'The Ascent of Money: A Financial History of the World' by Niall Ferguson is a detailed exploration of the history of finance, covering various financial events and crises throughout Western history. The book delves into the origins of financial institutions, the development of bonds, stocks, insurance, and modern investment methods, providing a valuable perspective on historical events. Ferguson's writing style aims to make complex financial concepts understandable for the general reader, although some readers found the book to be more focused on banking, events, and money transactions in the 1900s and early 2000s, particularly in the USA.
Ferguson's narrative weaves together the evolution of money and financial instruments from ancient times to the present day, highlighting the interconnectedness between financial decisions and major world events. The book touches on topics such as the role of imperialism in foreign investment, the benefits of well-operating financial markets, and the repetitive nature of financial mistakes throughout history. While some readers appreciated the historical insights and educational value of the book, others found it to be too focused on recent financial events and lacking a central thesis or comprehensive analysis.
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From The Publisher:
"[An] excellent, just in time guide to the history of finance and financial crisis." -The Washington Post
"Fascinating." -Fareed Zakaria, Newsweek
The Ascent of Money reveals finance as the backbone of history, casting a new light on familiar events: the Renaissance enabled by Italian foreign exchange dealers, the French Revolution traced back to a stock market bubble, the 2008 crisis traced from America's bankruptcy capital, Memphis, to China's boomtown, Chongqing. We may resent the plutocrats of Wall Street but, as Ferguson argues, the evolution of finance has rivaled the importance of any technological innovation in the rise of civilization. Indeed, to study the ascent and descent of money is to study the rise and fall of Western power itself.
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About the Author:
Niall Ferguson is one of the world's most renowned historians. He is the author of sixteen books, including Civilization, The Great Degeneration, Kissinger, 1923-1968: The Idealist, and The Ascent of Money. He is the Milbank Family Senior Fellow at the…
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