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Gresham's Law: The Life and World of Queen Elizabeth I's Banker
Thomas Gresham was arguably the first true wizard of global finance. He rose through the mercantile worlds of London and Antwerp to become the hidden power behind three out of the five Tudor monarchs. Today his name is remembered in economic doctrines, in the institutions he founded and in the City of London's position at the economic centre of the earth. Without Gresham, England truly might have become a vassal state. His manoeuvring released Elizabeth from a crushing burden of debt and allowed for vital military preparations during the wars of religion that set Europe ablaze. Yet his deepest loyalties have remained enigmatic, until now. Drawing on vast new research and several startling discoveries, the great Tudor historian John Guy recreates Gresham's life and singular personality with astonishing intimacy. He reveals a calculating survivor, flexible enough to do business with merchants and potentates no matter their religious or ideological convictions. Yet his personal relationships were disturbingly transactional. He was a figure of cold unsentimentality even to members of his own family. Elizabeth I found herself at odds with Gresham's ambitions. In their collisions and wary accommodations, we see our own conflicts between national sovereignty and global capital foreshadowed. A story of adventure and jeopardy, greed and cunning, loyalties divided, mistaken or betrayed, this is a biography fit for a merchant prince.
446 pages, Kindle Edition
First published January 1, 2019
17 people are currently reading
166 people want to read
About the author
John Guy
165 books257 followersJohn Guy is recognised as one of Britain's most exciting and scholarly historians, bringing the past to life with the written word and on the broadcast media with accomplished ease. He's a very modern face of history.
His ability for first class story-telling and books that read as thrillingly as a detective story makes John Guy a Chandleresque writer of the history world. Guy hunts down facts with forensic skill, he doesn't just recite historical moments as they stand; he brings names and faces to life in all their human achievements and weaknesses. He looks for the killer clues so we can see how history unfolded. Like a detective on the trail of a crime, he teases out what makes his subjects tick. With his intimate knowledge of the archives, his speciality is uncovering completely fresh lines of enquiry. He's never content to repeat what we already know but rather, he goes that extra step to solve history's riddles. He takes you on a journey to the heart of the matter. Forget notions of musty academics, when Guy takes hold of history the case he states is always utterly compelling. Whether it's Thomas More or Mary Queen of Scots, Guy makes these people so real you suddenly realize you are hearing them speak to you. You enter into their world. You feel you can almost reach out and touch them.
Born in Australia in 1949, John Guy grew up in England and by the age of 16 he knew he wanted to be a historian. In 2001 he made an accomplished debut as a presenter for the television programme Timewatch, on the life of Thomas More. Today he's turning history books on their head as he wins universal praise and the 2004 Whitbread Prize for biography for his thrilling account of the life of Mary Queen of Scots.
As well as presenting five documentaries for BBC 2 television, including the Timewatch film The King's Servant and the four-part Renaissance Secrets (Series 2), he has contributed to Meet the Ancestors (BBC 2), and to Channel 4's Time Team and Royal Deaths and Diseases. Wolsey's Lost Palace of Hampton Court was a short-listed finalist for the 2002 Channel 4 television awards.
John Guy also appears regularly on BBC Radio 2, Radio 3, Radio 4, BBC World Service and BBC Scotland. In print he currently writes or reviews for The Sunday Times, The Guardian, The Economist, the Times Literary Supplement, BBC History Magazine and History Today.
His broadcast and journalism experience builds upon his impeccable CV as an academic and author.
Having read History under the supervision of Professor Sir Geoffrey Elton, the pre-eminent Tudor scholar of the late-twentieth century, John Guy took a First and became a Research Fellow of Selwyn College in 1970. Awarded a Greene Cup by Clare College in 1970, he completed his PhD on Cardinal Wolsey in 1973 and won the Yorke Prize of the University of Cambridge in 1976.
John Guy has lectured extensively on Early Modern British History and Renaissance Political Thought in both Britain and the United States. He has published 16 books and numerous academic articles.
John Guy lives in North London. He is a Fellow of Clare College, University of Cambridge, where he teaches part-time so he can devote more time to his writing and broadcasting career.
His ability for first class story-telling and books that read as thrillingly as a detective story makes John Guy a Chandleresque writer of the history world. Guy hunts down facts with forensic skill, he doesn't just recite historical moments as they stand; he brings names and faces to life in all their human achievements and weaknesses. He looks for the killer clues so we can see how history unfolded. Like a detective on the trail of a crime, he teases out what makes his subjects tick. With his intimate knowledge of the archives, his speciality is uncovering completely fresh lines of enquiry. He's never content to repeat what we already know but rather, he goes that extra step to solve history's riddles. He takes you on a journey to the heart of the matter. Forget notions of musty academics, when Guy takes hold of history the case he states is always utterly compelling. Whether it's Thomas More or Mary Queen of Scots, Guy makes these people so real you suddenly realize you are hearing them speak to you. You enter into their world. You feel you can almost reach out and touch them.
Born in Australia in 1949, John Guy grew up in England and by the age of 16 he knew he wanted to be a historian. In 2001 he made an accomplished debut as a presenter for the television programme Timewatch, on the life of Thomas More. Today he's turning history books on their head as he wins universal praise and the 2004 Whitbread Prize for biography for his thrilling account of the life of Mary Queen of Scots.
As well as presenting five documentaries for BBC 2 television, including the Timewatch film The King's Servant and the four-part Renaissance Secrets (Series 2), he has contributed to Meet the Ancestors (BBC 2), and to Channel 4's Time Team and Royal Deaths and Diseases. Wolsey's Lost Palace of Hampton Court was a short-listed finalist for the 2002 Channel 4 television awards.
John Guy also appears regularly on BBC Radio 2, Radio 3, Radio 4, BBC World Service and BBC Scotland. In print he currently writes or reviews for The Sunday Times, The Guardian, The Economist, the Times Literary Supplement, BBC History Magazine and History Today.
His broadcast and journalism experience builds upon his impeccable CV as an academic and author.
Having read History under the supervision of Professor Sir Geoffrey Elton, the pre-eminent Tudor scholar of the late-twentieth century, John Guy took a First and became a Research Fellow of Selwyn College in 1970. Awarded a Greene Cup by Clare College in 1970, he completed his PhD on Cardinal Wolsey in 1973 and won the Yorke Prize of the University of Cambridge in 1976.
John Guy has lectured extensively on Early Modern British History and Renaissance Political Thought in both Britain and the United States. He has published 16 books and numerous academic articles.
John Guy lives in North London. He is a Fellow of Clare College, University of Cambridge, where he teaches part-time so he can devote more time to his writing and broadcasting career.
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Displaying 1 - 12 of 12 reviews
April 19, 2020
The subject matter is conceivably quite interesting as Thomas Gresham did live and work at, in John Guy's words, "the crossroads of the old world of saints, relics and miracles and the new world of trade, markets and consumerism." Unfortunately, the book falls short in exploring this nuance of historical development. In fact, John Guy only refutes Gresham's Law (reputed his "law") in the third to last paragraph of the whole book.
It bothers me to criticize anyone's extensive effort, such as John Guy's, when I couldn't myself do a better job but I found the book tedious and I can't recommend it to anyone interested in Elizabethan times, or more importantly, anyone interested in the development of the markets for currency exchange, or the markets for "sovereign" debt. The interest in Thomas Gresham's life, independent of these historical inquires, does not justify a 249 page reading.
But to John Guy, I say thank you for the effort, and I apologize for not being more enthusiastic.
It bothers me to criticize anyone's extensive effort, such as John Guy's, when I couldn't myself do a better job but I found the book tedious and I can't recommend it to anyone interested in Elizabethan times, or more importantly, anyone interested in the development of the markets for currency exchange, or the markets for "sovereign" debt. The interest in Thomas Gresham's life, independent of these historical inquires, does not justify a 249 page reading.
But to John Guy, I say thank you for the effort, and I apologize for not being more enthusiastic.
July 18, 2019
A magnificent tribute to archival industry and the historian's craft, "Gresham's Law" is a gripping biography of one of the founding fathers of British capitalism, a repellant yet fascinating man who served the Tudor monarchy. Thomas Gresham deluded himself into believing that he enjoyed the favour of his queen, Elizabeth I, but privately she seems to have regarded him as an unfortunate necessity. Elizabeth's assessment of Gresham seems to have been sound and John Guy, utilising hundreds of previously unpublished documents, has chronicled the unpleasant Gresham's remarkable life and era in compelling detail. I loved this book and detested its subject.
Those interested in economic history, the Tudor era, the history of London, the government of Elizabeth I, the world of merchants and the Habsburg territories in Antwerp and Northern Europe will find much of interest in "Gresham's Law." It's been a long time since a biography of a financier has caught my interest.
Those interested in economic history, the Tudor era, the history of London, the government of Elizabeth I, the world of merchants and the Habsburg territories in Antwerp and Northern Europe will find much of interest in "Gresham's Law." It's been a long time since a biography of a financier has caught my interest.
August 28, 2020
Richard Gresham is known today for establishing the economic dictum that "bad money drives out good." Researchers say the idea predated him by centuries, but economist gave him the credit, and it stuck. His involvement with the monetary conflict came through his effort to restore the strength of the English pound sterling in the later Sixteenth Century. King Henry VIII had sequentially reduced the amount of gold or silver in the state coinage, but retained the face value of the coins. As a result, people would hoard the coins with the highest precious metal content and circulate the diluted coins. Gresham's ability to influence the restoration came from his position in the treasury of three of Henry's offspring, Edward VI, Mary, and Elizabeth I when they took the throne. Under Mary and Elizabeth I he was the banker for Crown.
This detailed biography of Gresham reveals him to be a financial wizard, easily calculating the interplay between different currencies, interest rates, and sources of loans for merchants and for sovereigns. Gresham was captivated by the game as practiced in the bourse in Antwerp. There he first functioned as a merchant but became a key player in government financial dealings.
His talent allowed him to salvage the financial standing of England by making the coins of fair value once again, eliminate the need for foreign borrowings, and shift the locus for financing to the merchant class in England. The latter loans were not always voluntary, although they were profitable for the businessmen.
As author John Guy notes, most of the strategies and devices Gresham concocted involved a bit of profit for himself. He writes, Gresham's operations for "obtaining loans or making profits on the exchange markets reeked of the innovative power of skullduggery." His life was a constant quest for wealth. To attain it he financially abused family, friends, traders, the government, and others. Guy provides numerous examples of these dealings.
Unfortunately, the telling of Gresham's life story becomes repetitive as he closes one deal after another, often finds himself at risk financially, but trades on. For the exciting time in which he operated, this story becomes rather lackluster. The publisher's blurb headlines, "Banker, Gaoler, Smuggler, Spy." Indeed, Gresham plays each of these roles in the book, but the telling more often reads as an audit report than as an adventure.
Guy does deserve credit for the breadth of his research through many sources. His purpose was to prepare a biography for the 500th anniversary of Gresham's 1519 birth. Gresham College in London, established through a provision of the man's will, requested the research. One wonders how the final product, warts and all, was received.
Readers with an interest in the time and place, or in banking and finance, will doubtless find the book rewarding. General readers, such as I, hooked by the headline blurb, may find the rewards less valuable to them.
This detailed biography of Gresham reveals him to be a financial wizard, easily calculating the interplay between different currencies, interest rates, and sources of loans for merchants and for sovereigns. Gresham was captivated by the game as practiced in the bourse in Antwerp. There he first functioned as a merchant but became a key player in government financial dealings.
His talent allowed him to salvage the financial standing of England by making the coins of fair value once again, eliminate the need for foreign borrowings, and shift the locus for financing to the merchant class in England. The latter loans were not always voluntary, although they were profitable for the businessmen.
As author John Guy notes, most of the strategies and devices Gresham concocted involved a bit of profit for himself. He writes, Gresham's operations for "obtaining loans or making profits on the exchange markets reeked of the innovative power of skullduggery." His life was a constant quest for wealth. To attain it he financially abused family, friends, traders, the government, and others. Guy provides numerous examples of these dealings.
Unfortunately, the telling of Gresham's life story becomes repetitive as he closes one deal after another, often finds himself at risk financially, but trades on. For the exciting time in which he operated, this story becomes rather lackluster. The publisher's blurb headlines, "Banker, Gaoler, Smuggler, Spy." Indeed, Gresham plays each of these roles in the book, but the telling more often reads as an audit report than as an adventure.
Guy does deserve credit for the breadth of his research through many sources. His purpose was to prepare a biography for the 500th anniversary of Gresham's 1519 birth. Gresham College in London, established through a provision of the man's will, requested the research. One wonders how the final product, warts and all, was received.
Readers with an interest in the time and place, or in banking and finance, will doubtless find the book rewarding. General readers, such as I, hooked by the headline blurb, may find the rewards less valuable to them.
August 19, 2021
It took me a while to get through this book as I had originally started reading it in hopes of learning more about the economic principle "Gresham's Law," which is an actual thing. When I realized that the book was just a biography, I set it aside for some time, but the book is well-written and well-researched, so I returned to it this week and finished it.
I recommend this book for people with a serious and deep interest in the history of Tudor England. Although the book is subtitled "The Life and World of Elizabeth I's Banker," Thomas Gresham was in fact a banker to four Tudor monarchs: Henry VIII, Edward VI, Mary I, and Elizabeth I. As a result, Gresham's biography is a revealing look at how Europe's economy functioned in the Tudor Age.
I recommend this book for people with a serious and deep interest in the history of Tudor England. Although the book is subtitled "The Life and World of Elizabeth I's Banker," Thomas Gresham was in fact a banker to four Tudor monarchs: Henry VIII, Edward VI, Mary I, and Elizabeth I. As a result, Gresham's biography is a revealing look at how Europe's economy functioned in the Tudor Age.
February 26, 2020
Fascinating
This is a fascinating insight into to the realities of moving millions of pounds in coin across hostile frontiers (and seas) in the 16th century, and the shifts Gresham had to go to to maintain his merchant-princely lifestyle, mainly as a not too scrupulous banker to the various monarchs he served.
His (not very likeable) character is well resurrected from his accounts, wills and daybooks (an amazing achievement).
The end of the book - about his later variable reputation, his Royal Exchange and Gresham College legacies - has its own interests but seems tacked on.
Indeed some of the main life story is a bit ramshackle at times, but it’s always fascinating.
This is a fascinating insight into to the realities of moving millions of pounds in coin across hostile frontiers (and seas) in the 16th century, and the shifts Gresham had to go to to maintain his merchant-princely lifestyle, mainly as a not too scrupulous banker to the various monarchs he served.
His (not very likeable) character is well resurrected from his accounts, wills and daybooks (an amazing achievement).
The end of the book - about his later variable reputation, his Royal Exchange and Gresham College legacies - has its own interests but seems tacked on.
Indeed some of the main life story is a bit ramshackle at times, but it’s always fascinating.
March 25, 2020
I read this as Thomas Gresham is a very distant relative so I was looking for some perspectives other than family tales, and boy did I get them.
This is (for me at least) and engrossing story of an incredibly driven man who’s achievements live on today in an economics law and a private college. The detail of Elizabethan life is fascinating and you get a real insight into the power-broking and political intrigue of the time.
Really pleased to have read this and although it is an enjoyable tale, I am less enamored with him as a person.
A good slice of history well served up.
This is (for me at least) and engrossing story of an incredibly driven man who’s achievements live on today in an economics law and a private college. The detail of Elizabethan life is fascinating and you get a real insight into the power-broking and political intrigue of the time.
Really pleased to have read this and although it is an enjoyable tale, I am less enamored with him as a person.
A good slice of history well served up.
October 27, 2019
A very interesting biography about a person I personally didn't know much about before stumbling upon this book and being intrigued by it's cover.
It follows the life of Thomas Gresham and makes great use of the archives and sources available. I would have loved to learn more about how the court, especially Elizabeth I. felt about him, but the explanations of his dealings are quite fascinating indeed.
It follows the life of Thomas Gresham and makes great use of the archives and sources available. I would have loved to learn more about how the court, especially Elizabeth I. felt about him, but the explanations of his dealings are quite fascinating indeed.
June 21, 2020
Biography of Thomas Gresham, Tudor financial wizard ... beginning in the latter part of Henry VIII’s reign, he was a financial deal-maker first in Antwerp and then London ... ably assisting both Edward VI and Mary I, he became Elizabeth I’s banker and guided her to cease relying on foreign debt markets and to trade exclusively with English lenders ...
July 28, 2019
Fascinating
A fascinating history of one of the first to truly understand how financial markets work, and how you can use the moves in the exchange rate in your favour. He may not have coined 'Gresham's Law' - but he certainly would have understood it.
A fascinating history of one of the first to truly understand how financial markets work, and how you can use the moves in the exchange rate in your favour. He may not have coined 'Gresham's Law' - but he certainly would have understood it.
January 7, 2020
3.5 stars
January 25, 2021
Interesting subject matter but dragged on a bit in places. Average at best.
February 12, 2024
Interesting biography that gives insight into renaissance era finance.
Displaying 1 - 12 of 12 reviews