73415 - Financial History

Course Unit Page

  • Teacher Massimo Fornasari

  • Learning modules Massimo Fornasari (Modulo 1)
    Mauro Carboni (Modulo 2)

  • Credits 6

  • SSD SECS-P/12

  • Teaching Mode Traditional lectures (Modulo 1)
    Traditional lectures (Modulo 2)

  • Language Italian

  • Campus of Forli

  • Degree Programme Second cycle degree programme (LM) in Economics and Commerce (cod. 0905)

  • Course Timetable from Apr 20, 2023 to May 30, 2023

    Course Timetable from Apr 20, 2023 to May 25, 2023


This teaching activity contributes to the achievement of the Sustainable Development Goals of the UN 2030 Agenda.

Quality education Decent work and economic growth Responsible consumption and production

Academic Year 2022/2023

Learning outcomes

This course is designed to provide students with an understanding of the evolution of both financial techniques and financial systems in a broad historical perspective. Topics will include institutional innovations, formation of financial markets, interplay of financial development and economic growth. Special consideration will be devoted to the complex relationship of public and private finance in shaping modern financial system.

At the end of the course students will be able to:

- place in historical perspective the main themes in financial theory;

- understand the working of State finance;

- identify key links connecting finance and economic development;

- understand the origin of modern financial system.

Course contents

Part I - Private finance from pre-industrial Europe to the modern world (Prof. Massimo Fornasari)

1. Europe, Commercial Revolution and Finance (XIII-XV centuries)

2. Finance and territorial states (XVI-XVIII centuries)

3. Financing British Industrial Revolution

4. The Second Industrial Revolution and the role of modern financial systems: from the mid-nineteenth century to the crisis of 1929

5. Regulation and Deregulation from the Thirties to the Present Day

Part 2 - Public finance from city-states to the Welfare State (prof. Mauro Carboni)

1. At the origins of modern public finance

2. From the "minimum" State to the Welfare State


M. Fornasari, La banca, la borsa, lo Stato. Una storia della finanza (secoli XIII-XXI), Torino, Giappichelli 2017.

M. Carboni, Stato e finanza pubblica in Europa dal medioevo a oggi, Torino, Giappichelli 2008

It is also strongly recommended to study the slides projected in class, and downloadable from Virtual.it; the slides will provide a useful guide to reconstructing the history of public and private finance.

Teaching methods

Lectures and special topic seminars

Class attendance is strongly recommended; it will result in a "bonus" on the exam.

Assessment methods

As of today, the exam is expected to take place online on the EOL platform. The exam consists of 24 quizzes (16 related to the I module and 8 related to the II module) with a choice between 4 answers, and 2 essays "componimenti" (one per module) which will be given up to 5 points each: the maximum total score is 34 points.

Regarding the evaluation of the exam, the following correspondence between descriptors and marks in thirtieths is reported

- <18 insufficient

- 18-23 sufficient

- 24-27 good

- 28-30 excellent

- 30 e lode excellent

Teaching tools

Projection of slides, which follow the reconstruction of the history of finance on the long term

Office hours

See the website of Massimo Fornasari

See the website of Mauro Carboni