IC320: Money Makes the World Go Round: Milestones in Financial History

Module code: IC320

Module provider: Finance and Accounting; Henley Business School

Credits: 20

Level: 6

When you’ll be taught: Semester 2

Module convenor: Dr Antony Moore, email: t.moore@icmacentre.ac.uk

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2025/6

Available to visiting students: Yes

Talis reading list: Yes

Last updated: 9 September 2025

Overview

Module aims and purpose

Today’s financial markets, institutions and instruments have evolved over centuries. Studying their history helps us to understand better why the modern versions of these markets, institutions and instruments take their current form and function. It may also allow us to identify lessons about recurring patterns in financial behaviour that, adjusted for the changing context, could provide an insight into future developments. The module does not try to offer a continuous narrative of several thousand years of financial history. Instead, it will focus on selected milestones in the history of finance, from the first accounting records written on clay tablets in ancient Mesopotamia to the creation of central banks. For each milestone, we will survey its origins and subsequent history, including how this has influenced its modern forms. More detailed discussion will focus on shorter periods to see how these financial markets, institutions and instruments operated within the context of the economy and society at a particular point in time. Students will also engage with historical source material for each milestone. This will develop their ability to read and interpret primary sources, and also to appreciate the challenges in extracting data from raw sources, which will also deepen their understanding of modern financial data and any potential limitations. 

Module learning outcomes

By the end of the module, it is expected that students will be able to: 

1. Critically discuss key developments in financial history 
2. Examine primary source material and appreciate the complexity in constructing data series 
3. Analyse historical financial data using appropriate quantitative and qualitative methods 
4. Reflect on the potential value of history for modern finance 

Module content

The module does not provide a continuous narrative of financial history, although we will cover the different milestones in roughly chronological order. The selection of milestones may vary but examples include: 

1. The invention of money 
2. Interest rates in the long run 
3. Double entry bookkeeping 
4. International finance and the FX market 
5. Managing risk: the development of insurance 
6. The birth and growth of public debts 
7. Credit before banks: early ‘Peer-to-Peer’ lending 
8. The formation of joint-stock companies and the stock market 
9. Banking and financial crises 
10. The creation of central banks 

Structure

Teaching and learning methods

Each topic is introduced by a lecture followed by more detailed discussion of selected case studies in the seminars. The seminars will be based on the reading and analysis of primary source material. Students will have the opportunity to present on their chosen topics for the set exercise and individual essay. Students are encouraged to participate in out-of-class activities such as discussion boards and quizzes on Blackboard. 

Study hours

At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

 Students need to achieve an overall module mark of 40% to pass this module.   

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): 10% of the total marks available for that piece of work will be deducted from the mark for each calendar day (or part thereof) following the deadline up to a total of three calendar days;
• where the piece of work is submitted up to three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in you Individual Learning Plan), the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan), no penalty shall be imposed;
• where the piece of work is submitted more than three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three calendar days of the deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): no penalty will be applied;
• where the piece of work is submitted more than three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): a grade of Fail will be awarded.

Where a piece of work is submitted late after a deadline which has been revised owing to an extension granted through the Assessment Adjustments policy and process (self-certified or otherwise), it will be subject to the maximum penalty (i.e., considered to be more than three calendar days late). This will also apply when such an extension is used in conjunction with a DAS-agreed extension as a reasonable adjustment.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Reassessment

Additional costs