“The experience of five millennia of financial innovation suggests that finance and civilization will forever be intertwined.” The closing line of a fascinating walk through history and how finance molded civilization as we know it today. William Goetzmann the author of the book: “Money Changes Everything” is currently a Professor of Finance and Management Studies at the Yale School of Management and has vast knowledge as an archaeologist as well as in art history, making William Goerzmann the ideal candidate to write about the history of finance and how it has evolved throughout time.
With the most recent financial crisis -2008 Financial Crisis- still hindering our ability to trust the financial industry, is money and the creation of financial instruments a gift to our society or is it the root cause of destruction? During the financial crisis of 2008, financial innovations seemed disruptive and the cause of civilizations’ hardship. Goetzmann argues exactly the opposite. In this well researched prehistoric time piece he has demonstrated that the development of finance has propelled the advancement of civilization to the present and perhaps without the …show more content…
This concept is introduced in an easy manner for the reader to get the just of what the actual problem is and how the problem excited – ““On a soldier receiving three hundred bezants for his fief.” In the problem, the soldier receives an annuity from the king of 300 bezants (the coin in Byzantium) per year, paid quarterly. Fibonacci asks what would be the reduction in value if the king decided instead to defer the quarterly payments to a single payment at the end of the year.” The NPV [Net Present Value] is the most important financial tool in modern
With the most recent financial crisis -2008 Financial Crisis- still hindering our ability to trust the financial industry, is money and the creation of financial instruments a gift to our society or is it the root cause of destruction? During the financial crisis of 2008, financial innovations seemed disruptive and the cause of civilizations’ hardship. Goetzmann argues exactly the opposite. In this well researched prehistoric time piece he has demonstrated that the development of finance has propelled the advancement of civilization to the present and perhaps without the …show more content…
This concept is introduced in an easy manner for the reader to get the just of what the actual problem is and how the problem excited – ““On a soldier receiving three hundred bezants for his fief.” In the problem, the soldier receives an annuity from the king of 300 bezants (the coin in Byzantium) per year, paid quarterly. Fibonacci asks what would be the reduction in value if the king decided instead to defer the quarterly payments to a single payment at the end of the year.” The NPV [Net Present Value] is the most important financial tool in modern