The Origins of Value


Book Description

This collection of essays traces the history of finance and financial instruments from the earliest Mesopotamiam clay loan tablets to the development of global financial securities. The book is fully illustrated with images chosen by contributing scholars.




The Origins of Value


Book Description

The analysis of original documents is a means for economists to focus on the primary text, to analyze and interpret the object and to move to interpretation and understanding of its relationship to modern financial instruments and markets. The result is a collection of interdisciplinary studies of the key innovations in finance from the Old Babylonian loan tablets, to the 1953 London Debt Agreement that span regions in Asia, Africa, North America and Europe.




Electronic Value Exchange


Book Description

Electronic Value Exchange examines in detail the transformation of the VISA electronic payment system from a collection of non-integrated, localized, paper-based bank credit card programs into the cooperative, global, electronic value exchange network it is today. Topics and features: provides a history of the VISA system from the mid-1960s to the early 1980s; presents a historical narrative based on research gathered from personal documents and interviews with key actors; investigates, for the first time, both the technological and social infrastructures necessary for the VISA system to operate; supplies a detailed case study, highlighting the mutual shaping of technology and social relations, and the influence that earlier information processing practices have on the way firms adopt computers and telecommunications; examines how “gateways” in transactional networks can reinforce or undermine established social boundaries, and reviews the establishment of trust in new payment devices.




The Origin of Values


Book Description

Values have always been a central topic in both philosophy and the social sciences. Statements about what is good or bad, fair or unfair, legitimate or illegitimate, express clear beliefs about human existence. The fact that values differ from culture to culture and century to century opens many questions. In The Origin of Values, Raymond Boudon offers empirical, data-based analysis of existing theories about values, while developing his own perspective as to why people accept or reject value statements. Boudon classifies the main theories of value, including those based on firm belief, social or biological factors, and rational or utilitarian attitudes. He discusses the popular and widely influential Rational Choice Model and critiques the postmodernist approach. Boudon investigates why relativism has become so powerful and contrasts it with the naturalism represented by the work of James Q. Wilson on moral sensibility. He follows with a constructive attempt to develop a new theory, beginning with Weber's idea of non-instrumental rationality as the basis for a more complex idea of rationality. Applying Boudon's own and existing theories of value to political issues and social ideas—the end of apartheid, the death penalty, multiculturalism, communitarianism—The Origin of Values is a significant work. Boudon fulfills a major task of social science: explanation of collective belief. His book will be of interest to sociologists, philosophers, psychologists, and political scientists.




The Origin of Values


Book Description

Although values play a leading role in nearly every explanatory theory in the broad realm of the social and behavioral sciences, very little multidisciplinary research material on values is available. Addressing this need, the editors bring together distinguished social scientists, psychologists, and biologists who collaboratively explore fundamental questions about values: What are the determinants of social values, taboos, and ideologies? What are the determinants of individual values? What is the nature of motivations and rewards? Is there an evolutionary basis for the development of values?




Cicero: A Study in the Origins of Republican Philosophy


Book Description

This book presents Cicero's natural law theory, including valuable definitions of the state, the ideal state, the ideal ruler, and the laws for the ideal state. Explanations are offered of the Greek sources of Cicero's republican philosophy, his influence on the Principate of Augustus, and his role in the development of modern political philosophy. As all the ages of the world have not produced a greater statesman and philosopher united than Cicero, his authority should have great weight (John Adams, 1787).




Money Changes Everything


Book Description

"[A] magnificent history of money and finance."—New York Times Book Review "Convincingly makes the case that finance is a change-maker of change-makers."—Financial Times In the aftermath of recent financial crises, it's easy to see finance as a wrecking ball: something that destroys fortunes and jobs, and undermines governments and banks. In Money Changes Everything, leading financial historian William Goetzmann argues the exact opposite—that the development of finance has made the growth of civilizations possible. Goetzmann explains that finance is a time machine, a technology that allows us to move value forward and backward through time; and that this innovation has changed the very way we think about and plan for the future. He shows how finance was present at key moments in history: driving the invention of writing in ancient Mesopotamia, spurring the classical civilizations of Greece and Rome to become great empires, determining the rise and fall of dynasties in imperial China, and underwriting the trade expeditions that led Europeans to the New World. He also demonstrates how the apparatus we associate with a modern economy—stock markets, lines of credit, complex financial products, and international trade—were repeatedly developed, forgotten, and reinvented over the course of human history. Exploring the critical role of finance over the millennia, and around the world, Goetzmann details how wondrous financial technologies and institutions—money, bonds, banks, corporations, and more—have helped urban centers to expand and cultures to flourish. And it's not done reshaping our lives, as Goetzmann considers the challenges we face in the future, such as how to use the power of finance to care for an aging and expanding population. Money Changes Everything presents a fascinating look into the way that finance has steered the course of history.




Science, Policy, and the Value-Free Ideal


Book Description

The role of science in policymaking has gained unprecedented stature in the United States, raising questions about the place of science and scientific expertise in the democratic process. Some scientists have been given considerable epistemic authority in shaping policy on issues of great moral and cultural significance, and the politicizing of these issues has become highly contentious. Since World War II, most philosophers of science have purported the concept that science should be "value-free." In Science, Policy and the Value-Free Ideal, Heather E. Douglas argues that such an ideal is neither adequate nor desirable for science. She contends that the moral responsibilities of scientists require the consideration of values even at the heart of science. She lobbies for a new ideal in which values serve an essential function throughout scientific inquiry, but where the role values play is constrained at key points, thus protecting the integrity and objectivity of science. In this vein, Douglas outlines a system for the application of values to guide scientists through points of uncertainty fraught with moral valence.Following a philosophical analysis of the historical background of science advising and the value-free ideal, Douglas defines how values should-and should not-function in science. She discusses the distinctive direct and indirect roles for values in reasoning, and outlines seven senses of objectivity, showing how each can be employed to determine the reliability of scientific claims. Douglas then uses these philosophical insights to clarify the distinction between junk science and sound science to be used in policymaking. In conclusion, she calls for greater openness on the values utilized in policymaking, and more public participation in the policymaking process, by suggesting various models for effective use of both the public and experts in key risk assessments.




The Ascent of Money


Book Description

The 10th anniversary edition, with new chapters on the crash, Chimerica, and cryptocurrency "[An] excellent, just in time guide to the history of finance and financial crisis." —The Washington Post "Fascinating." —Fareed Zakaria, Newsweek In this updated edition, Niall Ferguson brings his classic financial history of the world up to the present day, tackling the populist backlash that followed the 2008 crisis, the descent of "Chimerica" into a trade war, and the advent of cryptocurrencies, such as Bitcoin, with his signature clarity and expert lens. The Ascent of Money reveals finance as the backbone of history, casting a new light on familiar events: the Renaissance enabled by Italian foreign exchange dealers, the French Revolution traced back to a stock market bubble, the 2008 crisis traced from America's bankruptcy capital, Memphis, to China's boomtown, Chongqing. We may resent the plutocrats of Wall Street but, as Ferguson argues, the evolution of finance has rivaled the importance of any technological innovation in the rise of civilization. Indeed, to study the ascent and descent of money is to study the rise and fall of Western power itself.




Accounting for Value


Book Description

Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.