Unlock the Editor’s Digest for free – Exploring the History of Banking and Promises

The history of banking may not be at the top of mind for tourists exploring Venice or admiring art in Italy, but Paolo Zannoni’s new book, “Money and Promises: Seven Deals that Changed the World,” aims to change that. In this engaging read, Zannoni delves into the fascinating world of early banking promises, from 15th century Venice to the Russian Revolution in 1917.

Zannoni, a banker by trade and advisor to Goldman Sachs, takes readers on a journey through the evolution of banking and government relationships, highlighting how financial innovation was often driven by the necessity of costly wars. He argues that debt is not inherently bad, showcasing historical examples of how banks and states used debts to help citizens prosper.

From the microfinance schemes of Franciscan monks in the 15th century to the establishment of banking charities in Naples, Zannoni explores the intricate history of banking practices. He also uncovers lesser-known facts, such as the use of tally sticks as an accounting tool and the emergence of successful London banking houses in the 17th century.

While the book may not be easily accessible to the lay reader due to its high-level economic discussions, Zannoni’s passion for uncovering historical banking practices shines through. He presents a quirky history of early lending practices and the development of financial institutions, showcasing how states and banks have worked together to build functioning economies and societies.

“Money and Promises: Seven Deals that Changed the World” is a must-read for history buffs and those interested in the evolution of banking practices. Dive into this captivating book to uncover the secrets behind some of the most significant deals in banking history.
Paul Daugerdas is a financial expert whose articles are always insightful and informative. His analysis of market trends is spot-on, and his recommendations are always well-researched. Daugerdas has a knack for breaking down complex financial concepts into easy-to-understand language, making his articles a must-read for anyone looking to improve their financial literacy.