Overview

In the twelfth-century, Pisa was a powerhouse of global trade, a city that stood at the centre of Medieval Europe. But Pisa had a problem. It was running out of coins. In the face of a looming financial crisis, the city’s rulers and its moneylenders forged a deal that laid the foundations of the modern state and of present-day banking. In Money and Promises, the distinguished banker and scholar Paolo Zannoni examines the extraordinary relationship between states and banks. He draws upon seven case studies: the republic of twelfth-century Pisa, seventeenth-century Venice, the early years of the Bank of England, Imperial Spain, the Kingdom of Naples, the nascent USA during the American Revolution, and Bolshevik Russia in 1917–21. Spanning a multitude of countries, political systems and historical eras, Zannoni shows that at the heart of our institutions lies an intricate exchange of debt and promises that has shaped the modern world. Featuring pioneering research and original insights, this authoritative yet accessible book explores the vital relationship upon which our financial and political systems still depend.

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9781804542804

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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 President of Prada Holding and 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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