"Italy" as in Genoa and Venice we're big players in Mediterranean sea trade from 1100 to about 1600. During that time they developed banking, private companies,

"Italy" as in Genoa and Venice we're big players in Mediterranean sea trade from 1100 to about 1600. During that time they developed banking, private companies, big amount of technology and took part in developing scientific method. Power shifts, Spanish empire got upper hand in Atlantic trade. But they could capitalize on already superior technology of Europe against their colonial vassals. So no such pressure for innovation.