Product Description

Bread, cash, dosh, dough, loot. Call it what you like, it matters now more than ever. In The Ascent of Money, Niall Ferguson shows that finance is the foundation of all human progress and the lifeblood of history. From the cash injection that funded the Italian Renaissance to the stock market bubble that sparked the French Revolution, from the bonds that fuelled BritainÂ’s war effort to the Wall Street Crash and todayÂ’s meltdown, this is the story of boom and bust as itÂ’s never been told before. Whether youÂ’re scraping by or rolling in it, thereÂ’s no better time to understand the ascent of money.

Product Details

• Amazon Sales Rank: #362 in Books
• Published on: 2009-06-04
• Original language: English
• Binding: Paperback
• 464 pages

Review
'Ferguson is the most brilliant British historian of his generation ... he writes with splendid panache' Times 'Dazzling ! extraordinarily timely' - Martin Vander Weyer, Spectator 'Ferguson's powers are on formidable display' - Tristram Hunt, Observer 'A whistle-stop tour of the historical events that gave us the financial system we have today ! To Niall Ferguson's list of talents we can now add great timing' - Stephanie Flanders, Mail on Sunday 'Wonderfully accessible ! Ferguson is spot on' - Allister Heath, Literary Review 'One of the world's leading historians' - Hamish McRae, Independent 'A fine history ! told with verve and insight' Daily Telegraph

Review
`Niall Ferguson has written a fascinating, accessible, and important book that lives up to its rather grandiose title ... It goes from cowrie shells to mortgage-backed securities, and everything in between ... this is an exceptional book.'

Review
'Ferguson's powers are on formidable display ... Alone among modern economic historians, he is able to present complex data in a consistently revelatory manner.'

Customer Reviews

Comments by Michael Calum Jacques, author of '1st Century Radical'.
The title of this book makes quite a claim. Niall Ferguson is a Harvard University professor from the UK, who produced a volume on the story of the Rothschild financial dynasty in the late 1990s, The book certainly has a number of interesting features e.g. its summary of recent events both precipitating and within the housing market 'crisis' and international commercial relationships between superpowers. Nevertheless, the impression is that the work - fascinating though it is in parts - may just have been a little bit 'scraped together', somewhat hurried.

Given the lightning blitz which has rocked all corners, streets and avenues of the globe's financial institutions, this is perhaps understandable and even forgivable, almost. Recent news bulletins have featured housing crises, bank runs and a possible recession looming forbiddingly. Given that he presumably had only human resources at his disposal, the author may well have reached for a crystal ball as a source of greater predictability than the global market indicators have been able to offer any of us, himself included, of late.

Returning to our initial point, viz. the sheer scope this work claims to encompass, this reviewer particularly appreciated Ferguson's sweep through the civilisations of the past in this Financial History of the World; thus the Inca's spurning of gold and silver as money, the pre-Christian Mesopotamian/Babylonian credit notes in the form of clay tablets and many more indicators of the development of, and various civilisations' attitudes towards, money and finance in general. Yet Ferguson omits to make, as far as this reviewer can see, any reference to the light which spectral analysis technology (through its illumination of discarded domestic papyri texts) has thrown on the surprising wealth of certain women within the ancient world.

Ferguson's philosophy, which he keeps hidden up his sleeve for most of the book, proposes that finance evolves through natural selection. He uses this hypothesis to account for the appearance and denigration of new financial models which respond to new demands made by various societies. That analysis may risk a degree of oversimplification, but that will be variously assessed by the background, training, and disposition of the reader. All that being said, this is a challenging and a stimulating read.

Michael Calum Jacques

Surprisingly readable history of money
Niall Ferguson offers a comprehensive collection of anecdotes and observations about the development of finance. He begins with a brief discussion of pre-money societies. Then, he carries you through the birth of banking in Renaissance Italy, the 18th-century Mississippi and South Sea bubbles, the role of Nathan Mayer Rothschild in the Napoleonic Wars, and the 20th-century transition from the Bretton Woods model to free-market derivatives and currency trading. getAbstract finds Ferguson's book eminently readable, entertaining and informative. One caveat: the author's approach is more that of a journalist than a historian, so he does not advance much of a comprehensive theory to explain the events he discusses, even the ones that are still occurring, notably, the financial crisis that began in 2008. This tasty financial history thoroughly covers who, what, when, where and how, a feast of facts with not quite enough "why" for dessert.

Biased
N. Ferguson treats shortly but fairly such well known events in the financial history of mankind as, among others, the rise of the houses of the Medicis and the Rotschilds, the stock market crashes of 1914, 1929 and 1987, the German hyperinflation after WW I, the Bretton Woods agreements, Argentina's economic downfall, the Enron hyper manipulation (of gas prices) or John law's disastrous experiments with paper money.

His monetary history is divided in five parts: the ascent of money and banking, the invention of public bonds, the creation of joint-stock companies with limited liabilities, the protection against risk (insurance, derivatives, the welfare State) and the all importance of real estate (as a collateral for public and private loans).

One of his heroes is Milton Friedman and his theory of monetarism. But, as James K. Galbraith explains clearly in his book, `The Predator State', monetarism is not an option as an economic policy, because interest rates, not the money stock, drive the economy.
The author praises highly the late Chilean dictator Augusto Pinochet for choosing MF as his main economic adviser, but his treatment of the coup d'état against the democratically elected Chilean President, Salvador Allende, is blatantly false and unacceptable.

Another of his heroes is G. Soros. As Business Week journalist, Gene C. Marcial, wrote in his book `Secrets of the Street', G. Soros had a mole in the highest echelons of the Bank of England, who apparently informed him of the decision that the value of the pound would not be defended anymore. Nobody talks about the second party (the buyer of the pounds) involved in this apparently rigged transaction.

One of his main targets is Nobel Prize winner, Joseph Stiglitz. The latter is insidiously attacked on one aspect (the risk of inflation through money printing) of his criticism of the IMF policies imposed on its members (the `shock doctrine'). From the disastrous impact on the economies and the populations of those IMF members, not one word (see, N. Klein's `The Shock Doctrine' and J. Stiglitz's `Globalization and its Discontents').

The book ends with a short discussion on the global shift of economic power from the West to the East. A mighty important item indeed.

I recommend this book only as an introduction, as a first global view, on the history of money and its derivatives on our planet.