The Origins of Value: The Financial Innovations that Created Modern Capital Markets
William N. Goetzmann, K. Geert Rouwenhorst
Oxford University Press, 2005 - Business & Economics - 404 pages
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.
What people are saying - Write a review
The copy of lottery bond issued by govt of congo in 1888 and subscribed to bore a round official seal on the left corner where as the photograph of the bond shown on the page 345 of the book does not bear the official seal.
I do not understand why the modern economists are not keen to know about the history and accuracy of the financial instruments which were floated for subscription globally in the 18th century when communication and data storage systems were just finding their way to integrate with the challenges of modern financial system.I am proud to say that my ancestors subscribed to the congo lottery bonds in 1888 and i have kept these bonds with me because i believe that this is a unique collection for an economist to possess.
Review: The Origins of Value: The Financial Innovations That Created Modern Capital MarketsUser Review - Neil Bourgeois - Goodreads
Good historical content but dry! Read full review
The Invention of Interest
The Origins of Paper Money in China
Paying in Paper
From Tallies and Chirographs to Franklins Printing Press at Passy
Bonds and Government Debt in Italian CityStates 12501650
Venture Shares of the Dutch East India Company
The Invention of InflationIndexed Bonds in Early America
Transatlantic Paper and the Emergence of the American Capital Market
The Origins of the New York Stock Exchange
The First Eurobonds
German Debt in the Twentieth Century
King Leopolds Bonds