Published by Allen Lane, 2008, hardcover, illustrated, index, 442 pages, condition: new.
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, its the sinews of war. To revolutionaries, its the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. Whats more, he reveals financial history as the essential backstory behind all history. 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? Whats 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 cant provide adequate protection against catastrophe. He delves into the origins of the subprime mortgage crisis.
This is a very informative, and convincing book, about the history, and the need for money. 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. Also despite the fact that I have heard that the author is quite an arrogant individual. But this book is a thorough and comprehensive account of the various milestones that have taken place in the history of money. 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. 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.
