This paper examines the transformation of Venetian commerce across the twelfth century, arguing that the strategies of Venetian merchants are best described using two distinct models. One was locally integrated and geographically decentralized, typical of merchants who settled abroad and became part of local societies, sometimes retaining few clear links to Venice. The other was far more centralized, characterized by short-term, profit-focused ventures originating in Venice that precluded deep entanglements in foreign economies. Both models were facilitated by the unstructured nature of Venetian overseas administration, which accommodated a degree of autonomy for expatriates while providing the infrastructure necessary for transient commerce. The decline of the integrated model began with the imperial sanctions of 1171 and culminated with the Fourth Crusade (1202–1204), after which the centralized model came to dominate. The subsequent importance of the “sedentary merchant” in Venetian trade was shaped as much by political as by economic factors.
