The Pursuit of Wealth: The Incredible Story of Money Throughout the Ages of Wealth

An epic saga that recounts the turbulent history of money. The Pursuit of Wealth is a fascinating 5,000 year journey through the evolution of money and investing. From risk versus return in Mesopotamia through today's rough-and-tumble, high-stakes stock markets, this behind-the-scenes tale will intrigue both financial historians and history-minded investors alike. Barron's columnist Robert Sobel weaves a richly textured tale of risk and the never ending quest for wealth since the dawn of man. The Pursuit of Wealth - filled with gripping stories, tales of war, and legacies of great fortunes won and lost - is much more than simply a compelling read; it provides valuable insights that can be applied to today's turbulent times. Wealth Cover 1 Copyright page 8 Contents 9 Introduction 11 Acknowledgments 15 1 The Ancient World 19 The Ancient Near East: Economies Dominated by Political and Religious Institutions 20 Hellenic Greece: Seafaring Entrepreneurs 27 2 The Imperial Age of Alexander and Rome 35 The Hellenistic Civilization 35 The Roman Republic: Private Enterprise Unleashed 38 The Roman Empire 41 3 The European Middle Ages: The Birth of a New Economic Age 47 The Manorial Age 49 The Next Invasions of Europe 50 The Economic Quickening and the Crusades 52 The Lenders 57 4 The Italian Bankers and Their Clients 59 The Results of the Crusades 60 The Venetian Way 60 Florence 63 The Venice of the North 66 The Bankers 68 The End of the Era 69 5 The Atlantic Age 75 The Drive to the East, the Way to the West 76 The Portuguese Pioneers 77 Portugal and the Slave Trade 78 Other European Ventures in the Slave Trade 80 The Portuguese Empire 81 Spain and the Race for Wealth 84 6 Europe's American Empires 87 The Conquistadores 88 The Dawn of Mercantilism 89 The New Europe of the Fuggers 90 The Price Revolution and Economic Stimulation 92 The Dutch Maritime Empire 94 Speculators and Bubbles 98 7 The English Advantage 103 John Hawkins and the Slave Trade 104 The Joint Stock Companies 105 The Sugar Trade 109 New England 110 The Dutch Challenge 110 The Realization of Wealth in the North 111 Southern Tobacco 115 Northern Merchants 116 8 The American Paths to Wealth 119 Wealth and the Background to the American Revolution 119 The Economics of Protest 122 Alternative Paths to Wealth in the New Nation 125 Lotteries As a Means to Obtain Wealth and Raise Funds 126 The New Government 127 The Road to the Constitution 129 The Jeffersonian Conception of Wealth 132 Alexander Hamilton and the Creation of the National Credit 134 9 Industrial Wealth 139 Increased Population and Agriculture 139 The Industrial Revolution 140 Technology and the Textile Industry 141 The Steam Engine and Its Impact 143 Eli Whitney and the Emergence of the Cotton South 144 Samuel Slater, Francis Cabot Lowell, and the Emergence of the Industrial North 146 The Quaker Alternative 151 10 The Mechanization of Agriculture 153 Cyrus McCormick and the Reaper 153 The Need for Transportation 157 Infrastructure and Wealth: The Erie Canal 160 Canal Mania 162 John Jacob Astor and Real Estate 166 11 Infrastructure and Wealth 169 Small Beginnings on Wall Street 169 The New Nation's First Major Stock Speculator 171 The New York Stock and Exchange Board 173 The Importance of Railroads 174 The New York Central 175 The Pennsylvania Railroad 177 The Telegraph 179 12 Emperor Wheat and King Cotton 183 Northern Wheat 184 Profits on the Plantations 186 The Economics of Slavery 189 The Domestic Slave Trade 191 "Cotton is King" 197 13 Gold, Silver, and the Civil War 201 Jay Cooke: Financing the Union Cause 202 The Wall Street Scene 205 The Gold Ring 208 Resumption of Specie Payments 210 The Silver Bonanza 211 14 The Impact of the Transcontinentals 217 Wealth in the Western Rails 218 Selling Ice 222 The Revolution in Meatpacking 224 Railroads and Wealth from Beer 226 Wealth from Cattle 228 The Farmer and the West 232 The Election of 1896 234 15 The Arrival of Big Business 237 Pools and Trusts 237 The Industrial Corporation 238 The Promoter 241 The New Face of Investment Banking: J. P. Morgan 243 Carnegie and Morgan 244 The Carnegie Millionaires and Spindletop 249 16 The Government-Industrial Complex, 1914-1929 259 The American Government on the Eve of War 259 World War I: The Neutrality Phase 260 American Business and the War 263 The War Industries Board 265 The Creation of Radio Corporation of America 266 The Government and Business during the Harding-Coolidge Years 267 U.S. Government and Business Involvement in Latin America 269 Wall Street's Pursuit of Wealth Overseas 271 Helping Europe and Reaping the Financial Rewards 273 17 The Great Bull Market of the 1920s 275 A. P. Giannini: Financing Small Business 277 The Glamour Industries: Radio, Motion Pictures, and Automobiles 279 Organized Crime: Making Money from Prohibition 282 The Florida Land Boom 285 The Great Bull Market 289 18 The Old and the New in Post-World War II America 293 The Stock Market Slumbers 295 The Housing Boom 296 Gene Ferkauf, the Duke of Discounting 300 The Automobile Industry Awakens 301 The Motelling of America 302 The McDonald's Concept 304 Frederick Terman and the Arrival of the Military-Industrial-Educational Complex 305 19 The Revival of the Securities Markets 311 The Puzzling Case of Television Securities 313 The Coming of the Computer 314 Charles Merrill, Keith Funston, and People's Capitalism 316 Mutual Funds 321 Pension Funds 323 The Great Bull Market of the 1960s 324 The Craze for New Issues 326 20 Creating Wealth During the Great Inflation 329 The Beginning of Inflation 330 Profiting from the Higher Price of Petroleum 331 The Golden Opportunity 332 Collectibles 334 Real Estate 335 The Money Market Alternative 336 Playing the Horses in a New Way 337 The End of the Great Deflation and the Coming of the New Era 339 21 The Democratization of Wealth 341 The New Industries: Personal Computers 342 The New Industries: Health Care Transformed 345 The Rebirth of Equities 347 Metromedia Shows the Way 348 Beatrice at the Carverie 349 The Oil Well on the NYSE Floor 350 The Changing Face of Savings 352 Epilogue 356 Index 357 A 357 B 357 C 358 D 359 E 359 F 359 G 360 H 360 I 360 J 360 K 361 L 361 M 361 N 362 O 362 P 362 Q 362 R 362 S 363 T 363 U 364 V 364 W 364 About the Author 367 wealth;,money;,history;,business;,investing;,finance wealth,money,history,business,investing,finance Discusses The History Of Money And Investing From Ancient Times To The Present Day. Ch. 1. The Ancient World -- Ch. 2. The Imperial Age Of Alexander And Rome -- Ch. 3. The European Middle Ages: The Birth Of A New Economic Age -- Ch. 4. The Italian Bankers And Their Clients -- Ch. 5. The Atlantic Age -- Ch. 6. Europe's American Empires -- Ch. 7. The English Advantage -- Ch. 8. The American Paths To Wealth -- Ch. 9. Industrial Wealth -- Ch. 10. The Mechanization Of Agriculture -- Ch. 11. Infrastructure And Wealth -- Ch. 12. Emperor Wheat And King Cotton -- Ch. 13. Gold, Silver, And The Civil War -- Ch. 14. The Impact Of The Transcontinentals -- Ch. 15. The Arrival Of Big Business -- Ch. 16. The Government-industrial Complex, 1914-1929 -- Ch. 17. The Great Bull Market Of The 1920s. Robert Sobel. Includes Index. Includes Bibliographical References And Index. The story of investing, from 3000 BC in Mesopotamia to modern-day Wall Street. It examines how people have approached money, risk and investing since the dawn of time and demonstrates that the ability to assess risk and reward has been the key to investment success throughout history. Alternatively, commerce may have originated when farmers producing surpluses traded their excess for someone's overproduction of a commodity they lacked.