Ever since the financial crisis of 2008, doubts have been raised about the future of capitalism. In this broad-ranging survey of financial capitalism from antiquity to the present, Larry Neal reveals the ways in which the financial innovations throughout history have increased trade and prosperity as well as improving standards of living. These innovations have, however, all too often led to financial crises as a result of the failure of effective coordination among banks, capital markets and governments. The book examines this key interrelationship between financial innovation, government regulation and financial crises across three thousand years, showing through past successes and failures the key factors that underpin any successful recovery and sustain economic growth. The result is both an essential introduction to financial capitalism and also a series of workable solutions that will help both to preserve the gains we have already achieved and to mitigate the dangers of future crises.
Les mer
1. Introduction; 2. Distant beginnings: the first 3,000 years; 3. The Italians invent modern finance; 4. The rise of international financial capitalism: the seventeenth century; 5. The 'big bang' of financial capitalism: financing and refinancing the Mississippi and South Sea Companies, 1688–1720; 6. The rise and spread of financial capitalism, 1720–89; 7. Financial innovations during the 'birth of the modern', 1789–1830: a tale of three revolutions; 8. British recovery and attempts to imitate in the US, France and Germany, 1825–50; 9. Financial globalization takes off: the spread of sterling and the rise of the gold standard, 1848–79; 10. The first global financial market and the classical gold standard, 1880–1914; 11. The Thirty Years War and the disruption of international finance, 1914–44; 12. The Bretton Woods era and the re-emergence of global finance, 1945–73; 13. From turmoil to the 'Great Moderation', 1973–2007; 14. The sub-prime crisis and the aftermath, 2007–14; References; Index.
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'This is the most impressive, most comprehensive, and most up-to-date single volume history of finance there is. Its central argument about the beneficial effects of financial innovation - along with the many cautionary tales of how and why things go sour, of the consequences of adequate mechanisms for ensuring commitment and responsibility - make it at once a classic, whose influence will endure a long time.' Harold James, author of The End of Globalization: Lessons from the Great Depression
Les mer
A comprehensive survey of international financial history across three thousand years that reveals how previous crises were successfully overcome.
Produktdetaljer
ISBN
9781107034174
Publisert
2015-10-22
Utgiver
Vendor
Cambridge University Press
Vekt
710 gr
Høyde
229 mm
Bredde
152 mm
Dybde
22 mm
Aldersnivå
U, G, 05, 01
Språk
Product language
Engelsk
Format
Product format
Innbundet
Antall sider
376
Forfatter