The Ascent of Money: A Financial History of the World by Niall Ferguson
The Ascent of Money: A Financial History of the World is Harvard professor Niall Ferguson‘s tenth book, published in 2008, and an adapted television documentary for Channel 4 (UK) and PBS (US),which in 2009 won an International Emmy Award. It examines the long history of money, credit, and banking.
Watch the PBS program based on The Ascent of Money.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.
Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it’s the sinews of war. To revolutionaries, it’s the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What’s more, he reveals financial history as the essential backstory behind all history.
Through Ferguson’s expert lens familiar historical landmarks appear in a new and sharper financial focus. Suddenly, the civilization of the Renaissance looks very different: a boom in the market for art and architecture made possible when Italian bankers adopted Arabic mathematics. The rise of the Dutch republic is reinterpreted as the triumph of the world’s first modern bond market over insolvent Habsburg absolutism. And the origins of the French Revolution are traced back to a stock market bubble caused by a convicted Scot murderer.
With the clarity and verve for which he is known, Ferguson elucidates key financial institutions and concepts by showing where they came from. What is money? What do banks do? What’s the difference between a stock and a bond? Why buy insurance or real estate? And what exactly does a hedge fund do?
This is history for the present. Ferguson travels to post-Katrina New Orleans to ask why the free market can’t provide adequate protection against catastrophe. He delves into the origins of the subprime mortgage crisis.
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.
Yet the central lesson of the financial history is that sooner or later every bubble bursts—sooner or later the bearish sellers outnumber the bullish buyers, sooner or later greed flips into fear. And that’s why, whether you’re scraping by or rolling in it, there’s never been a better time to understand the ascent of money.
The book was adapted into a six(6)-part television documentary with the new full title Ascent of Money: Boom and Bust for Channel 4 in the United Kingdom. It also aired on TVB Pearl in Hong Kong and ABC1 in Australia. In the United States, an edited two-hour version was aired in January 2009 by PBS.
A newer, reorganized four-hour version with the original full title The Ascent of Money: The Financial History of the World was aired in July 2009 by PBS. Both versions can still be viewed online at the link below.
Episodes – Original Version
Ep. 1: Dreams of avarice
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. Professor Ferguson explains the origins of credit and debt and whycredit networks are indispensable to any civilization.
Ep. 2: Human bondage
How did finance become the realm of the masters of the universe? Through the rise of the bond market in Renaissance Italy. With the advent of bonds, war finance was transformed and spread to north-west Europe and across the Atlantic. It was the bond market that made the Rothschilds the richest and most powerful family of the 19th century.
Ep. 3: Blowing bubbles
Why do stock markets produce bubbles and busts? Professor Ferguson goes back to the origins of the joint stock company in Amsterdam and Paris. He draws telling parallels between the current stock market crashand the 18th century Mississippi Bubble of Scottish financier John Law and the 2001 Enron bankruptcy. He shows why humans have a herd instinct when it comes to investment, and why no one can accurately predict when the bulls might stampede.
Ep. 4: Risky business
Life is a risky business – which is why people take out insurance. But faced with an unexpected disaster, the state has to step in. Professor Ferguson travels to post-Katrina New Orleans to ask why the free marketcan’t provide some of the adequate protection against catastrophe. His quest for an answer takes him to the origins of modern insurance in the early 19th century and to the birth of the welfare state in post-war Japan.
Ep. 5: Safe as houses
It sounded so simple: give state-owned assets to the people. After all, what better foundation for a property-owning democracy than a campaign of privatization encompassing housing? An economic theory says that markets can’t function without mortgages because it’s only by borrowing against their assets that entrepreneurs can get their businesses off the ground. But what if mortgages are bundled together and sold off to the highest bidder?
Ep. 6: Chimerica
Niall Ferguson investigates the globalization of the Western economy and the uncertain balance between the important component countries of China and the US. In examining the last time globalization took hold – before World War One, he finds a notable reversal, namely that today money is pouring into the English-speaking economies from the developing world, rather than out.
From Bookmarks Magazine
Copyright 2009 Bookmarks Publishing LLC –This text refers to an out of print or unavailable edition of this title.