Overview

Where did modern banking come from—and how does this history help us understand financial crises? In the twelfth century, Pisa was a thriving metropolis, a powerhouse of global trade, and a city that stood at the center of medieval Europe. But Pisa had a problem: Money came in the form of coins, and they were becoming scarce. In the face of this financial and monetary crisis, the foundations of modern banking were laid. In Money and Promises, the distinguished banker, executive, and historian Paolo Zannoni examines the complex relationship between states and banks that has changed the world. Drawing on in-depth archival research, he explores seven case studies: the republic of Pisa, seventeenth-century Venice, the early years of the Bank of England, imperial Spain, the Kingdom of Naples, the nascent United States during the American Revolution, and Bolshevik Russia in 1917 through 1923. Zannoni also tells the story of how the Continental Congress established the first public bank in North America, exploring the roles of Thomas Jefferson, Benjamin Franklin, and Alexander Hamilton. Spanning many countries, political systems, and historical eras, this book shows that at the heart of these institutions is an intricate exchange of debts and promises that shaped the modern world as we know it.

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9780231217132

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Reviews

"A most enjoyable journey through what is impressive research in the history of interactions between public and private debt. Paolo Zannoni, an experienced banker learned in political science, gives us a vivid account of how states interact with banks, and how this interaction, notwithstanding different social organizations, political systems and even historical times, always lies at the heart of a society and shapes its destiny. -- Mario Draghi, former Prime Minister of Italy and former President of the European Central Bank Paolo Zannoni unfolds the logic of money from medieval to modern times. Money and Promises is a deep, fascinating dive into the mechanisms of central banks and how nations depend on them . . . A masterful account of how money as we know it evolved from national debts and how this financial innovation empowered city-states and new nations. -- William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, Yale School of Management Through rich storytelling, Zannoni sheds new light on the complete interdependence of banks and states under the guise of debt issuance. The result is a thoroughly enjoyable and readable book about the 500-year history of worldwide banking. -- David J. Cowen, president and CEO, Museum of American Finance What is money? In this extensively researched and highly readable book, Paolo Zannoni answers this perennial question by analyzing seven different historical episodes in which money and banks coevolved. 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, University of British Columbia Few people are as qualified as Paolo Zannoni to write about the intersection of banking and politics. In this accessible but thoroughly researched book, he reveals seven pivotal moments in history that shaped our modern world. From Venetian lenders to Bolshevik bankers, these riveting stories will leave readers shocked by how old today's ""new"" ideas are. -- James Catherwood, founder, Investor Amnesia The importance of banks in the economy is frequently overlooked despite their critical role in the intricate fabric of capitalist societies. This complex interplay is highlighted by the significant impact of banking crises and governments' considerable efforts and resources dedicated to working with, regulating, and safeguarding these inherently fragile yet essential institutions. 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 multifaceted 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, MBA Class of 1952 Professor of Management Practice of Business Administration, Harvard Business School In his day job as Goldman Sachs Partner, Paolo used the tools of modern finance to transform companies and industries. But with his love of history and scholarly curiosity, he has researched the origins of some of these tools, which often were created to meet a specific opportunity or crisis in the long-forgotten past. His account of these situations, and the development of instruments that met the moment, is highly informative and readable. -- Lloyd Blankfein, senior partner, Goldman Sachs A ‘must-read’ book. * The Next Big Idea Club * An edifying examination of how debt has shaped banking throughout history. Admirers of David Graeber’s Debt will find this a worthy complement. * Publishers Weekly * Imagine if Indiana Jones were into banking—that would be Paolo Zannoni. I enjoyed [this] book. I learned a lot. I will also gift it. And if you are not into banking, buy it for the pictures. * Brian Langis, Eclectic Musings *"

"A most enjoyable journey through what is impressive research in the history of interactions between public and private debt. Paolo Zannoni, an experienced banker learned in political science, gives us a vivid account of how states interact with banks, and how this interaction, notwithstanding different social organizations, political systems and even historical times, always lies at the heart of a society and shapes its destiny. -- Mario Draghi, former Prime Minister of Italy and former President of the European Central Bank Paolo Zannoni unfolds the logic of money from medieval to modern times. Money and Promises is a deep, fascinating dive into the mechanisms of central banks and how nations depend on them . . . A masterful account of how money as we know it evolved from national debts and how this financial innovation empowered city-states and new nations. -- William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, Yale School of Management Through rich storytelling, Zannoni sheds new light on the complete interdependence of banks and states under the guise of debt issuance. The result is a thoroughly enjoyable and readable book about the 500-year history of worldwide banking. -- David J. Cowen, president and CEO, Museum of American Finance What is money? In this extensively researched and highly readable book, Paolo Zannoni answers this perennial question by analyzing seven different historical episodes in which money and banks coevolved. 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, University of British Columbia Few people are as qualified as Paolo Zannoni to write about the intersection of banking and politics. In this accessible but thoroughly researched book, he reveals seven pivotal moments in history that shaped our modern world. From Venetian lenders to Bolshevik bankers, these riveting stories will leave readers shocked by how old today's ""new"" ideas are. -- James Catherwood, founder, Investor Amnesia The importance of banks in the economy is frequently overlooked despite their critical role in the intricate fabric of capitalist societies. This complex interplay is highlighted by the significant impact of banking crises and governments' considerable efforts and resources dedicated to working with, regulating, and safeguarding these inherently fragile yet essential institutions. 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 multifaceted 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, MBA Class of 1952 Professor of Management Practice of Business Administration, Harvard Business School In his day job as Goldman Sachs Partner, Paolo used the tools of modern finance to transform companies and industries. But with his love of history and scholarly curiosity, he has researched the origins of some of these tools, which often were created to meet a specific opportunity or crisis in the long-forgotten past. His account of these situations, and the development of instruments that met the moment, is highly informative and readable. -- Lloyd Blankfein, senior partner, Goldman Sachs A ‘must-read’ book. * The Next Big Idea Club * An edifying examination of how debt has shaped banking throughout history. Admirers of David Graeber’s Debt will find this a worthy complement. * Publishers Weekly *"

"Few people are as qualified as Paolo Zannoni to write about the intersection of banking and politics. In this accessible but thoroughly researched book, he reveals seven pivotal moments in history that shaped our modern world. From Venetian lenders to Bolshevik bankers, these riveting stories will leave readers shocked by how old today's ""new"" ideas are. -- James Catherwood, founder, Investor Amnesia Through rich storytelling, Zannoni sheds new light on the complete interdependence of banks and states under the guise of debt issuance. The result is a thoroughly enjoyable and readable book about the 500-year history of worldwide banking. -- David J. Cowen, president and CEO, Museum of American Finance Paolo Zannoni unfolds the logic of money from medieval to modern times. Money and Promises is a deep, fascinating dive into the mechanisms of central banks and how nations depend on them . . . A masterful account of how money as we know it evolved from national debts, and how this financial innovation empowered city-states, and new nations. -- William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, Yale School of Management What is money? In this extensively researched and highly readable book, Paolo Zannoni answers this perennial question by analyzing 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, University of British Columbia"

"Paolo Zannoni unfolds the logic of money from medieval to modern times. Money and Promises is a deep, fascinating dive into the mechanisms of central banks and how nations depend on them . . . A masterful account of how money as we know it evolved from national debts and how this financial innovation empowered city-states and new nations. -- William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, Yale School of Management Through rich storytelling, Zannoni sheds new light on the complete interdependence of banks and states under the guise of debt issuance. The result is a thoroughly enjoyable and readable book about the 500-year history of worldwide banking. -- David J. Cowen, president and CEO, Museum of American Finance What is money? In this extensively researched and highly readable book, Paolo Zannoni answers this perennial question by analyzing seven different historical episodes in which money and banks coevolved. 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, University of British Columbia Few people are as qualified as Paolo Zannoni to write about the intersection of banking and politics. In this accessible but thoroughly researched book, he reveals seven pivotal moments in history that shaped our modern world. From Venetian lenders to Bolshevik bankers, these riveting stories will leave readers shocked by how old today's ""new"" ideas are. -- James Catherwood, founder, Investor Amnesia The importance of banks in the economy is frequently overlooked despite their critical role in the intricate fabric of capitalist societies. This complex interplay is highlighted by the significant impact of banking crises and governments' considerable efforts and resources dedicated to working with, regulating, and safeguarding these inherently fragile yet essential institutions. 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 multifaceted 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, MBA Class of 1952 Professor of Management Practice of Business Administration, Harvard Business School"

"A most enjoyable journey through what is impressive research in the history of interactions between public and private debt. Paolo Zannoni, an experienced banker learned in political science, gives us a vivid account of how states interact with banks, and how this interaction, notwithstanding different social organizations, political systems and even historical times, always lies at the heart of a society and shapes its destiny. -- Mario Draghi, former Prime Minister of Italy and former President of the European Central Bank Paolo Zannoni unfolds the logic of money from medieval to modern times. Money and Promises is a deep, fascinating dive into the mechanisms of central banks and how nations depend on them . . . A masterful account of how money as we know it evolved from national debts and how this financial innovation empowered city-states and new nations. -- William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, Yale School of Management Through rich storytelling, Zannoni sheds new light on the complete interdependence of banks and states under the guise of debt issuance. The result is a thoroughly enjoyable and readable book about the 500-year history of worldwide banking. -- David J. Cowen, president and CEO, Museum of American Finance What is money? In this extensively researched and highly readable book, Paolo Zannoni answers this perennial question by analyzing seven different historical episodes in which money and banks coevolved. 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, University of British Columbia Few people are as qualified as Paolo Zannoni to write about the intersection of banking and politics. In this accessible but thoroughly researched book, he reveals seven pivotal moments in history that shaped our modern world. From Venetian lenders to Bolshevik bankers, these riveting stories will leave readers shocked by how old today's ""new"" ideas are. -- James Catherwood, founder, Investor Amnesia The importance of banks in the economy is frequently overlooked despite their critical role in the intricate fabric of capitalist societies. This complex interplay is highlighted by the significant impact of banking crises and governments' considerable efforts and resources dedicated to working with, regulating, and safeguarding these inherently fragile yet essential institutions. 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 multifaceted 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, MBA Class of 1952 Professor of Management Practice of Business Administration, Harvard Business School In his day job as Goldman Sachs Partner, Paolo used the tools of modern finance to transform companies and industries. But with his love of history and scholarly curiosity, he has researched the origins of some of these tools, which often were created to meet a specific opportunity or crisis in the long-forgotten past. His account of these situations, and the development of instruments that met the moment, is highly informative and readable. -- Lloyd Blankfein, senior partner, Goldman Sachs"

Author Information

Paolo Zannoni is the executive deputy chairman of the Board of Prada, president of Prada Holding, 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. His former positions over a distinguished and global financial career include partner of Goldman Sachs, chairman of the board of Prysmian, president of Fiat USSR, and president of Fiat USA.

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