Book Review
by William A. Hayes
The Ascent of Money: A Financial History of the World by Niall Ferguson. The Penguin Press. 2008.
In The Ascent of Money: A Financial History of the World by Niall Ferguson, Ferguson discusses the evolution of finance and its effects on the people of that time. Ferguson traces the beginnings of finance from Mesopotamia to the current day turmoil of “Planet Finance.”
Ferguson starts out by stating that “a substantial proportion of the general public in the English speaking world is ignorant of finance.” As the current financial crisis shows, this ignorance went far beyond the general public to CEOs of top banking firms, regulators, Washington politicians, and a vast array of the greedy and incompetent. At the height of the speculative bubbles Planet Finance began to overshadow Planet Earth. While Planet Finance is trying to recover from its free fall back to earth, the financial professionals who read this book will be reassured that money, financing, and capital markets are here to stay. Over time the structure will change, but money’s role will remain the same.
The Ascent of Money is a fascinating book by a noted historian, who has the gift of writing that is easy to follow, engrossing and illuminating. Reading about the history of finance teaches valuable lessons and shows us that the business models have been in existence in some form for many years. This is definitely the time to learn about “the ascent of money.”
[PRINTER FRIENDLY VERSION]
|
