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The Ascent of Money
The Ascent of Money: A Financial History of the World is a 2008 book by then-Harvard professor Niall Ferguson, and an adapted television documentary for Channel 4 (UK) and PBS (US), which in 2009 won an International Emmy Award. It examines the long history of money, credit, and banking.
The book deals with the rise of money as a trade form, and tracks its progression, development, and effects on society into the 21st Century. It also covers the importance of financial systems and the role they have played throughout historical events. In total there are six chapters covering various financial events along with an introduction and an afterword note included at the end. Each chapter covers a different aspect of the financial system.
Chapter one depicts the journey of Francisco Pizarro, a Spanish explorer, as an example of the establishment of gold and silver being used as currency. It also discusses the beginning of lending, or credit, and finally moving on to the foundational pieces of modern banking through the story of the Bank of England in the 19th century.
Chapter two discusses the bond market, focusing primarily on Italy during the Renaissance and their increased usage of the bond market, as well as the development of the Rothschild family's wealth in the 19th century.
Chapter three focuses on the stock market and the occurrence of bubbles. This chapter primarily focuses on the creation of the joint-stock company, the popping of the Mississippi Bubble, the Great Depression, and the Enron Bankruptcy.
Chapter four explores the concept of insurance through various examples such as Hurricane Katrina, describing the life insurance and marine insurance contracts in 14th century Italy, the founding of a fire insurance company by Nicholas Barbon after The Great Fire of London, the marine insurance market that developed around Lloyd's coffee house, the development of mathematical probability and its application by the life insurance fund for the Widows and Children of the Ministers of the Church of Scotland in 1748.
Chapter five discusses housing and the safety behind it being used as a form of investment.
Chapter six, discusses the idea of globalization and its recent implementation around the world, which leads to a discussion of the relationship between the United States and China.
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The Ascent of Money
The Ascent of Money: A Financial History of the World is a 2008 book by then-Harvard professor Niall Ferguson, and an adapted television documentary for Channel 4 (UK) and PBS (US), which in 2009 won an International Emmy Award. It examines the long history of money, credit, and banking.
The book deals with the rise of money as a trade form, and tracks its progression, development, and effects on society into the 21st Century. It also covers the importance of financial systems and the role they have played throughout historical events. In total there are six chapters covering various financial events along with an introduction and an afterword note included at the end. Each chapter covers a different aspect of the financial system.
Chapter one depicts the journey of Francisco Pizarro, a Spanish explorer, as an example of the establishment of gold and silver being used as currency. It also discusses the beginning of lending, or credit, and finally moving on to the foundational pieces of modern banking through the story of the Bank of England in the 19th century.
Chapter two discusses the bond market, focusing primarily on Italy during the Renaissance and their increased usage of the bond market, as well as the development of the Rothschild family's wealth in the 19th century.
Chapter three focuses on the stock market and the occurrence of bubbles. This chapter primarily focuses on the creation of the joint-stock company, the popping of the Mississippi Bubble, the Great Depression, and the Enron Bankruptcy.
Chapter four explores the concept of insurance through various examples such as Hurricane Katrina, describing the life insurance and marine insurance contracts in 14th century Italy, the founding of a fire insurance company by Nicholas Barbon after The Great Fire of London, the marine insurance market that developed around Lloyd's coffee house, the development of mathematical probability and its application by the life insurance fund for the Widows and Children of the Ministers of the Church of Scotland in 1748.
Chapter five discusses housing and the safety behind it being used as a form of investment.
Chapter six, discusses the idea of globalization and its recent implementation around the world, which leads to a discussion of the relationship between the United States and China.