Siena was established as a Roman colony by Augustus, and for a brief period in the twelfth and thirteenth centuries, was a major European city.
During this time, it controlled most of the southern Tuscany and its wool industry, dominated the trade routes between France and Rome, and maintained Italy’s richest pre-Medici banks. This era climaxed with the defeat of a far superior Florentine army at Montaperti in 1260. Although the result was reversed permanently nine years later, Siena embarked on an unrivalled urban development under its mercantile governors, the Council of Nine.
The Black Death reached Siena in May 1348, halting this prosperity, and by October, two thirds of the city’s inhabitants had perished. To this day, the city has never fully recovered, and in the immediate aftermath, the politics of the city descended into chaos. In 1557 Philip II gave up Siena to Cosimo de’ Medici in lieu of war services, and it became part of Cosimo’s Grand Duchy of Tuscany. The lack of subsequent development explains Siena’s astonishing state of preservation: little was built and still less demolished.
Since World War II, Siena has again become prosperous, thanks partly to tourism and partly to the resurgence of the Monte dei Paschi di Siena. This bank, founded in Siena in 1472 and currently the city’s largest employer, is a major player in Italian finance. It today sponsors much of Siena’s cultural life, coexisting, apparently easily, with one of Italy’s strongest left-wing councils.