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Parmesan: The cheese used as bank collateral

What do medieval monasteries in Emilia-Romagna have in common with a local bank founded in 1910? Both made food preservation part of their daily work. In their own ways and in their own eras, monks and bankers have pursued the same goal in the same place: to profit from a singular product — a cheese capable of staying in good condition for years and increasing in value as it ages. This food, which ensured monastic survival in the 12th century, is now part of Italy’s gastronomic heritage and lies at the heart of a financial model that is so peculiar it has even been studied by Harvard Business School.

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© Pietro Gerboni (Consorcio del Parmigiano Reggiano)

A PDO Parmigiano Reggiano inspector checks cheese wheels for defects. The hammer is used to detect air pockets inside.
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