has rightly been considered a prime example of the fusion between political institutions and trade. Frederic Lane aptly defined the Venetian Senate, Venice's most important political-institutional body, as the Republic's "board of governors" 1 . The great historian meant to stress that the state institutions in certain aspects embodied the interests of the ruling class, which for the most part consisted of merchants -at least until the end of the fifteenth century -and also that these interests had shaped the Republic's system of government. Here we have distant echoes of a well-established image about Venice that was widespread throughout Europe. As Lewes Roberts, director of the Levant Company and the East India Company, stated in 1638, Venice, together with the cities of Tuscany, Holland and the Hanseatic League, were examples of states where "merchandizing is found to be the school from whence they gather their first principles, and indeed the chief foundation upon which their fabric of political government is raised, the scale by which their counsels are framed and the pillars by which the same is seen to be supported and maintained" 2 . Economic and institutional mechanisms,