The Ascent of Money: A Financial History of the World

From its beginnings in ancient Mesopotamia to the most recent upheavals on what he terms "Planet Finance," Niall Ferguson follows the money to reveal the human narrative underlying the growth of finance. Whatever you choose to call it—bread, cash, dosh, dough, plunder, lucre, moolah, ready, the wherewithal—it counts. Christians believe that the source of all evil is love. It is the sinews of war to generals. For rebels, the bonds of work are the issue. However, Niall Ferguson demonstrates in The Ascent of Money that money is, in reality, the cornerstone of human progress. Furthermore, he exposes that the fundamental background to all history is financial history. Ferguson illustrates important financial organizations and ideas with the lucidity and energy with which he is renowned. Describe money. How do banks operate? What distinguishes a bond from an equity? Why purchase real estate or insurance? What precisely is the role of a hedge fund? For now, this is the past. Ferguson visits New Orleans after Hurricane Katrina to investigate why the free market isn't able to provide sufficient defense against disaster. He explores the causes of the problem caused by subprime mortgages.