The Ascent of Money: A Financial History of the World: 10th Anniversary Edition

by Niall Ferguson

Overview

The 10th anniversary edition, with new chapters on the crash, Chimerica, and cryptocurrency

"[An] excellent, just in time guide to the history of finance and financial crisis." —The Washington Post

"Fascinating." —Fareed Zakaria, Newsweek

In this updated edition, Niall Ferguson brings his classic financial history of the world up to the present day, tackling the populist backlash that followed the 2008 crisis, the descent of "Chimerica" into a trade war, and the advent of cryptocurrencies, such as Bitcoin, with his signature clarity and expert lens.
 
The Ascent of Money reveals finance as the backbone of history, casting a new light on familiar events: the Renaissance enabled by Italian foreign exchange dealers, the French Revolution traced back to a stock market bubble, the 2008 crisis traced from America's bankruptcy capital, Memphis, to China's boomtown, Chongqing. We may resent the plutocrats of Wall Street but, as Ferguson argues, the evolution of finance has rivaled the importance of any technological innovation in the rise of civilization. Indeed, to study the ascent and descent of money is to study the rise and fall of Western power itself.

Product Details

ISBN-13:	9780143116172
Publisher:	Penguin Publishing Group
Publication date:	10/27/2009
Pages:	496
Sales rank:	69,327
Product dimensions:	5.40(w) x 8.40(h) x 1.00(d)
Age Range:	18 Years

About the Author

Niall Ferguson is one of the world's most renowned historians. He is the author of Paper and Iron, The House of Rothschild, The Pity of War, The Cash Nexus, Empire, Colossus, The War of the World, The Ascent of Money, High Financier, Civilization, The Great Degeneration, Kissinger, 1923-1968: The Idealist, and The Square and the Tower. He is Senior Fellow at the Hoover Institution, Stanford University, and a Visiting Professor at Tsinghua University, Beijing. His many awards include the Benjamin Franklin Prize for Public Service (2010), the Hayek Prize for Lifetime Achievement (2012) and the Ludwig Erhard Prize for Economic Journalism (2013).

What People are Saying About This

From the Publisher

"There is an ease to [Ferguson's] prose that leaves this complicated subject interesting to and approachable by any general [listener]." —-Booklist Starred Review

Editorial Reviews

"Before regulators throw block trades, bond swaps, bridge financing, butterfly spreads and Black-Scholes out with the bathwater, they should find time to read Niall Ferguson's The Ascent of Money." —The Wall Street Journal

"[An] excellent, just in time guide to the history of finance and financial crisis." —The Washington Post

"Shrewdly anticipates many aspects of the current financial crisis, which has toppled banks, precipitated gigantic government bailouts and upended global markets." —Michiko Kakutani, The New York Times

"Fascinating." —Fareed Zakaria, Newsweek

"Good old-fashioned narrative history, complete with heroes and villains, visionaries and scoundrels." —James Pressley, Bloomberg

From the Publisher

The pleasure of reading Ferguson's treatment comes partly from the clarity of his explanations of financial concepts but mostly from his pen portraits of the extravagantly gifted and flawed characters who have led money's long rise. He shows us how far we have come since Mesopotamian moneylenders developed rudimentary accounting around 1,000 B.C. and the Medici created elements of modern banking in 14th- and 15th-century Florence…an admirably illuminating book that will take its place beside such modern classics as John Train's The Money Masters, Peter L. Bernstein's Against the Gods, and Adam Smith's Supermoney.
—The Washington Post

Shelby Coffey III

…the book as a whole is animated by Mr. Ferguson's narrative gifts, among them his ability to discuss complex ideas in user-friendly terms. He also has a knack for illustrating his larger hypotheses with colorful stories about people like Nathan Rothschild (the subject of one of his earlier books); the Scottish economist and gambler John Law (described as "the man who invented the stock market bubble"); and the Nobel Prize-winning economist Milton Friedman and his so-called Chicago Boys
—The New York Times

Michiko Kakutani

With global financial markets experiencing severe turbulence, Harvard historian Ferguson (The Pity of War) presents a timely history of money and finance from the advent of coins to J.P Morgan Chase's takeover of Bear Stearns earlier this year. He describes humanity's major financial innovations such as banks, bonds, joint stock companies, insurance, and property ownership as well as the pitfalls of inflation, recessions, and asset bubbles. Ferguson finishes by discussing the various iterations of globalization over the past 100 years and one of the newest and currently most notorious financial developments: hedge funds. He keeps his story interesting with humor and unexpected twists such as how a fund to provide for the widows of Scottish clergymen laid the foundations for modern insurance theory. Commenting on the safety normally ascribed to investing in property, he observes ironically that the only real security entailed is for lenders who in the event of loan defaults can seize properties. Though not comprehensive in scope, Ferguson's lighthearted but thoughtful stroll through financial history is a welcome and recommended addition for public libraries and undergraduate collections. [See Prepub Alert, LJ7/08.]
—Lawrence Maxted

Library Journal