跳过导航
The Origins of Value
Book

The Origins of Value

The Financial Innovations that Created Modern Capital Markets

Oxford UP, 2005 更多详情


Editorial Rating

7

Qualities

  • Overview

Recommendation

This beautifully illustrated coffee table book takes readers on a journey through the history of finance, with scenic stops to view the details of Babylonian loan agreements, the calligraphy of Chinese contracts, the currencies of John Law and even King Leopold II’s deathbed marriage to a prostitute. Numerous experts, including Niall Ferguson and Robert J. Shiller, contributed individual essays, so the style and general quality of the text varies from chapter to chapter. The cohesion of the overall content is to the credit of editors William N. Goetzmann and K. Geert Rouwenhorst. Currency-related art and photographs (more varied and noteworthy than you may think) dominates this cross section of financial history from the ancient Sumerians to the Silk Road to Versailles. getAbstract recommends this attractive volume to those interested in financial history and to any bank or brokerage that wants just the right book for visitors to peruse while waiting in the lobby.

Take-Aways

  • A few basic innovations underpin the entire history of finance, for example, the idea that time has monetary value and that monetary claims may depend on legal issues.
  • Another underlying innovation is the recognition that designated authorities, like governments, can assign a value to a financial instrument, such as currency.
  • Some of history’s earliest documents are loan agreements.

About the Authors

William N. Goetzmann teaches finance and management at the Yale School of Management. He directs the International Center for Finance, where K. Geert Rouwenhorst, also a Yale finance professor, is deputy director.


Comment on this summary or 开始讨论

More on this topic

By the same authors