Quantitative finance started in 1900 with Louis Bachelier 's doctoral thesis Theory of Speculation. Harry Markowitz 's 1952 Ph.D thesis Portfolio Selection and its published version was one of the first efforts in economic journals to formally adapt mathematical concepts to finance.
The Spaniards - Peninsulares, Criollos, and Mestizos. Like the Indians, Spaniards were also diverse in nature and background. Some were soldiers or missionaries directly from Spain. Others came as long time residents of New Spain (Mexico). Distinctions were made between criollos, those born in the Americas, and peninsulares, those born in Spain. Criollos were considered inferior to those who came from the mother country. Those persons of mixed race - Indian and Spaniard - known as mestizos, were one of the most rapidly growing groups in frontier society.
The peninsulares were the highest caste in the Spanish colonial society. They were the only class of people who held public office, and they were from the mainland of Spain. Creoles were the next level of society, and they were those people directly descendant from Spanish blood but born in the colonies. Mulattoes and mestizos were relatively low classes, and these people were of mixed races between Spaniards and Africans or Native Americans. The Spanish viewed Africans to be the lowest ...