00:00 Venice, a city of merchants, was a center of trade, capitalism, and political power, and played a crucial role in the development of modern capitalism and government.

05:27 Venice's long-term success and stability can be attributed to the close alliance between the Venetian government and the city's commercial interests, with the state protecting and furthering those interests, resulting in a stable political system that benefited the upper crust of Venetian society.

10:16 Venice remained under Byzantine rule, with the Venetians claiming independence and maintaining an eastward orientation towards Byzantium, while gradually expanding their trade and influence in the Mediterranean.

15:18 The Venetians gradually expanded their trade and influence in the Mediterranean, establishing themselves as Venetians rather than just residents of their own little parish, and eventually gaining control over the Adriatic through expeditions, commercial treaties, and alliances with the Byzantine Empire.

20:20 When Pope Innocent III called for a new crusade in 1198, the Venetians agreed to provide ships to transport tens of thousands of soldiers and thousands of knights to the Holy Land, but when the crusaders couldn't pay what they owed, the Venetians refused to let them leave until they were paid.

25:39 The Venetians and the crusaders redirected their efforts from the Holy Land to Constantinople, where they successfully attacked the city and forced the emperor to flee, but their alliance with the young Alexius and his promises of money and military aid quickly fell apart.

30:42 The crusaders and Venetians launched a successful assault on Constantinople, taking control of the city and initiating a brutal sack, resulting in the Venetians gaining an overseas empire and a significant portion of the Byzantine Empire.

35:35 Venice transformed itself into a maritime empire by acquiring strategic points and establishing a network of naval bases and safe havens, allowing them to dominate trade in luxury goods from the east and prosper even after losing their privileged position in Constantinople.

40:28 Venice relies on imports of grain, fresh food, lumber, and ships from various regions, and its regular convoys to the east face threats from pirates and the fall of Acre, leading to rising costs and declining profits, while Genoa, although similar in its trading activities, has a more unstable political and social environment but manages to catch up with Venice in terms of expansion and trade with the Mongols and the Crusader states.

45:20 The conflict between Venice and Genoa escalates, with Venetian fleets defeating Genoese ones but suffering losses from independent Genoese pirates, leading to a war that ends with an unsatisfactory treaty, deepening the dislike between the two cities.

50:22 The increasing distinction between the elite and everyone else in Venice is reinforced as the state builds and leases out larger ships, leading to fewer adventurous merchants and a focus on known markets and stability, until the arrival of the Black Death in 1347 devastates the city's population and exacerbates tensions with Genoa, resulting in five years of warfare and a failed coup attempt.

55:22 In 1378, open war breaks out between Venice and Genoa, bringing enemies into the lagoon for the first time in centuries and testing Venice's survival.