The Złoty draws on recently available Polish archival material from central banks and international institutions to show how long-lived debates about inflation have been central in Polish political history. It offers surprising revelations about the drama of the evacuation and legal treatment of the central bank's gold after the German invasion of 1939 and the long struggle for economic and monetary reform while Poland was part of the Soviet system, going back to the late 1950s. It includes interwar and post-1990 sections that give an exemplary case of how a country on the periphery of the international economic system tried hard to integrate, ultimately failing in the first instance, while succeeding with dramatic success over the past thirty-five years. Written in gripping and non-technical language, this book offers a scholarly yet accessible account of Poland's struggles with inflation, foreign debt, and Nazi and communist rule.

‘Harold and Marzenna James show us how the history of the Polish currency illuminates so many aspects of Polish history over the last 100 years. From the astonishing Odyssey of Poland's gold reserves after 1939 to the role played by debt in the Polish transition from communism, this is much more than simply monetary history. The use of a wide range of primary sources, as well as interviews, contributes to making this a work of scrupulous and revealing scholarship.’

Timothy Garton Ash - University of Oxford, and Hoover Institution, Stanford University. Author of The Polish Revolution: Solidarity and Homelands – A Personal History of Europe

‘The Złoty: A Polish Odyssey tells the story of modern Poland through the lens of its currency – a story of resilience, institution-building, and the quest for stability. Harold James and Marzenna James demonstrate that sound money was not merely an economic objective, but a cornerstone of Poland’s extraordinary transformation into one of Europe’s and the world’s most remarkable development success stories. A masterful book and an outstanding contribution to our understanding of Poland’s economic history and the lessons it offers to countries seeking to follow a similar path of transformation.’

Marcin Piątkowski - Professor of Economics at Kozminski University, Warsaw, and former World Bank Lead Economist for China and India

‘A compelling tale of a nation and its currency; as in all things Polish, triumph and tragedy are well mixed. The accomplished authors have produced a monumental historical work with relevance and resonance for today’s affairs. The story of Polish gold in the Second World War is a thrilling account, told with panache.’

David Marsh - Chairman and Chief Executive Officer, OMFIF