Overview

In the twelfth-century, Pisa was a thriving metropolis, a powerhouse of global trade, and a city that stood at the centre of Mediaeval Europe. But Pisa had a problem. It was running out of coins. In the face of financial crisis, it was here that the foundations of modern banking were born. In Money and Promises, the distinguished financier, entrepreneur and historian Paolo Zannoni examines the fascinating, complex relationship between states and banks. He draws upon seven case studies: the republic of twelfth-century Pisa, seventeenth-century Venice, the infant years of the Bank of England, Imperial Spain, the Kingdom of Naples, the nascent USA during the American Revolution, and Bolshevik Russia in 1917–1921. Spanning a multitude of countries, political systems, and historical eras, Zannoni shows that at the heart of these institutions is an intricate exchange of debt and promises that allowed the modern world as we know it to take shape. Featuring fresh insights and innovative research, this authoritative yet extremely accessible book explores the vital relationship upon which all individual, financial, and political systems still depend.

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9781804542804

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Reviews

What is money? In this extensively researched and highly readable book, Paolo Zannoni answers this perennial question by analysing seven different historical episodes in which money and banks co-evolved. The theme throughout is the role of money as evidence of debt and the consequent role of the State in supporting monetary stability. This book will help every reader understand the monetary environment of today, and tomorrow. * Angela Redish, Professor of Economics at the University of British Columbia * This book distinguishes itself from other works on banking history by offering a deliberate, well-chosen journey through centuries and across various regions. It presents an insightful and thorough exploration, grounded in original research, of the unique and intricate relationship between banks and their respective states. The narrative is accessible and meticulously detailed, providing readers with a clear understanding of this pivotal aspect of financial history that is as relevant today as ever. * Dante Roscini *

What is money? In this extensively researched and highly readable book, Paolo Zannoni answers this perennial question by analysing seven different historical episodes in which money and banks co-evolved. The theme throughout is the role of money as evidence of debt and the consequent role of the State in supporting monetary stability. This book will help every reader understand the monetary environment of today, and tomorrow. * Angela Redish, Professor of Economics at the University of British Columbia *

Author Information

Paolo Zannoni is the Executive Chairman of the Board of Prada and International Advisor to the Executive Office of Goldman Sachs International. He is also a member of the Advisory Board of the Jackson Institute and the Center for International Finance at Yale University. With a distinguished and global financial career, his former positions include Partner of Goldman Sachs, President of Fiat USSR, and President of Fiat USA. Before venturing into the financial world, Zannoni studied at the universities of Bologna, Florence, and Yale. Money and Promises is his first book.

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