Money Changes Everything: How Finance Made Civilization Possible

Praised by the New York Times Book Review as a "magnificent history of money and finance," Money Changes Everything sheds light on the transformative power of finance. In a world still reeling from recent financial crises, it is common to perceive finance as a destructive force, eroding fortunes, destabilizing governments, and undermining banks. However, esteemed financial historian William Goetzmann presents a compelling counterargument, asserting that finance has been a catalyst for the progress of civilizations. By delving into the intricate relationship between finance and human advancement, Goetzmann reveals finance as a time machine, a technology that enables the transfer of value across time. This innovative capability has fundamentally reshaped our perceptions of the future and the manner in which we plan for it.

Goetzmann traces finance's pervasive influence throughout history, highlighting its presence in pivotal moments. Finance spurred the development of writing in ancient Mesopotamia, propelled Greece and Rome toward imperial greatness, influenced the rise and fall of dynasties in imperial China, and financed the trade expeditions that brought about the discovery of the New World. The author demonstrates how financial systems and concepts that we closely associate with modern economies, such as stock markets, lines of credit, complex financial products, and international trade, were repeatedly conceived, forgotten, and reinvented across different historical periods.

Through an exploration of finance's critical role over countless millennia and across diverse cultures, Goetzmann brings to light the extraordinary influence of financial technologies and institutions. Money, bonds, banks, corporations, and more have not only facilitated the expansion of urban centers but also bolstered the flourishing of cultures. Importantly, Goetzmann recognizes that finance continues to shape our lives, raising crucial questions about its future applications. This includes grappling with the challenges of leveraging the power of finance to meet the needs of an aging and growing population.

Money Changes Everything provides a captivating perspective on how finance has steered the course of history, reshaping societies and leaving an indelible mark on human progress.