Reading 58 Section 5 Begins with the history of derivatives and suggests they have existed from the middle ages. Later on, it talks about the formation of the Chicago Board of Trade which is a much more recent phenomenon and the way I’m reading the text is pretty much the dawn of time in terms of the creation of derivatives.
In section 6, it talks about a counter argument to the destabilisation effects that derivatives might be causing on world economies and that apparently booms and busts have happened long before “modern” derivatives which as I mentioned, I assume coincides with the creation of the CBOT and other such markets.
So obviously there’s some contradiction in the text. Anyone care to comment?