IN CONTEXT
Financial products
c.1650 A rice market in Osaka, Japan issues the first standardized futures contract, agreeing to prices for goods not yet delivered.
1970s and 80s Deregulation gives banks and companies more ways to use money to make money.
1973 US economists Fischer Black and Myron Scholes devise a mathematical formula that appears to take the risk out of futures contracts.
1980s Large corporations begin to use derivatives to make money from money.
2007–08 Financial markets collapse around the world, threatening the continued existence of banks and banking-type ventures.
Some companies opt to “make money from money.” This means ...
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