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How It Began at Salomon Brothers Read chapter Read first chapter

2016 | OriginalPaper | Chapter

12. The Present Value of Financial History

Author : Henry Kaufman

Published in: Tectonic Shifts in Financial Markets

Publisher: Springer International Publishing

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Abstract

In one sense, we all rely on history every day in almost everything we do—because we employ knowledge of the near- , medium-, or long-term past to understand and decide our actions. History is memory, and memory is much of what makes us human. But there is a big difference between informally recalling what has happened and systematically studying and analyzing it. It is no coincidence that dictators devote a lot of effort to destroying (think of George Orwell’s novel 1984 or the Mao’s “Red Guard”) or completely rewriting the history of their dominions.

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previous chapter Financial Crises and Regulatory Reform
next chapter The Politicizing of the Fed
Footnotes
1
The Council for Economic Education has been tracking and battling the problem for decades. There has been an uptick on public school teaching about economics and finance since the 2008 crisis (Sovich 2016).
 
Literature
Bucheli, Marcelo, and Daniel Wadhwani, eds. 2015. Organizations in Time: History, Theory, Methods. Oxford: Oxford University Press.
Carney, Mark. “Inclusive Capitalism: Creating a Sense of the Systemic.” Address delivered at the Conference on Inclusive Capitalism, London, May 27, 2014.
“Hodges Plans 62 Drive On ‘Economic Illiteracy’.” New York Times, February 10, 1962.
Klein, Maury. 2003. Rainbow’s End: The Crash of 1929. New York: Oxford University Press.
Lowenstein, Roger. 2000. When Genius Failed: The Rise and Fall of Long-Term Capital Management. New York: Random House.
Morison, Elting E. 1966. Men, Machines, and Modern Times. Cambridge, MA: The MIT Press.
Sacks, Jonathan. 2000. A Letter in the Scroll: Understanding Our Jewish Identity and Exploring the Legacy of the World’s Oldest Religion. New York: Free Press.
Sovich, Nina. “Could You Pass Sixth-Grade Economics?” Wall Street Journal, March 1, 2016.
Metadata
Title
The Present Value of Financial History
Author
Henry Kaufman
Copyright Year
2016
Book
Tectonic Shifts in Financial Markets

Print ISBN: 978-3-319-48386-3

Electronic ISBN: 978-3-319-48387-0

Copyright Year: 2016

DOI
https://doi.org/10.1007/978-3-319-48387-0_12