PROJECT M
 

How finance is bound by history

And what can – and cannot – be learned from it

© William Klein/trunkarchive.com
Women spending time at a spa

How finance is bound by history

And what can – and cannot – be learned from it

5000 YEARS OF RISK

Need for certainty in a chaotic world has been a key in the development of civilization. Insurance has helped provide it. Ancient Babylonian traders first sought to decrease risks by paying extra sums to cancel loans should shipments be lost. Later, in ancient Greece and Rome, guild members supported each other through mutual funds. Throughout history, names such as Benjamin Franklin, Edmond Halley and mathematicians Blaise Pascal and Pierre de Fermat have been critical in the development of insurance. And insurance has been there to help recovery in disasters ranging from the Great Fire of London to Hurricane Katrina.

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