Money and Promises: Seven Deals That Changed the World

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...