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Essay / Research Paper Abstract
This 8 page paper looks at the history of the financial markets. Starting with Ancient Rome and the etairia the paper looks at the development of investments in shares, the emergence of stock brokers and the stock markets as well as the way bubbles have developed as a result of economic and investor influences. The paper focuses on the period up to and including the nineteenth century. The bibliography cites 8 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEhisfinmar.rtf
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Unformatted sample text from the term paper:
use of financial instruments. As society has evolved and trade has resulted in globalization there has been greater diversity and complexity offered by the various financial tools. Looking at the
history of the financial markets the gradual evolution can be seen, with an accelerated evolution over the last half a century. The history of the financial markets can be tracked
back to the ancient world where there was the emergence of the idea of shares or stocks. There are records of corporations in Ancient Rome. Enterprises, which were known as
etairia, were organizations that were sanctioned by the state and had investors which were a type of shareholder who invested money for a specific purpose, depending on the etairia (Kindleberger,
1993). As time went by the concept of the corporation seen in Ancient Rome was to merge with the ideas that came
from the Germanic regions, and there were changes in the status of the corporations, it was here that there was the development of concept that the corporation should have its
own legal identity separate from that of the investors forming the first emergence of the limited liability concept. . Developments occurred slowly and the next major developments moving towards
the modern financial markets was the increased use of the corporate status, this was seen in many areas of life and industry including the Christian church, guilds, charitable organizations
and local authorities. All had the hallmarks of a corporation, the organizations would last for longer than their members and the officers of the organization were liable for the acts
of the corporation, and the organization was liable for the agents or officers of the organization. The oldest share certificate in existence is dated 1288 and is for a
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