The Ascent of Money

In The Ascent of Money, renowned historian Niall Ferguson weaves a rich narrative that chronicles the remarkable evolution of finance, tracing its origins and exploring its profound impact on human civilisation. Delving into the intricate tapestry of economic history, Ferguson provides a comprehensive account of how money has been the driving force behind pivotal events and societal transformations throughout the ages.

Ferguson begins his exploration by examining the essential role of finance in sparking the Renaissance in Italy, where bankers and merchants thrived amidst a flourishing culture of innovation and artistry. Moving through the annals of history, he illuminates the creation of stock markets and the ensuing bubbles, such as the one that contributed to the French Revolution. By tracing the development of bonds and their significance in funding Britain's wartime efforts, Ferguson uncovers the deep link between financial instruments and global conflicts.

The narrative takes a turn to explore the devastating effects of financial collapses, exemplified by the Wall Street Crash of 1929 and the economic meltdown in contemporary times. Ferguson's acute analysis helps readers grasp the recurring cycles of boom and bust that have shaped, and often shattered, societies across centuries. By shedding light on the pivotal role of economic forces, Ferguson brings to life the otherwise abstract concept of money and its journey through history.

This new edition of The Ascent of Money is enriched with a major new chapter that delves into the first ten years following the Financial Crisis of 2008. Ferguson meticulously examines the causes and consequences of the crisis, providing crucial insights into the intricate mechanisms that led to one of the most tumultuous periods in modern economic history.

Whether you are deeply entrenched in the world of finance or simply seeking to understand the complexities behind the global economy, The Ascent of Money offers an unparalleled journey through the triumphs and tribulations of financial history. Ferguson's masterful storytelling and in-depth analysis make this an indispensable read for anyone intrigued by the power of money and its far-reaching influence on human progress.