The Ascent of Money is a history of money and the world financial system written by English historian Niall Ferguson. As I read I kept thinking about everything that has happened to the world financial system since it was published(November 2008).
Ferguson takes us through the history of money, banks, bonds, equities, derivatives, insurance and finally some of the causes of the ongoing credit crunch in very clear language. He makes a very clear argument for the development of money as the driving force behind civilization, and never questions the outcomes of colonization and capitalism on the many peoples who have suffered under the quest for profit. The outcomes of such a quest were all acceptable because money and capitol drive growth and that is a good thing.
I read this book to learn about the world financial system, parts of it where slow and difficult for me. I skimmed some of it. I learned a lot, and remain convinced that we must find a better way to live on this planet. I’m weird that way.