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Imagine the areas of responsibility between the Western and Eastern Roman Emperor would have been drawn slightly differently. Imagine that the border North of the Mediterranean would run a bit further East, through Illyricum / modern Bosnia.
I guess the exact border does not matter. Only one thing is important: Venice is not part of Byzantium.
Most probably it will become of the Langobardian, later Italian kingdom.
How will the city develop? I suppose it will never get its special political structure ...
What are the effects outside? Will that hinder Italy's progress in arts and sciences?
Will it mean a more or less powerful Italy (if facing the Holy Roman Emperor)?
And will there be more agreement between the Northern Italian cities?