ITALY
During the Early Middle Ages, Italy suffered sociopolitical collapse amid calamitous barbarian invasions, but by the 11th century, numerous rival city-states and maritime republics, mainly in the northern and central regions of Italy, rose to great prosperity through shipping, commerce and banking, laying down the groundwork for modern capitalism.[13] These mostly independent statelets, acting as Europe's main spice trade hubs with Asia and the Near East, often enjoyed a greater degree of democracy and wealth in comparison to the larger feudal monarchies that were consolidating throughout Europe at the time, though much of central Italy remained under the control of the theocratic Papal States, while Southern Italy remained largely feudal until the 19th century, partially as a result of a succession of Byzantine, Arab, Norman, Angevin and Spanish conquests of the region The Renaissance began in Italy and spread to the rest of Europe, bringing a renewed interest in humanism, science, exploration and art. Italian culture flourished at this time, producing famous scholars, artists and polymaths such as Leonardo da Vinci, Galileo, Michelangelo and Machiavelli. Italian explorers such as Marco Polo, Christopher Columbus, Amerigo Vespucci and Giovanni da Verrazzano discovered new routes to the Far East and the New World, helping to usher in the European Age of Discovery. Nevertheless, Italy's commercial and political power significantly waned with the opening of the Atlantic trade route and the route to the Indian Ocean via the Cape of Good Hope, both of which bypassed the Mediterranean.[14][15][16] Furthermore, the Italian city-states constantly engaged one another in bloody warfare, culminating in the Italian Wars of the 15th and 16th centuries that left them exhausted, with no one emerging as a dominant power. The weakened Italian sovereigns soon fell victim to conquest by European powers such as France, Spain and Austria. Today Italy has the third largest nominal GDP in the Eurozone and the eighth largest in the world. As an advanced economy the country also has the sixth worldwide national wealth and it is ranked third for its central bank gold reserve. Italy has a very high level of human development and it is sixth in the world for life expectancy. The country plays a prominent role in regional and global economic, military, cultural and diplomatic affairs, and it is both a regional power[23][24] and a great power.[25][26] Italy is a founding and leading member of the European Union and the member of numerous international institutions, including the UN, NATO, the OECD, the OSCE, the WTO, the G7, G20, the Union for the Mediterranean, the Council of Europe, Uniting for Consensus and many more. As a reflection of its cultural wealth, Italy is home to 53 World Heritage Sites, the most in the world, and is the fifth most visited country.