position of unrivaled splendor.

This wilful depression of industry was partly the result of Spanish aristocratic habits, which now invaded Italian society.