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Tamsyn Smith, James Taylor, and Chris Clarke

Week 1 Week 2 Week 3 Most FutureLearn courses run multiple times. Every run of a course has a set start date but you can join it and work through it after it starts. Find out more This course is for anyone with a general interest in money and how money is understood in society, as well as anyone interested in history, literature, and economics. You can use the hashtag #FLmoney to talk about this course on social media.

Topics Covered

Read more

Week 1 Week 2 Week 3 Most FutureLearn courses run multiple times. Every run of a course has a set start date but you can join it and work through it after it starts. Find out more This course is for anyone with a general interest in money and how money is understood in society, as well as anyone interested in history, literature, and economics. You can use the hashtag #FLmoney to talk about this course on social media.

Topics Covered

  • An introduction to the disciplinary debates regarding the function and histories of money.
  • An exploration of money’s representations in art, literature and popular culture.
  • An introduction to stocks, shares, investment and the national debt.
  • An exploration of how investment cultures have changed and the role that technology and financial advice have played in them.
  • An analysis of the causes and forms of financial crisis.
  • An exploration of four case studies - the South Sea Bubble, the Railway Mania, the Wall Street Crash and the Global Financial Crisis of 2008.

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Reviews summary

History and cultural view of money

Learners say this course offers a fascinating historical journey into the world of money and finance, providing a unique perspective that blends history, economics, and culture. Students particularly praise the engaging case studies, such as the South Sea Bubble and Wall Street Crash, finding them incredibly insightful for understanding the evolution of financial events. While many found it an accessible and good introduction or overview, some learners note that it has a strong theoretical focus and is not a course on 'how to invest', lacking depth in modern or practical finance topics. Overall, it's seen as highly valuable for those interested in the historical context and the 'why' behind financial concepts.
Opinions vary on pace.
"The lectures were clear and easy to follow..."
"...sometimes a bit dry. The lectures were okay..."
"The lectures were slow at times."
Accessible for newcomers.
"The lectures were clear and easy to follow, even for someone with little background in finance. It's a great introduction to the topic."
"A really good overview of the history of money and finance."
"Good foundation for understanding the evolution of finance."
Real-world examples are insightful.
"The historical case studies, especially the South Sea Bubble and the Wall Street Crash, were presented in a very engaging way."
"The historical examples were the highlight."
"The case studies were incredibly insightful."
Unique blend of history, culture.
"This course was absolutely fascinating! The historical case studies... I particularly enjoyed how the course connected history, economics, and even literature."
"Excellent course! It provides a unique perspective on finance through a historical and cultural lens."
"Loved this course! The way it links finance to history and culture is brilliant."
Less practical finance than expected.
"The history parts were interesting, but I was hoping for more practical insights into the stock market or modern finance. It felt very theoretical..."
"Found this course a bit disappointing. It's too focused on history and not enough on practical finance or the stock market..."
"I learned it was academic, historical, and broad; don't expect to learn how to trade stocks."

Career center

Learners who complete Understanding Money: the History of Finance, Speculation and the Stock Market will develop knowledge and skills that may be useful to these careers:

Reading list

We've selected 50 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Understanding Money: the History of Finance, Speculation and the Stock Market.
Classic textbook on security analysis. It provides a framework for evaluating the value of stocks and bonds. It is suitable for investors and analysts of all levels.
This widely used introductory textbook in economics programs. It provides a comprehensive overview of both microeconomics and macroeconomics, making it excellent for gaining a broad understanding. It's often used as a core textbook in undergraduate economics courses and valuable reference for fundamental concepts.
Peter Lynch shares his philosophy of investing in what you know and observing the world for investment opportunities. is excellent for gaining a broad understanding of how individual investors can succeed by using their own experiences to identify promising companies. It's highly accessible and practical.
Authored by Nobel laureates, this book delves into the economics of poverty and provides evidence-based solutions. It's highly relevant to contemporary global economic issues and offers a deeper understanding of development economics. It is valuable for both academic study and informing policy discussions.
This influential book analyzes the dynamics of income and wealth inequality, a major contemporary economic topic. It significant academic work that has generated considerable discussion and is essential for understanding modern economic trends and challenges. It's more suitable for undergraduate and graduate levels due to its depth and data analysis.
Comprehensive textbook on financial risk management. It covers a wide range of topics, including risk measurement, risk management techniques, and financial crises. It is suitable for students with a basic understanding of finance.
This classic focuses on the qualitative aspects of a company and its management, complementing Graham's focus on quantitative value. It emphasizes the importance of investing in growth companies with strong fundamentals, offering a deeper understanding of evaluating businesses beyond just their numbers.
Another widely used textbook by Mishkin, this book offers a comprehensive introduction to the economics of money, banking, and financial markets. It covers monetary policy, financial institutions, and the structure of financial markets. It is suitable for both undergraduate and graduate students seeking a thorough understanding.
This advanced textbook focuses on dynamic macroeconomic models using recursive methods. It key resource for PhD-level students in economics specializing in macroeconomics and requires a very strong mathematical foundation. It provides tools and techniques for modern macroeconomic research.
Provides a comprehensive overview of corporate finance, covering topics such as capital budgeting, capital structure, and dividend policy. It is well-written and accessible to students with a basic understanding of finance.
Challenges traditional economic growth models and proposes a new framework for economic thinking focused on social and planetary boundaries. It's highly relevant to contemporary issues like sustainability and inequality, offering a critical perspective on mainstream economics. It's suitable for those interested in alternative economic models.
Provides an accessible and engaging introduction to economic concepts using real-world examples. It's an excellent starting point for beginners or those in high school to see how economics applies to everyday life. It's more valuable as engaging additional reading than a comprehensive reference.
This comprehensive guide to technical analysis, covering chart patterns, indicators, and trading strategies based on market price and volume data. It's a widely used textbook for those looking to understand and apply technical analysis.
Considered a standard reference for valuation in corporate finance, this book provides in-depth coverage of valuation techniques applicable to stocks. It is suitable for advanced students and finance professionals seeking a rigorous approach to assessing company value.
Uses engaging examples from everyday life to explain fundamental economic principles. It's a great resource for beginners to develop economic intuition and see the relevance of economics in various situations. It complements more formal textbooks by providing applied examples.
Comprehensive textbook on managerial accounting. It covers a wide range of topics, including cost accounting, budgeting, and performance measurement. It is suitable for students with a basic understanding of accounting.
Comprehensive textbook on financial management. It covers a wide range of topics, including financial planning, capital budgeting, and working capital management. It is suitable for students with a basic understanding of finance.
This popular book applies economic principles to unconventional topics, demonstrating the broad applicability of economic thinking. It's highly engaging for a general audience and can spark interest in the subject, serving as excellent supplementary reading. It provides a unique perspective rather than a foundational overview.
Critiques conventional economic wisdom and capitalist systems, offering a different perspective on how economies work. It's accessible and thought-provoking, suitable for those looking to broaden their understanding beyond mainstream viewpoints and engage with critical analyses of economic systems.
Provides a detailed account of the French Revolution and its impact on Europe, arguing that it was a watershed moment in world history.
Provides a broad and engaging history of finance, tracing its evolution from ancient Mesopotamia to the modern world. It is excellent for gaining foundational knowledge about how money and financial systems developed. It serves as valuable background reading for anyone interested in the history of economic thought and financial institutions.
Considered the bible of value investing, this book outlines fundamental principles for successful long-term investing. While focused on the stock market, its core tenets about analyzing value and managing risk are broadly applicable to understanding money and financial markets. It classic 'must-read' for anyone interested in investing.
Another insightful book by Michael Lewis, this work details the events and key players involved in the 2008 financial crisis. It provides a compelling look at complex financial instruments and the failures that led to the crisis. It's highly relevant for understanding recent financial history and systemic risk.
Offers insights into the minds and strategies of some of the world's most successful traders. It provides valuable lessons on trading psychology, risk management, and various trading approaches. It's a great resource for understanding the practical side of trading.
A fictionalized account of the life of Jesse Livermore, a famous stock trader. classic that offers timeless lessons on speculation, market psychology, and the pitfalls of trading. It provides a historical perspective on market dynamics.
This textbook provides a comprehensive overview of financial markets, instruments, and services, including a focus on the mechanics of stock trading and valuation. It is designed for undergraduate and postgraduate students and serves as a solid reference tool for understanding the structure and operation of stock markets.
Robert Shiller, a Nobel laureate, examines the factors behind speculative bubbles in asset markets, including the stock market. provides a behavioral finance perspective on market trends and helps in understanding the psychological drivers of market cycles.
Delves into the world of high-frequency trading (HFT) and its impact on the stock market. It provides a contemporary perspective on market structure, technology, and the debate around fairness in modern trading. It's more of a narrative but sheds light on current market dynamics.
Challenging conventional wisdom, this book explores the historical relationship between debt and different forms of money. It offers a broad, anthropological perspective on the origins of economic systems. This is valuable for readers looking to understand the social and historical context of money beyond traditional economic viewpoints.
Tells the story of the central bankers of the world's major economic powers in the years leading up to the Great Depression. It offers a deep historical perspective on monetary policy and its global impact. It's valuable for understanding the historical context of central banking and its challenges.
This textbook offers an economic perspective on financial markets, including the stock market. It covers topics such as market microstructure, asset pricing models, and the economics of uncertainty. It's suitable for advanced undergraduate and graduate students in finance and economics.
Challenges traditional views of pre-Columbian America, arguing that the Americas were home to complex and sophisticated civilizations before the arrival of Europeans.
Examines the reasons why Europe and China diverged economically in the 18th century, arguing that it was due to a combination of factors, including geography, technology, and institutions.
Discusses the impact of rare and unpredictable events (black swans) on financial markets and other areas of life. It challenges conventional wisdom about risk and probability, encouraging readers to think about robustness and antifragility in their investment strategies.
Argues for the importance of history in the modern world, arguing that it can help us to understand the challenges we face and make better decisions about the future.
While not solely focused on stocks, this book by the founder of Bridgewater Associates outlines his principles for decision-making in life and business, including his approach to markets and investing. It provides a framework for understanding macroeconomics and portfolio construction.
A seminal work in monetary economics, this book provides a detailed empirical analysis of the role of money and monetary policy in the U.S. economy. It is crucial for a deep understanding of monetary history and its impact on economic cycles. While historically focused, its analysis of monetary phenomena is highly relevant for contemporary issues.

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