Their medieval economy was based on agriculture, and virtually all intellectual pursuit was governed by the Church's teachings. During the years we now call "Renaissance," commerce and capitalism began to change the economy.
In many if not most parts of Italy, sure. But we've got the "thalassocracies", the Repubbliche Marinare
("Maritime Republics") and here especially Amalfi, Venice, Genua and Pisa
(These, and the some dozen smaller as well, were all city states living on commerce, with the merchant class as main power.) Time period would be 10th until 13th [perhaps even early 14th] century.
But generally, I agree of course with your above!