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Money and Promises

A History of the World in Seven Deals

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Money and Promises

By: Paolo Zannoni
Narrated by: Mark Elstob
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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.©2024 Paolo Zannoni (P)2024 Head of Zeus Banks & Banking Economic History Economics Money Banking Imperialism Italy Royalty Taxation Socialism Latin American Capitalism
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This is hands down the best book ever written on the theory and history of (bank) money. I haven’t read them all, of course, but it tops the ranks of David Graeber’s Debt, Perry Mehrling’s The New Lombard Street, Nik Bhatia’s Layered Money, Lyn Alden’s Broken Money, Niall Ferguson’s The Ascent of Money, and Felix Martin’s Money: The Unauthorised Biography—by far.

Deeply researched and beautifully written, with compelling storytelling and a clear recurring theme that binds it all together: the use of ledgers entries to record promises to pay and create bank money out of public debt for the benefit of the state.

This is one of those few books that I’ll reread many times and study for years to fully appreciate its beauty and try to understand how the author managed to write such a masterpiece.

And about the audiobook narration, what a delight! Perfect voice, intonation, cadence and rhythm for this topic, and so faithful to the author’s writing style. Worth getting the hardback as well though, for its high quality paper, colored pictures and elegant typography. A masterful production in every sense.

Best book on money and banking history ever written.

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