The Origins of Value: The Financial Innovations that Created Modern Capital Markets

The Origins of Value: The Financial Innovations that Created Modern Capital Markets

by William N. Goetzmann
     
 

From the invention of interest in Mesopotamia and the origin of paper money in China, to the creation of mutual funds, inflation-indexed bonds, and global financial securities, here is a sweeping survey of financial innovations that have changed the world.
Written by a distinguished group of experts—including Robert Shiller, Niall Ferguson, Valerie Hansen,

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Overview

From the invention of interest in Mesopotamia and the origin of paper money in China, to the creation of mutual funds, inflation-indexed bonds, and global financial securities, here is a sweeping survey of financial innovations that have changed the world.
Written by a distinguished group of experts—including Robert Shiller, Niall Ferguson, Valerie Hansen, and many others—and wonderfully illustrated with over one hundred color photographs of landmark financial documents (including the first paper money), The Origins of Value traces the evolution of finance through 4,000 years of history. Readers see how and why many of our most important financial tools and institutions—loans, interest rates, stocks, bonds, mutual funds, the corporation, and the New York Stock Exchange, to name a few—came into being. We see, for instance, how ancient Rome developed an early form of equity finance that resembles the modern corporation and read about the first modern corporation—the Dutch East India Company—and its innovative means of financing the exploration and expansion of European business ventures around the globe. We also meet remarkable financial innovators, such as the 13th century Italian Fibonacci of Pisa, whose mathematics of money became the foundation for later developments in the technology of Western European finance (and may explain why the West surpassed the East in financial sophistication). And we even discover a still-surviving "perpetuity" dating from the Dutch Age of Reason—an instrument that has been paying interest since the mid-17th century.
Placing our current age of financial revolution in fascinating historical perspective, The Origins of Value tells a remarkable story of invention, illuminating many key episodes in the course of financial history.

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Product Details

ISBN-13:
9780195175714
Publisher:
Oxford University Press
Publication date:
08/01/2005
Edition description:
New Edition
Pages:
416
Product dimensions:
11.00(w) x 8.70(h) x 1.40(d)

Table of Contents

Introduction : financial innovations in history3
1The invention of interest17
2Roman shares31
3How business was conducted on the Chinese Silk Road during the Tang Dynasty, 618-90743
4The origins of paper money in China65
5Paying in paper91
6From tallies and chirographs to Franklin's printing press at Passy105
7Fibonacci and the financial revolution123
8Bonds and government debt in Italian city-states, 1250-1650145
9Venture shares of the Dutch East India Company165
10Perpetuities in the stream of history177
11Amsterdam as the cradle of modern futures trading189
12Annuities in early modern Europe207
13John Law225
14The invention of inflation-indexed bonds in early America239
15The origins of mutual funds249
16Transatlantic paper and the emergence of the American capital market271
17The origins of the New York Stock Exchange299
18The first "Eurobonds"313
19German debt in the twentieth century327
20King Leopold's bonds343

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