Loan pottery in ancient Babylon, the invention of interest in Mesopotamia, early share financing in ancient Rome, the use of Chinese paper money, the emergence of the first modern company - the Dutch East India Company, the establishment of the New York Stock Exchange...

The thread of financial innovation is hidden in the long river of history.

"The Origin of Value" peels off the cocoon through four thousand years of financial innovation history to reveal to us the background and laws of financial innovation.

This is a book that can inspire people to think independently, calmly, and deeply. It can enable people to discover the mystery of today's financial world in the magnificent history, and understand the rationality and evolution rules of various financial tools and phenomena today.

——Yi Gang, Vice Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange. Ever since mankind has had economic activities, there has also been financial innovation.

Any improvement in the resource allocation mechanism falls under the category of financial innovation.

Real financial innovation will increase the efficiency of existing resource utilization, thereby creating new value.

The book "The Origin of Value" edited by Professors Goetzman and Loewenhorst describes and explores many important and colorful financial events in the history of human economic development from an unprecedented international and historical perspective.

Innovation.

From loan contracts and interest rates in the Babylonian period, shares in the Roman period, flying money in the Tang Dynasty of China, banknotes in the Song and Yuan Dynasties, to futures and options in the Netherlands in the 16th century, public funds in the 17th century, and in the 19th century

The rise of the U.S. capital market in the 20th century, this book unfolds before our eyes a long scroll that spans the continents of Europe, Asia, and the United States and spans four thousand years, allowing us to see the profound historical origins of the financial world we currently enjoy.

This book does not seek to be exhaustive, but it provides detailed descriptions and precise analysis of every part involved.

Everyone interested in the history of financial innovation and development will benefit from this book.

——Wang Jiang, chair professor of finance at the MIT Sloan School of Management and researcher at the National Institute of Economic Research, Shanghai Jiao Tong University, Shanghai Advanced Institute of Finance

Development after growth cannot be separated from finance.

How do currencies, bonds, insurances, stocks, and funds, which we take for granted, become measures of human value, and then become recognized carriers of value?

Although mankind has resisted the financialization of value for thousands of years, financial innovations still emerge in endlessly. Why?

Finance is like natural sunlight, not only needed today, but even more needed tomorrow.

——"The Origin of Value" by Chen Zhiwu, tenured professor of finance at Yale University School of Management, starts from a historical perspective and through complicated phenomena, reveals to us the simple and profound financial principles behind seemingly complex financial innovations.

This enables us to better understand the value of these financial innovations.

On the other hand, from a financial perspective, "The Origin of Value" also inspires us to examine some historical events from a new perspective and to think more deeply about the evolution of many countries and even civilizations.

——Huang Ming, tenured professor of finance at Cornell University and professor of finance at China Europe International Business School. The financial crisis that just passed has once again pushed financial innovation to the forefront.

As we re-examine financial innovation, "The Origin of Value" provides us with a special perspective. Through the description of unique historical events and the use of a large number of original documents, this book gives us a comprehensive and objective understanding of financial innovation.

From the invention of interest in Sumer to the birth of ancient Chinese paper money, from the origin of the ancient Roman stock market to the design of national debt contracts, from the establishment of the New York Stock Exchange to the popularization of modern futures and options tools, through the social and historical background of that time

The restoration and reproduction not only allow us to clearly see the original intention of these financial innovations and their immeasurable impact, but also prompt us to further think about and grasp the direction of future financial innovations.

——Bei Duoguang, Managing Director of China International Capital Corporation, the book "The Origin of Value" uses financial tools over the past 4,000 years as clues to vividly demonstrate a series of great financial innovations in history.

These wonderful historical pictures help us gain a deeper understanding of contemporary financial innovation and gain a clearer insight into future financial development.

——The book "The Origin of Value" by Huang Haizhou, Managing Director of China International Capital Corporation, provides an in-depth exploration of the origins of financial innovation.

Financial innovation originates from the needs of social development, such as the earliest loan contract in ancient Babylon, the invention of Chinese banknotes, and the birth of corporate capitalism.

The development of early European annuities highlighted the role of mathematics in the financial development process.

This book gives an extremely clear idea on how we can actively carry out financial innovation today without deviating from the needs of social development.

——Li Xianglin, Chief Risk Officer and Managing Director of China International Capital Corporation, "The Origin of Value" has made an important contribution to our understanding of human financial history.

It reminds us of links across Eurasia, such as the talismans used by Europeans in the early Middle Ages that may have originated in China, and the mathematical formulas used by Italian merchants derived from ancient Indian mathematics.

It answers some important historical questions, such as the divergence of Eastern and Western cultures in the 13th century, including the development of financial policies in China and Western European countries in different directions.