Literature Review: The Ascent of Money: A Financial History of the World, Niall Ferguson

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Niall Ferguson - The Ascent of Money

The presenter of the facts and history is Dr. Ferguson, a professor at Harvard University. When the Spanish conquerors arrived in South America they started mining of gold and silver because they gave it a value, while the Incas saw no worth in it. Shipping coins of gold and silver to Europe helped the Spanish to fund their wars and conquers.

But money has only the value that somebody is giving to it and people who trust this promise. With the increasing amount of silver and gold in Europe the value decreased because people lost trust in it. The introduction of money led to a new kind of business: lending money. In Scotland emerged loan sharks with giving loans on high interest rates to other people which was a great deal for them. In Italy it was prohibited by the Christian theology to lend money on interests.

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The Medici family in Florence Italy was also conducting lending. They officially did not lend money on interest they just did currency exchange due to the different currencies in Italy. Charging each transaction of exchange with a commission they could make long-term deals that were similar to lending.

The city states of Italy were fighting against each other in the 14th and 15th century.

To fund the combats and the contract fighters they collected money with emitting bonds to their citizens. But an increasing number of bonds let to brake-up of the bonds what caused higher interest rates and hence the bond market dominated all other interest rates. Later in the Netherlands the Dutch East India Company was founded and made money with the import of spices from India. To share the risk of and to fund the long and risky journeys to India stock shares were emitted to led citizens participate in the profits of the business.

Bond market previously dictated almost the result of the WWI. If Wilhelmine Germany and his allies had had access to the international bond markets and had not come short in military spending, the ultimate result would have been definitely different from today. For Ferguson it is unsound finance rather than uncontrolled public finance that leads economies into crisis.

By s, it was the fast growing and not spending China chosen to be the best debt resource for US economy. As Ferguson points out from s, one dual economy was patronizing the whole world that was Chimerica.

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The Ascent of Money: A Financial History of the World, by Niall Ferguson - Telegraph

It was a spectacular formula for US economy that was in need of a debt fountain. For a time it Security seemed like a marriage in heaven, The East Chimericans did the Strategies saving. It seems that Ferguson is accustomed to blame the victim of the robbery instead of accusing the crook. His enthusiasm and belief of capitalism and Friedmanian thought, which embraces self-interest and greed time to time, neglects reality and centuries of a different civilization off his understanding of historical analysis. Any financial development geared around it is acceptable to his understanding.

Hoping that financial system do the same judgment. Related Papers. By Leonidas Zelmanovitz. By Akin Unver. By Fikret Birdisli. By Patrick Walsh.

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The ascent of money : a financial history of the world

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 also 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; and sooner or later greed flips into fear. And that is why, whether you're scraping by or rolling in it, there's never been a better time to understand the ascent of money. Sales rank: , Product dimensions: 5.


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