The Closing of the Great Council was the pivotal moment in the history of the Venetian Republic,
transforming it into a closed oligarchy of rich merchant princes.
Venice arose as the product of two fundamentally antagonistic groups, the refugee Roman nobility and the simple fishermen of the lagoon. Between them, Venice was forged. But by the twelfth century a new group came into play: merchant seamen who had grown fabulously wealthy on the Mediterranean trade routes. These new patricians were not primarily from the “old houses,” who traced their roots to the Roman past. Desperate to hold onto their political power, the “old houses” allied themselves with the people, the Popular Assembly (Arengo) in opposition to the political program of the merchant princes.