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

Hardcover | July 18, 2005

EditorWilliam N. Goetzmann, K. Geert Rouwenhorst

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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 theevolution 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, howancient 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 meetremarkable 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 evendiscover 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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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, Nial...

William Goetzmann is the Edwin J. Beinecke Professor of Finance and Management Studies, and Director of the International Center for Finance at Yale. He has written extensively on historical capital markets and investing. And as former director of Denver's Museum of Western Art, he co-authored the award-winning book The West of the Im...

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Format:HardcoverDimensions:416 pages, 8.7 × 10.98 × 1.42 inPublished:July 18, 2005Language:English

The following ISBNs are associated with this title:

ISBN - 10:0195175719

ISBN - 13:9780195175714

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"The Origins of Value makes an important contribution to our understanding of global financial history. It suggests connections across Eurasia (e.g. possible Chinese origin of tallies used in early Medieval Europe, or the roots in ancient Indian mathematics of formulas used by Italianmerchants), and plausible answers to important historical questions, like the thirteenth-century divergence, in fiscal terms, of China and Western Europe. The reproduced documents allow readers to see how scrutinizing records of the distant past requires almost as much ingenuity as the fiscalinnovations that are the focus of discussion." --James D. Tracy, author of Emperor Charles V, Impresario of War: Campaign Strategy, International Finance, and Domestic Politics