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Title details for The World's First Stock Exchange by Lodewijk Petram - Available

The World's First Stock Exchange

by Lodewijk Petram
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This account of the sophisticated financial hub that was 17th-century Amsterdam “does a fine job of bringing history to life” (Library Journal).
 
The launch of the Dutch East India Company in 1602 initiated Amsterdam’s transformation from a regional market town into a dominant financial center. The Company introduced easily transferable shares, and within days buyers had begun to trade them. Soon the public was engaging in a variety of complex transactions, including forwards, futures, options, and bear raids, and by 1680 the techniques deployed in the Amsterdam market were as sophisticated as any we practice today.
Lodewijk Petram’s award-winning history demystifies financial instruments by linking today’s products to yesterday’s innovations, tying the market’s operation to the behavior of individuals and the workings of the world around them. Traveling back in time, Petram visits the harbor and other places where merchants met to strike deals. He bears witness to the goings-on at a notary’s office and sits in on the consequential proceedings of a courtroom. He describes in detail the main players, investors, shady characters, speculators, and domestic servants and other ordinary folk, who all played a role in the development of the market and its crises. His history clarifies concerns that investors still struggle with today—such as fraud, the value of information, trust and the place of honor, managing diverging expectations, and balancing risk—and does so in a way that is vivid, relatable, and critical to understanding our contemporary world.

  • Creators

  • Publisher

  • Release date

    May 20, 2014

  • Formats

    • Kindle Book

    • OverDrive Read

      • ISBN: 9780231537322

    • EPUB ebook

      • ISBN: 9780231537322
      • File size: 22180 KB

  • Languages

    • English

  • Reviews

    • Library Journal

      May 15, 2014

      According to economist and historian Petram, the purpose of this book is to tell the real story of the world's first stock exchange and at the same time shed new light on Joseph Penso de la Vegas's famous 1668 The Confusion of Confusions. To those ends, Petram spent four years studying the archives and examining the records of traders active in the 17th-century Amsterdam stock market. In 1602, he says, shares of the Dutch East India Company were sold to provide capital. These shares were later to be actively traded in places where merchants gathered. During the 17th century, such things as forward selling (futures), selling short, insider trading, derivatives, trading clubs, repurchase agreements, contingent claims, and options were seen for the first time. Additionally, court decisions designed to protect the integrity of the securities market, to strengthen investor confidence, and guard the rights of unsuspecting buyers were initially made. VERDICT While some of the stories are romanticized and the book is intended to be an anecdotal narrative, Petram does a fine job of bringing history to life and showing its relevance to modern financial crises. Recommended for readers interested in the origins of the stock market.--Bonnie Tollefson, Cleveland Bradley Cty. P.L., TN

      Copyright 2014 Library Journal, LLC Used with permission.

Formats

  • Kindle Book
  • OverDrive Read
  • EPUB ebook

subjects

Languages

  • English

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