The Ascent of Money: A Financial History of the World Review
A number of years ago, I fell in love with the three volumes of "History of Commerce" written by Fernand Braudel. The French historian's sweeping narrative of the rise and evolution of the many elements that became the foundation of the modern global economy overflowed with the details that can bring a dry story to life. While Niall Ferguson may or may not relish his name and his writing being linked to Fernand Braudel, but I often recalled that earlier work as I read the British historian's new single volume "The Ascent of Money, A Financial History of the World."
With a more modest ambition, Ferguson is able in just six chapters to recount the story of the adoption and evolution of money in its various forms, drawing on history, economic theory, political science, and behavioral psychology among other fields, to present his story of our world financial system. Beginning with the creation and evolution of money itself, both currency and coinage, he proceeds to discuss bonds, investment bubbles, risk management, real estate (especially domestic residential real estate), and the place and future role of the U.S. dollar in the world financial system.
With his book hitting the stores just as we entered the latest economic recession, Ferguson attempted perhaps unwisely to reframe his work without rewriting it and emphasize those aspects that related to the suspected root causes of this still ongoing crisis. His effort was not a failure but to a degree distracts the reader from the book's more general, fundamental relevance and value.
Compared to Braudel's delightful though admittedly encyclopedic approach, Ferguson's is a speed skater's version of the story and I believe both deserve a place in your library.
The Ascent of Money: A Financial History of the World Overview
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. What's more, Ferguson reveals financial history as the essential backstory behind all history, arguing that the evolution of credit and debt was as important as any technological innovation in the rise of civilization. As Ferguson traces the crisis from ancient Egypt's Memphis to today's Chongqing, he offers bold and compelling new insights into the rise- and fall-of not just money but Western power as well.
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