In the first place, her insular position rendered her almost impervious to attack, and she had therefore no occasion to keep on foot any army, and was able to throw all her strength on to the sea, where Genoa was her only formidable rival.

In the second place, her mercantile spirit, and her extensive trade with the East, brought in a steady influx of wealth, and her gold enabled her to purchase allies, to maintain lengthy struggles without faltering, and to emerge unscathed from wars which exhausted the resources, and crippled the powers, of her rivals.
The third source of her success lay in the spirit of her population.
Like Rome in her early days, she was never cast down by reverses.
Misfortune only nerved her to further exertions, and after each defeat she rose stronger than before.

But the cause which, more than all, contributed to give to Venice her ascendancy among the cities of Italy, was her form of government.

Democratic at first, as among all communities, it had gradually assumed the character of a close oligarchy, and although nominally ruled by a council containing a large number of members, her destinies were actually in the hands of the Doge, elected for life, and the Council of Ten, chosen from the great body of the council.

Thus she had from the first been free from those factions which were the bane of Genoa and Florence.