William N. Goetzmann

"[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 TimesIn 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.

What is the return to investing in the stock market? Can we predict future stock market returns? How have equities performed over the last two centuries? The authors in this volume are among the leading researchers in the study of these questions. This book draws upon their research on the stock market over the past two dozen years. It contains their major research articles on the equity risk premium and new contributions on measuring, forecasting, and timing stock market returns, together with new interpretive essays that explore critical issues and new research on the topic of stock market investing.This book is aimed at all readers interested in understanding the empirical basis for the equity risk premium. Through the analysis and interpretation of two scholars whose research contributions have been key factors in the modern debate over stock market perfomance, this volume engages the reader in many of the key issues of importance to investors. How large is the premium? Is history a reliable guide to predict future equity returns? Does the equity and cash flows of the market? Are global equity markets different from those in the United States? Do emerging markets offer higher or lower equity risk premia? The authors use the historical performance of the world's stock markets to address these issues.

From 1776, when Citizen Tom Paine declared, “The birthday of a new world is at hand,” America was unique in world history. A nation suffused with the spirit of explorers, constantly replenished by immigrants, and informed by a continual influx of foreign ideas, it was the world’s first truly cosmopolitan civilization. In Beyond the Revolution, Pulitzer Prize-winning historian William H. Goetzmann tells the story of America’s greatest thinkers and creators, from Paine and Jefferson to Melville and William James, showing how they built upon and battled one another’s ideas in the critical years between 1776 and 1900. An unprecedented work of intellectual history by a master historian, this book will be essential reading for anyone interested in the origins of our national culture.