Confidence Games: Money and Markets in a World without Redemption

Mark C. Taylor
Confidence Games: Money and Markets in a World without Redemption

"Mark Taylor has an exceptionally original mind. By producing interrelated critiques of subjects as varied as religion, architecture, science, and the internet, he has been assembling a kind of geodesic dome of thought over our entire culture. In this new book, the market is his chosen subject and his several angles of observation combine to produce results as startling and revealing as ever. This is the market seen, as it were, from the soul outward."—Jack Miles

See all our titles
by Mark C. Taylor


Mark Taylor's
Emerging Network Culture Timeline
for Confidence Games: Money and Markets in a World without Redemption

  • First fully automatic telephone switching system (in Omaha)
  • Transatlantic telephony via submarine cable
  • Federal Home Loan Bank Board created
  • Securities and Exchange Act
  • Banking Act of 1935 (creates Federal Open Market Committee)
  • Kodachrome color film
  • Coaxial cable
  • 1938-48: xerography
  • First all-electronic computer
  • Regular FM radio broadcasting begins
  • Teletypewriter (calculator tied by phone line to demonstrate remote computing)
  • First regular TV station in U.S. (WNBT, New York, estimated 10,000 viewers)
  • CBS and NBC start commercial transmission
  • Federal Communications Commission (FCC) sets U.S. TV and radio standards (a broadcaster cannot own television stations that reach more than 35% of the nation's homes)
  • First TV commercial (for Bulova watches)
  • Microwave transmission
  • Push-button telephone
  • First electronic digital computer
  • Magnetic recording tape
  • Harvard's Mark I
  • First U.S. televised network newscast (NBC)
  • FCC creates VHF spectrum of channels
  • Vannevar Bush conceives idea of hyperlinks, hypermedia
  • High-frequency microwave radio links
  • RCA, NBC demonstrate rival color television systems
  • Dual Television Network Rule enacted, prohibiting a major network from buying another major network
  • University of Pennsylvania's ENIAC
  • FCC national standard for television receivers
  • International Monetary Fund, International Bank for Reconstruction and Development, General Agreement on Tariffs and Trades (GATT)
  • Seven U.S. East Coast TV stations begin regular programming
  • Transistor invented at Bell Labs
  • Community Antenna Television (CATV), forerunner to cable TV
  • Polaroid instant print camera
  • RCA's Ultrafax system (transmits one million words per minute)
  • Reel-to-reel tape recorder and long-playing 33-1/3 rpm records introduced
  • Shannon and Weaver create information theory
  • Theory developed for check-bits to detect errors in phone switching
  • WFIL-FM, owned by Philadelphia newspaper, transmits fax editions twice a day
  • Magnetic core computer memory is invented
  • Network TV established in U.S.
  • New York-Chicago co-ax lines; three channels westbound, two east
  • Ninety-eight TV stations
  • RCA offers the 45 rpm record and player
  • Whirlwind, first real-time computer
  • CBS broadcasts in color to twenty-five television sets
  • Diners Club credit card
  • John von Neumann designs computer logic
  • Nielsen's Audimeter tracks television audiences
  • Phonevision (pay-per-view television system)
  • Xerox photocopiers
  • Color television goes on sale
  • Direct distance dialing begins
  • Graphics display on vectorscope on Whirlwind computer
  • One and a half million TV sets in U.S.
  • Univac I (first mass-produced computer)
  • Claude Shannon uses electric mouse and maze to prove computers can learn
  • Portfolio selection (Harry Markowitz, Nobel Prize 1990)
  • Telephone area codes
  • Transistor radios
  • CATV system uses microwave
  • Magnetic core memory installed in a computer (Whirlwind)
  • Prerecorded reel-to-reel tape at 7Á ips goes on sale
  • FCC authorizes color TV broadcast
  • U.S. television revenue surpasses radio revenue
  • Tests begin to provide massive digital communication using fiber optics
  • Bank Holding Company Act (allowed banks to circumvent state branching laws and permitting holding companies to engage in mortgage banking)
  • Bell's test Picturephone
  • First television broadcast made from videotape
  • First transatlantic telephone calls by submarine cable
  • Geniac (first successful digital computing toy)
  • Milton Friedman's study of quantity theory begins modern monetarism
  • Pagers introduced
  • Transatlantic telephone cable completed
  • First videotaped television commercial (for corn flakes)
  • FORTRAN becomes the first high-level computer programming language
  • Sputnik
  • Color videotape
  • Experiments begin to create the modem
  • First successful U.S. Satellite (Explorer I)
  • Separation theorem (James Tobin, Nobel Prize 1981)
  • Stereo LP records
  • TX-1 computer at MIT uses graphics console
  • COBOL for business
  • Magnetic ink character recognition developed to process checks
  • Microchip
  • Texas Instruments builds an integrated circuit
  • ATM invented
  • Installed base of five thousand computers in U.S.
  • Lasers introduced
  • Packet-switching (PS) transmission
  • Bell Labs tests communication by light waves
  • Fairchild semiconductor (commercial integrated circuits)
  • IBM introduces the “golf ball” typewriter
  • First paper on packet-switching theory
  • Sony markets a helical scan videotape recorder
  • TWA offers the first in-flight movie
  • Comsat created to launch and operate global satellite system
  • FCC requires UHF tuners on TV sets
  • Telstar communications satellite sends television across the Atlantic
  • Communications satellite, Syncom II, goes into geosynchronous orbit
  • Computer mouse patented
  • Kodak Instamatic
  • Sketchpad
  • Sony open-reel videotape recorder
  • ZIP codes
  • BASIC programming
  • Capital asset pricing model
  • Compact cassette tape
  • First version of Moore's law (microprocessor speed doubles each year)
  • IBM's OS/360 (first mass-produced computer operating system)
  • Intelsat, international satellite organization, formed
  • Japan's NHK begins HDTV development
  • Mariner IV sends television images from Mars
  • PDP-8, first minicomputer, first to use integrated circuit technology
  • Transpacific submarine telephone cable service begins
  • Local TV Multiple Ownership Rule enacted, prohibiting a broadcaster from owning more than one television station in a given market unless there are at least eight stations in the market.
  • Audio tape cassettes
  • Bar codes (Universal Product Code)
  • Commercial communications satellite Early Bird (Intelsat I) orbits
  • Computer time-sharing becomes popular
  • FCC rules bring structure to cable television
  • Market price as estimate of value-random walk (Paul Samuelson, Nobel Prize 1970)
  • Mobile radio telephone service widely available in the U.S.
  • Post Office tests optical scanners to read ZIP codes
  • PDP-8 (first mass-produced minicomputer)
  • Sony Portapak portable video system introduced in the U.S.
  • Word “hypertext” coined
  • Eight-track tape player
  • First ARPANET plan
  • LexisNexis founded as the Data Corporation
  • Xerox introduces the Telecopier (fax machine)
  • Computer hypertext system is developed
  • Cordless telephones
  • IBM floppy disk
  • OCLC (originally “Ohio College Library Center,” now “Online Computer Library Center)
  • DEC 338 intelligent graphics terminal
  • First computer installed on a trading floor (Salomon Brothers)
  • Head-mounted display (sword of Damocles)
  • Intel 1 KB RAM microchip
  • Keyboard, keypad, and mouse integrated (demonstrates first working hypertext and prototype for mouse)
  • Magnetic-strip credit cards
  • ONLine System (NLS)
  • Theorem relating corporate finance to returns (Franco Modigliani and Merton Miller, Nobel Prize 1985, 1990)
  • Xerox office copier
  • First automatic teller machine (ATM)
  • Graphical user interface (GUI)
  • Instinet
  • Public Broadcasting System (PBS) founded
  • SIGGRAPH formed
  • UCLA computer sends data to Stanford computer (anticipates Internet)
  • Unix operating system
  • Xerox PARC founded
  • Alohanet (first wireless computer networking system)
  • Associated Press sends news by computer
  • Corning Glass Works spins out optical fiber clear enough for light pulses
  • Efficient market hypothesis (Eugene Fama)
  • IBM System 370 allows time-sharing, online computing
  • IMAX
  • Picturephone commercial service begins
  • Radio/TV cross-ownership restriction enacted, prohibiting a broadcaster from owning a radio station and a television station in the same market.
  • E-mail
  • First index fund
  • Intel 4004 microprocessor
  • NASDAQ founded
  • Texas Instruments introduces portable electronic calculator
  • Wang 1200, first word processor
  • @ introduced
  • Alto computer
  • Atari formed
  • Digital sound and Á-inch videotape first used in broadcasting
  • First digital watches
  • First programmable word processor with video screen
  • First videocassettes
  • HBO starts pay-TV service for cable
  • International currency futures
  • Landsat I, “eye-in-the-sky” satellite
  • Options pricing model (Robert Merton and Myron Scholes, Nobel Prize 1997)
  • Pocket calculators
  • Pong (first home video game)
  • Public demonstration of ARPANET
  • Satellite used for live television transmission
  • Sony's Betamax
  • Sony's Port-a-Pak video recorder
  • AP, UPI start installing computer terminals in all U.S. bureaus
  • First international connections to the ARPANET
  • Pension funds and endowments allowed to play options market
  • Reuters installs video terminal called Monitor
  • Transmission control protocol (TCP) and Internet protocol (IP)
  • Xerox sets up a LAN (local area network) called Ethernet
  • BBN opens Telenet, the first public data service (a commercial version of ARPANET)
  • BCC transmits Teletext data to TV sets
  • Electronic news gathering
  • Employee Retirement Income Security Act (ERISA)
  • Satellite transmission of mailgrams
  • “Teacher-in-the-Sky” satellite begins educational mission
  • Telnet offers commercial packet data service
  • Wall Street Journal successfully transmits edition by satellite
  • Word “Internet” enters the lexicon
  • Altair 8000 computer (first computer for home use)
  • BASIC becomes the first programming language for the personal computer
  • Bill Gates and Paul Allen found Microsoft Corporation
  • Fractals (Benoit Mandelbrot)
  • HBO's “Thrilla' from Manila,” nationwide by satellite, begins pay cable boom
  • IBM portable computer (50 lbs., cost $9,000 for 16K, $20,000 for 64K)
  • Philips demonstrates an optical videodisc system
  • SEC mandates competitive brokerage commissions (end of fixed rate)
  • Sony Betamax recorder
  • Newspaper/broadcast cross-ownership prohibition enacted (banning ownership of both a newspaper and a television station in the same market)
  • Apple I
  • Electric Pencil (first popular microcomputer)
  • First retail index fund
  • Small satellite dishes for residential backyards
  • Sony's Betamax and JVC's VHS battle for home market.
  • Steve Jobs and Steve Wozniak create Apple Computer Company
  • Trials begin on TCP/IP protocol for Internet
  • Apple II, Commodore Pet, TRS-80
  • AT&T transmits telephone calls by fiber optics
  • VHS wins battle with Betamax
  • TRS-80 introduced
  • Warner Cable's interactive Qube television system
  • BBS (Bulletin Board Software) lets computers communicate via phone modems
  • DEC VAX II/780 introduced
  • Epson MX-80 (dot matrix printer)
  • Financial Institutions Regulatory Interest Rates Control Act
  • First tests of cellular telephones
  • Individual 401Ks
  • Intel 16-bit microprocessor
  • PBS satellite delivery
  • Oracle videotext and teletext system
  • Video laser disc
  • Atari eight-bit computers introduced
  • Atari 400 and 800 model game computers
  • CompuServe
  • First currency swap
  • First multiuser domain (MUD)
  • IBM 3279 color terminal
  • Newsgroups arrive on the Internet
  • Sony's Betascan shows fast-forward picture
  • Sony Walkman
  • Speech recognition machine with a vocabulary of 1,000 words
  • VisiCalc spreadsheet program
  • CNN begins broadcasting
  • FCC allows private companies to build and launch communication satellites
  • IBM licenses DOS from Microsoft
  • Intelsat V relays 12,000 phone calls and two color TV channels
  • International committee (CCITT) sets compatibility standards for fax machines
  • Minitel begins in France
  • MIT Media Lab founded
  • New York Times, Wall Street Journal, Dow Jones put news database online
  • PacMan
  • Public international electronic fax service, Intelpost
  • U.S. Depository Institutions Deregulation and Monetary Control Act
  • BITNET connects university mainframe computers worldwide
  • DEC introduces VT100
  • Financial News Network (FNN)
  • First interest rate swap
  • IBM introduces the first IBM PC (sixteen-bit 8088 chip)
  • Laptop computer introduced
  • Microsoft MSDOS 1.0 operating system
  • Mouse pointer is attached to computers
  • MTV
  • Sony Betacam
  • Reagan administration deregulation under the leadership of FCC chairman Mark Fowler; deregulatory moves, some made by Congress, others by the FCC included extending television licenses to five years from three; the number of television stations any single entity could own grew from seven in 1981 to twelve in 1985
  • Adobe founded
  • 1982-84: AT&T dismantling
  • AutoDesk founded
  • Commodore 64
  • Depository Institutions Act, also known as the Garn-St. Germain Act
  • 5.5 million PCs sold
  • Silicon Graphics Inc.
  • NSF launches CSFNET
  • One-button point-and-click mouse introduced
  • Prodigy
  • Stock index options
  • Apple's Lisa (the first microcomputer with a graphical user interface)
  • ARPANET and MILNET split
  • Seven baby Bells form
  • Audio music cassettes outsell LP records
  • Autodesk introduces first PC-based CAD software
  • Cisco Systems starts network router manufacturing business
  • Compact discs go on sale
  • First laser disc arcade game
  • Intercity fiber optic phone transmission begins (New York to Washington)
  • Internet domain names
  • Lotus 1-2-3 spreadsheet program
  • Motorola starts testing cell phone service
  • Sony and Philips introduce first CD player
  • TCP/IP becomes standard for Internet communication between computers
  • Apple Macintosh and IBM PC AT introduced
  • AT&T fiber optic cable service extends from Boston to Washington
  • British TeleCom privatized
  • CONUS relays news feeds for stations on Ku-band satellites
  • Domain Name System (DNS) introduced; number of hosts exceeds 1,000
  • First Macintosh computer sold
  • HDTV
  • Hewlett-Packard's LaserJet printer
  • NASDAQ introduces Small Order Execution System (SOES) (becomes mandatory in 1988)
  • One-megabyte memory chip
  • Portable cellular phone introduced (weights two pounds and costs $3995.00)
  • Portable compact disc player arrives
  • 32-bit microprocessor
  • 3Á inch disk drive
  • Universal Studios opens computer graphics department
  • U.S. Federal Appeals Court legalizes nationwide ATM networks
  • America Online founded as Quantum Computer Services
  • Audio CDs and CD players
  • Cellphones in cars
  • Desktop publishing
  • Images broken into digital bits
  • Nintendo enters home video game market
  • Pixar Image Computer goes on sale
  • Synthetic text-to-speech computer pronounces 20,000 words
  • U.S. TV networks begin satellite distribution to affiliates
  • Whole Earth ’Lectronic Link (WELL)
  • Guidelines for minimal amounts of nonentertainment programming are abolished
  • FCC guidelines on how much advertising can be carried per hour are eliminated
  • Cable shopping networks
  • Commodity swaps
  • Digital audio tape (DAT)
  • Intel introduces 82786 graphics coprocessor chip
  • Laser printers start to replace dot matrix and daisy wheel printers
  • LISTSERV mailing list program
  • Microsoft goes public
  • Texas Instruments introduces TMS34010 graphics system
  • Excel, PageMaker
  • Government deregulates cable industry
  • Hypercard
  • IBM offers a computer with VGA, giving a choice of 262,144 colors
  • National Science Foundation starts NSFNET (replaces ARPANET)
  • Stock market crash
  • U.S. Competitive Equality Banking Act
  • Vincent van Gogh's Irises sold at auction for a record $53.9 million
  • Windows 2.0, MS/OS 2
  • FCC's "Fairness Doctrine" eliminated
  • CDs outsell vinyl records
  • Digital disc playback (DDP)
  • First transatlantic telephone call over fiber optics line
  • Internet T1 backbone completed
  • NeXT computer
  • Prodigy dial-up service
  • Self-service fax machine accessed by credit card
  • Sony's Pocket Discman
  • Collapse of the Berlin Wall
  • CNBC (Consumer News and Business Channel)
  • Financial Institutions Reform, Recovery, and Enforcement Act
  • First relays between a commercial electronic mail carrier and the Internet
  • Hyperlink created
  • Integrated services digital networks (ISDN)
  • National High Performance Computer Technology Act
  • NHK begins regular broadcasting of analog HDTV programs
  • Number of Internet hosts exceeds 100,000
  • Pacific Link fiber optic cable opens (can carry 40,000 phone calls)
  • Photos digitally manipulated on a home computer
  • World Wide Web proposed
  • America Online is created from the expansion of AppleLink-Personal Edition
  • ARPANET ends
  • Electronic Frontier Foundation (EFF) founded
  • Kodak introduces the photo CD player
  • Nobel Prize recognizes financial economists (William Sharpe, Harry Markowitz, Merton Miller)
  • Windows 3.0
  • (first commercial provider of Internet dial-up access)
  • Baby Bells get government permission to offer information services
  • CNBC acquires FNN
  • Compact Disc Interactive (CD-I) player for music, video
  • Federal Deposit Insurance Corp. Improvement Act
  • First American Web site
  • Gopher released
  • NSF lifts restrictions on the commercial use of the Net
  • PGP (Pretty Good Privacy) released by Philip Zimmerman
  • Prediction Company founded
  • Three out of four U.S. homes own VCRs
  • Warsaw Stock Exchange opened for first time since World War II
  • World-Wide Web (WWW) released by CERN
  • AOL exceeds 200,000 subscribers
  • Apple introduces Quick Time
  • Datek Online founded
  • Delphi offers dial-up service to the Internet
  • Eastman Kodak introduces its Photo CD system for storing and editing images on compact disk
  • Maastricht Treaty on European Union signed
  • Mosaic (browser with graphic user interface)
  • New Web terms: HTTP and URL introduced
  • Remote bar-coding system
  • Sixty-five million personal computers sold
  • Sony Mini-Disc, recordable magneto-optical disc
  • Trade Plus becomes E*trade
  • World Bank goes online
  • Chicago Board of Options Exchange
  • European Exchange Rate Mechanism reorganized
  • First prison sentence for software counterfeiting in the U.S.
  • Guam, Indonesia, Kazakhstan, Kenya, Liechtenstein, Peru, and Romania connect to NSFNET
  • Intel Pentium chip
  • Internet Talk Radio begins broadcasting
  • Lucent Technologies engineers create virtual reality “you-are-there” games, travel tours, and training simulations
  • MPEG-2 standard for digital television pictures adopted
  • Myst released
  • U.S. National Information Infrastructure Act
  • U.S. White House goes online
  • Web traffic increased 341,631 percent
  • Windows NT
  • Wired magazine begins publishing
  • WWW opened to anyone without cost
  • Almost one-third of all American homes own a computer
  • Direct Broadcast Satellite service
  • FCC approves advanced TV standard, including HDTV and SDTV
  • FCC approves British Telecom's 20 percent ownership of MCI
  • First banner ads appear on
  • First Virtual (first cyberbank) opens up for business
  • Internet management privatized
  • Japanese prime minister goes online
  • More PCs than TVs are sold in the U.S. for the first time
  • National Information Infrastructure Task Force
  • Netscape Navigator replaces Mosaic
  • Radio stations open Net locations
  • VRML introduced
  • Yahoo search engine introduced
  • Zip drive (removable storage of up to 100 MB)
  • Over 90 percent (by value) of all transactions in the U.S. are made electronically
  • DBS feeds offered nationwide
  • Federal Communications Commission auctions off licenses for new high-frequency “personal communication services” (PCS)
  • Internet Explorer 2.0
  • Internet 2 unveiled
  • Java
  • Mark Twain Bank adopts DigiCash
  • Mary Meeker publishes The Internet Report
  • Mondex electronic cash card introduced
  • Netscape IPO
  • NSFNET closed down; Internet privatized
  • RealAudio
  • Sony Playstation and Sega Saturn introduced
  • Sun launches JAVA
  • Toy Story is the first totally digital feature-length film
  • Vatican goes online
  • WebTV
  • Alan Greenspan's “irrational exuberance”
  • AOL flat rate subscription
  • AT&T spins off Lucent Technologies and NCR
  • Forty-five million Internet users (thirty million in U.S.)
  • Microsoft releases Explorer 3.0 Web browser
  • More than 100,000 World Wide Web sites
  • Optical fiber cable line stretches across the Pacific
  • SEC requires NASDAQ to display best available prices to all investors
  • Telecommunications Reform Act deregulates most of the U.S. communications industry (phone, cable, broadcast companies compete)
  • Web-TV tunes television sets to the Internet via the TV-top box
  • WorldCom takes over MFS Communications
  • WTO eliminates trade tariffs on $500 billion worth of computer and software products by 2000
  • Yahoo IPO
  • ARIN (American Registry for Internet Numbers)
  • David Bowie issues Bowie Bonds
  • Deutsche Telekom and France Telecom form Global One
  • Forty-three percent of U.S. homes own computers
  • Installed base of computers in reaches 180 million (95 percent PCs)
  • Microsoft acquires 11.5 percent of Comcast
  • Microsoft acquires WebTV Networks
  • Momentum AG (online trading in Germany)
  • More than 4,000 ISPs in the U.S. and Canada
  • Dow drops 554 points (October 27)
  • Optical fiber cable lines stretch around the world
  • Russian stock market opens
  • Streaming audio and video available on the Web
  • No Electronic Theft Act
  • Internet sites or dial-up connections at 2,600 U.S. newspapers
  • U.S. Supreme court strikes down key provisions of Communications Decency Act (Reno v. American Civil Liberties Union)
  • White House issues The Framework for Global Electronic Commerce
  • WorldCom takes over MCI
  • WTO agrees to open basic telecommunications markets in seventy countries (94 percent of world telecommunications markets)
  • Cable modem introduced as first broadband option
  • Ten million AOL subscribers
  • Apple's iMac computer
  • Approximately 300 million World Wide Web pages (with 1.5 million added each day)
  • European Union opens voice telecommunications to competition
  • First digital TV programs are broadcast in the U.S.
  • Industry Standard launches
  • Justice Department sues Microsoft
  • Long-Term Capital Management informs Fed it is almost bankrupt (September 20)
  • MP3
  • NASDAQ Japan launched
  • 180 commercial communications satellites and 530 other satellites in orbit
  • 150 million Internet users (half in the U.S.)
  • Pentium II processor
  • Slate launches
  • 3,250 newspapers and 1,280 TV stations now have online Web sites
  • Traffic on the Internet doubles every one hundred days
  • Yahoo! receives twenty-five million hits a month
  • AOL market capitalization $250 billion (as much as General Motors, Ford, and Boeing combined)
  • First Internet Bank of Indiana (first full-service bank available only on the Net)
  • Gramm-Leach-Bliley Act, overturns the Glass-Steagall Act of 1933
  • DSL introduced as the future of home broadband internet access.
  • Shawn Fanning creates Napster, revolutionizes use of P2P (peer-to-peer) network design technique.
  • Bluetooth (short-range radio technology for wireless digital transfer)
  • Internet IPOs go from 42 (1998) to 294
  • Jeff Bezos of Time's Man of the Year
  • U.S. Supreme Court rules that domain names are property that may be garnished
  • AOL buys Time Warner
  • Dow peaks at 11,908.50 (January 14)
  • Fed raises short-term interest rates
  • Bell Atlantic and GTE announce that their new combined company will be named Verizon
  • A federal court rules against Microsoft; calls ring out for the organization to be divided into two separate companies
  • Financial disaster for many dot-com companies as venture capital and high stock prices dry up, resulting in layoffs, bankruptcies, and the nickname "dot bombs"
  • SBC pays a record $6.1 million fine for not meeting performance standards set as a condition of its merger with Ameritech.
  • NASDAQ peaks (March 10)
  • OTC derivatives exempted from regulation
  • Afghanistan's Taliban bans Internet access countrywide
  • Enron declares bankruptcy
  • Industry Standard suspends publication
  • Apple Computer introduces its new operating system OS-X
  • Live coverage of the September 11 attack on the World Trade Center
  • Court order for breakup of Microsoft overturned in June; Microsoft settles its antitrust case with the Department of Justice in October and launches its new operating system Windows XP
  • A federal appeals court rules in favor of the Recording Industry Association of America against Napster, effectively shutting down its operations
  • Microsoft xBox and Nintendo Gamecube released
  • Lehman Brothers ends business casual
  • HP/Compaq merger
  • John Anderson, Jim Hourihan, Cary Phillips, and Sebastian Marino of ILM receive the Scientific and Technical Achievement Academy Award for the development of the ILM Creature Dynamics System, which makes hair, clothing, skin, flesh, and muscle simulation both directable and integrated within a character animation and rigging environment
  • WorldCom files largest bankruptcy in U.S. history
  • Internet2 now has two hundred university, sixty corporate, and forty affiliated members that pay to use it
  • Blogs
  • Nine of ten American schoolchildren have access to computers at home or school
  • DVD sales pass VCR sales; over forty million U.S. homes have DVD
  • 70% of U.S. households could have broadband service; 15% use it
  • stocks more than 350,000 titles
  • UK workers spend more time with e-mail than with their children
  • MTV reaches 250 million homes worldwide
  • New Euro coins and notes introduced by the European Union
  • Atari Games Corporation (Midway Games West) goes out of business
  • Live coverage of war on Iraq
  • Roxio purchases the legal remains of Napster in order to rerelease it as “legitimate”
  • becomes virtual mall
  • Time Warner drops AOL from name

In addition to a broad range of newspapers and periodicals, I have consulted the following sources in compiling this timeline:
  1. Carlson, Wayne. CGI Historical Timeline,
  2. Davies, Glyn, rev. ed. A History of Money from Ancient Times to the Present Day: A Comparative Chronology of Money (Cardiff: University of Wales Press, 1996). Material taken from
  3. Eckman, John Mark. (Dec. 1977). Modernism Timeline 1890-1940,
  4. Fang, Irving, and Kristina Ross. (Oct. 1996). The Media History Project,;
  5. Gromov, Gregory R. (Sept. 1996). History of the Internet and WWW: The Roads and Crossroads of Internet's History,
  6. History of the Internet
  7. Inventure Place, The National Inventors Hall of Fame. National Inventors Hall of Fame,
  8. Lucent Technologies Inc. (1997). Heritage of Innovation,
  9. Naughton, Russell (Aug. 1998). Adventures in Cybersound,
  10. Zakon, Robert Hobbes. Hobbes' Internet Timeline,



Copyright notice: ©2004 by the University of Chicago. All rights reserved. This text may be used and shared in accordance with the fair-use provisions of U.S. copyright law, and it may be archived and redistributed in electronic form, provided that this entire notice, including copyright information, is carried and provided that the University of Chicago Press is notified and no fee is charged for access. Archiving, redistribution, or republication of this text on other terms, in any medium, requires the consent of the University of Chicago Press.

Mark C. Taylor
Confidence Games: Money and Markets in a World without Redemption
©2004, 392 pages, 22 halftones, 14 line drawings, 2 tables
Cloth $32.50 ISBN: 0-226-79166-1

For information on purchasing the book—from bookstores or here online—please go to the webpage for Confidence Games.

See also: