A Concise History of International Finance From Babylon to Bernanke [Hardcover]

A comprehensive survey of international financial history across three thousand years that reveals how previous crises were successfully overcome.A comprehensive survey of international financial history across three thousand years. Larry Neal discusses past crises, both historically and internationally, in order to show how many of them have been successfully overcome in ways that might be adapted to deal with the crises of 2007 to 2010.A comprehensive survey of international financial history across three thousand years. Larry Neal discusses past crises, both historically and internationally, in order to show how many of them have been successfully overcome in ways that might be adapted to deal with the crises of 2007 to 2010.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.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 Missil³#