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 *
