Description
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.
Based on ground-breaking archival research, Money and Promises examines the creative, tense relationship between states and banks that has shaped the modern world.
About the Author
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.
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 *
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 Chairman at Goldman Sachs *
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, Professor of Business, Government and the International Economy, Harvard Business School *
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 *
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 of 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 of 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 *
Book Information
ISBN 9781804542804
Author Paolo Zannoni
Format Hardback
Page Count 304
Imprint Apollo
Publisher Bloomsbury Publishing PLC
Based on ground-breaking archival research, Money and Promises examines the creative, tense relationship between states and banks that has shaped the modern world.
About the Author
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.
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 *
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 Chairman at Goldman Sachs *
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, Professor of Business, Government and the International Economy, Harvard Business School *
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 *
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 of 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 of 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 *
Book Information
ISBN 9781804542804
Author Paolo Zannoni
Format Hardback
Page Count 304
Imprint Apollo
Publisher Bloomsbury Publishing PLC
