I have complained about it before but I heard on of the guests from guerrilla history on the deprogram make this argument and it made me want to gouge my eyes out. This kind of trans historical argumentation is both stupid and unmarxist, just stop! Sorry I felt the need to vent.
These states were not imperialist and they weren't settler colonies. This framing doesn't make any fucking sense when transfered to a medieval context. Like the best you could say is that the Italian city states represented an early firm of merchant capital, but even then that is an incredibly complex phenomenon that has only a tenuous connection to modern capitalism. Calling these city states early capitalism is just a fancy way of saying "lol u hate capitalism yet you exchange good or service! Curious!"
Seriously just stop. I don't know why this set me off but it was like a week ago and I am still mad about it.
A lot of people are smug in these replies about presentism, but the thing is that an analysis of the crusades as a such a project is the newtonian physics of history. It gets you to the right conclusion in 99% of cases even if it isn't technically accurate.