In the four-hour version of THE ASCENT OF MONEY, historian and author Niall Ferguson seeks to explain the financial history of the world, exploring how our complex system of global finance evolved over the centuries, how money has shaped the course of human affairs and how the mechanics of this economic system work to create seemingly unlimited wealth or catastrophic loss. Perhaps most important, The Ascent of Money documents how a new financial revolution is propelling the world's biggest countries, India and China, from poverty to wealth in the space of a single generation-an economic transformation unprecedented in human history. Here, Ferguson returns to telling about, well, not so much economics as the evolution of finance. A tale of human frailties that have often proved pivotal to the ascension and the decline of money over the ages, ‘The Ascent of Money’ is a roller-coaster journey into the annals of finance. Also despite the fact that I have heard that the author is quite an arrogant individual. Perhaps most important, The Ascent of Money documents how a new financial revolution is propelling the world’s biggest countries, India and China, from poverty to wealth in the space of a single generation—an economic transformation unprecedented in human history. Buyers would only be found at a price low enough to compensate them for the increased risk of a Japanese default or currency depreciation.”, “A typical contract in the archives of the merchant Francesco Datini (c. 1335-1410) stipulates that the insurers agree to assume the risks ‘of God, of the sea, of men of war, of fire, of jettison, of detainment by princes, by cities, or by any other person, of reprisals, of arrest, of whatever loss, peril, misfortune, impediment or sinister that might occur, with the exception of packing and customs’ until the insured goods are safely unloaded at their destination.13”, “Japan in the 1930s became a garrison state.43 But it was one which carried within it the promise of a ‘warfare-welfare state’, offered social security in return for military sacrifice.”, “banks have evolved since the days of the Medici precisely in order (as the 3rd Lord Rothschild succinctly put it), to ‘facilitate the movement of money from point A, where it is, to point B, where it is needed’.48 Credit and debt, in short, are among the essential building blocks of economic development, as vital to creating the wealth of nations as mining, manufacturing or mobile telephony.”, “only when savers can put their money in reliable banks that it can be channelled from the idle to the industrious.”, “bond markets have power because they’re the fundamental base for all markets. Share A richly original look at the origins of money and how it makes the world go ?round Niall Ferguson follows the money to tell the human story behind the evolution of our financial system, from its genesis in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. 102,333 = 1.47 per cent.”, “man who had exchanged his $1,000 of savings for gold in 1970, while the gold window was still ajar, would have received just over 26.6 ounces of the precious metal. The Ascent of Money In this six-part documentary respected author, journalist and lecturer Professor Niall Ferguson examines the dynamic role of money as he takes you on an epic tour of the financial world. An increase of cash in public hands of $1.2 billion was achieved at the cost of a decline in bank deposits of $15.6 billion and a decline in bank loans of $19.6 billion, equivalent to 19 per cent of 1929 GDP.91”. More. After spending the early portion of the book on the history and development of currency. Special | 57m 44s. There have been countless failures in finance, but the general trend has consistently been upwards. The invention of credit and debit was one of the most important developments in human history. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. Recommends it for: those ruined by any sort of market discontinuity, Published November 13th 2008 by Penguin Press (first published November 13th 2007. More More. Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. In the four-hour version of THE ASCENT OF MONEY, historian and author Niall Ferguson seeks to explain the financial history of the world, exploring how our complex system of global finance evolved over the centuries, how money has shaped the course of human affairs and how … The author does a wonderful job of jumping across vast time periods to draw comparisons (showing how even if technology changes, human nature does not). The Ascent of Money Maintain economic security and relieve money issues with tips from the financially-savvy. "The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. To see what your friends thought of this book, News, author interviews, critics' picks and more. I am not, as it were, temperamentally against the idea, but I sure seem to read a lot of books by people who are, so I was curious to follow his arguments. And I have to admit that for the most part, he makes his case convincingly, arguing that ‘poverty is not the result of rapacious financiers exploiting the poor’ but rather ‘has much more to do with the, The book is titled The Ascent of Money, but it's not about the ascent of money. The Ascent of Money: A Financial History of the World is a 2008 book by then-Harvard professor Niall Ferguson, and an adapted television documentary for Channel 4 (UK) and PBS (US), which in 2009 won an International Emmy Award. But this book is a thorough and comprehensive account of the various milestones that have taken place in the history of money. It provides an essential lens for the understanding of political events, which are usually hugely influenced by financial considerations, even if these factors later escape historians who are seduced by personalities and battles. In the four-hour version of THE ASCENT OF MONEY, historian and author Niall Ferguson seeks to explain the financial history of the world, exploring how our complex system of global finance evolved over the centuries, how money has shaped the course of human affairs and how … Maintain economic security and relieve money issues with tips from the financially-savvy. To generals, it’s the sinews of war. More More. For some, this is already a hard sell. First. What’s the difference between a stock and a bond? 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. Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. For each of these various categories, Ferguson provides the historical background that led to their development as well as the benefits and problems that came along with each. To revolutionaries, it’s the chains of labor. Ferguson is known as an economic historian yet his last few books were almost purely historical, with only brief passages on the economic aspects of historical events. Unlike 'War of the World' - a mammoth retelling of the horror of the 20th century (which I felt had an impersonal and rushed air, as though Ferguson had relied too heavily on his massive, globe-spanning team of researches from a host of universities), 'Ascent of Money' is Ferguson really dealing with what comes naturally to him, as an expert in both the early modern bond markets, quantitative finance, the inner workings of the House of Rothschild (as he should, he wrote the book(s) on them), the hubris behind Long Term Capital Management, and every other complicated aspect of the markets. 0 likes. It examines the long history of money, credit, and banking. Hunter-gatherer cultures lacked money and had remarkably high rates of violent deaths. The value of money comes from the trust we as societies place in it, not from its intrinsic worth. But there is no doubt that the modern world as we know it would not exist without the lubricant and stimulant growth hormone money, for better or for worse. Bread, cash, dosh, dough, loot, lucre, moolah, readies, the. What’s more, he reveals financial history as the essential backstory behind all history. Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. In the four-hour version of THE ASCENT OF MONEY, historian and author Niall Ferguson seeks to explain the financial history of the world, exploring how our … Maintain economic security and relieve money issues with tips from the financially-savvy. And that was only possible because the rise of banks was followed by the ascent of the second great pillar of the modern financial system: the bond market.”, “As the banks took over the securities, the ratios between their capital and their assets lurched down towards their regulatory minima.   He delves into the origins of the subprime mortgage crisis. With the clarity and verve for which he is known, Ferguson elucidates key financial institutions and concepts by showing where they came from. Life has a habit of proving me wrong. Niall Ferguson is a senior fellow at the Hoover Institution at Stanford University, former Laurence A. Tisch Professor of History at Harvard University and current senior fellow at the Center for European Studies at Harvard University, a visiting professor at Tsinghua University, Beijing, and founder and managing director of advisory firm Greenmantle LLC. 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. Maintain economic security and relieve money issues with tips from the financially-savvy. More More. Beginning with money lenders in ancient Mesopotamia (a beginning form of credit) the author shows us how the ascent of money has been essential to the ascent of mankind. What the book really is is a straight history of the above-board financial markets, and to that extent it's a useful and largely enjoyable read, covering the move from barter to coin, and from coin to virtual funds, and from virtual funds to algorithmic trading. The Ascent of Money book. The ascent of money is described as an evolutionary process with development throughout history of new mediums of exchange. First money, then banks, then bonds, then equities, derivatives, insurance, and finally the causes of the recent credit crunch are explained and developed in simple and clear prose. People must again learn to work, instead of living on public assistance". The Ascent of Money provides a good broad outline of the history of the modern global financial system, but does not go deep enough either on the historical origins of financial institutions or the nature of the financial systems themselves. At the time of writing, with gold trading at close to $1,000 an ounce, he could have sold his gold for $26,596.”, “suppose they began to worry about the health of the Japanese currency, the yen, in which bonds are denominated and in which the interest is paid. We may resent the plutocrats of Wall Street but, as Ferguson … Central banks in the United States and Europe sought to alleviate the pressure on the banks with interest rate cuts”, The Ascent of Money: A Financial History of the World. However, the only societies that existed without money were singularly ill-equipped to survive. More More. please sign up The cost of credit, the interest rate [on a benchmark bond], ultimately determines the value of stocks, homes, all asset classes.”, “Its prime cause was the rise and fall of ‘securitized lending’, which allowed banks to originate loans but then repackage and sell them on. The Ascent of Money is a wonderful discussion of the evolution of money, though sadly 8years old now. Read 1 483 reviews from the world's largest community for readers. Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. 4.0 stars. There's no ascendancy, because there is nothing for it to compete with, in the author's telling. 4.0 stars. I am not, as it were, temperamentally against the idea, but I sure seem to read a lot of books by people who are, so I was curious to follow his arguments. I say that despite the fact that I disagree with the author's conviction that capitalism is one of humanity's greatest achievements, and that the price of progress is more than worth. He does a terrible job of telling jokes, which comes across as a sort of nervous habit (mostly alliteration, puns, and pop-culture references), one that someone close to him should point out to him. The Mountain of Money Idealists beginning with Karl Marx have excoriated money and the “cash nexus” that they believe threatens human relationships. What do banks do? This is history for the present. In the four-hour version of THE ASCENT OF MONEY, historian and author Niall Ferguson seeks to explain the financial history of the world, exploring how our complex system of global finance evolved over the centuries, how money has shaped the course of human affairs and how … ― Niall Ferguson, The Ascent of Money: A Financial History of the World. In the four-hour version of THE … Above all it is a celebration of the achievements that have been made possible by money's capacity to leverage and create value - a value that some would say is illusory and false. Author(s): Niall Ferguson (University of Oxford) History | Staff Picks | Business & Economics. The Ascent of Money | A Financial History of the World | Book Summary | Author Niall Ferguson BestBookBits • By Michael Knight • Aug 17 For example the idea of fractional reserve is important and central to the power of modern economics, but it's not given … The Ascent of Money by Niall Ferguson is the story of how money developed throughout history- and how the world was shaped and reshaped by the many financial innovations that accompanied our dependence on money. The footnotes reveal the real depth and breath of Ferguson's learning and research - everything from the Financial Times, personal correspondences, interviews from Democracy Now!, and every major current events book of the last generation, including the new George Soros book which I bought WITH this book - Let's get that straight: Ferguson had read and referenced a book which is so new it was on the same 'NEW IN NONFICTION' shelf near his. And I, Financial institutions are not evil, that's Niall Ferguson's main point. Maintain economic security and relieve money issues with tips from the financially-savvy. Watch the PBS program based on The Ascent of Money. Right. Niall Ferguson, 56, is one of the world’s leading historians, a prolific author, and creator of the TV series The Ascent of Money, which won an International Emmy award. What is money? Maintain economic security and relieve money issues with tips from the financially-savvy. I am a big fan of Niall Ferguson and this book certainly added to my appreciation for both his skill as a writer and his knowledge of history, especially financial history. Recently I wrote a review of, This is a very informative, and convincing book, about the history, and the need for money. Financial institutions are not evil, that's Niall Ferguson's main point. The must-read summary of Niall Ferguson's book: “The Ascent of Money: A Financial History of the World”. Removing this book will also remove your associated ratings, reviews, and reading sessions. The book is titled The Ascent of Money, but it's not about the ascent of money. The Ascent of Money Key Idea #2: The system of credit and debit funds the financial system through the creation of money. Why buy insurance or real estate? Capital mutations bring about the creation of new markets and new products, which are created by a system under capitalism, which provides growth in the monetary system to accommodate economic growth and expansion of the population. I am a big fan of Niall Ferguson and this book certainly added to my appreciation for both his skill as a writer and his knowledge of history, especially financial history. The Ascent of Money Episode 1: From Bullion to Bubbles In the first episode of the four-hour series THE ASCENT OF MONEY, economist and historian Niall … There's no ascendancy, because there is. Also, the endnotes are what really put Ferguson in a class above the rest of the clutter in the 'NEW IN NONFICTION' shelves, because Ferguson really is a world class academic. The Ascent of Money NPR coverage of The Ascent of Money: A Financial History of the World by Niall Ferguson. Bill Gates, tech pioneer, co-founder of Microsoft, and co-chair of the Bill & Melinda Gates Foundation, is an avid reader who people follow... Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. The ascent of money is described as an evolutionary process with development throughout history of new mediums of exchange. It's about the path of money, with the assumption that from the origin of the book's historical perspective, money has been the bedrock of civilization. The Foundations of Finance . People must again learn to work. He is an award-making filmmaker, too, having won an international Emmy for his PBS series The Ascent of Money. “If the financial system has a defect, it is that it reflects and magnifies what we human beings … I say that despite the fact that I disagree with the author's conviction that capitalism is one of humanity's greatest achievements, and that the price of progress is more than worth it, no matter who loses out. It's about the path of money, with the assumption that from the origin of the book's historical perspective, money has been the bedrock of civilization. ‘T he Ascent of Money’ is a scintillating journey tracking the evolution of money from the erstwhile Babylonian clay tablets to the exotic financial instruments of modern day. In the four-hour version of THE ASCENT OF MONEY, historian and author Niall Ferguson seeks to explain the financial history of the world, exploring how our complex system of global finance evolved over the centuries, how money has shaped the course of human affairs and how … "The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. He is the author of fifteen books, including The Pity of War, The House of Rothschild, Empire, Civilization and Kissinger, 1923-1968: The Idealist, which won the Council on Foreign Relations Arthur Ross Prize. And what exactly does a hedge fund do? The Drunkard's Walk How Randomness Rules Our Lives, Predictably Irrational The Hidden Forces That Shape Our Decisions, Freakonomics Rev Ed A Rogue Economist Explores the Hidden Side of Everything, The Shock Doctrine The Rise of Disaster Capitalism. Here, Ferguson returns to telling about, well, not so much economics as the evolution of finance. This complete summary of “The Ascent of Money” by Niall Ferguson, a renowned historian, presents his argument that money is now more important than ever. After spending the early portion of the book on the history and development of currency, this book becomes a brief look at the origins and development of the major financial institutions (banks, commodity exchanges, hedge funds, insurance companies) and categories of assets (bonds, stocks, real property, options and derivatives). From Shylock's pound of flesh to the loan sharks of Glasgow, from the "promises to pay" on Babylonian clay tablets to the Medici banking system. We may resent the plutocrats of Wall … Ferguson is known as an economic historian yet his last few books were almost purely historical, with only brief passages on the economic aspects of historical events. This is a very informative, and convincing book, about the history, and the need for money. Ferguson travels to post-Katrina New Orleans to ask why the free market can’t provide adequate protection against catastrophe. To Christians, love of it is the root of all evil. For some, this is already a hard sell. In such circumstances, the price of the bond would drop as nervous investors sold off their holdings.