The 10th anniversary edition, with new chapters on the crash, Chimerica, and cryptocurrency
"[An] excellent, just in time guide to the history of finance and financial crisis." —The Washington Post
"Fascinating." —Fareed Zakaria, Newsweek
In this updated edition, Niall Ferguson brings his classic financial history of the world up to the present day, tackling the populist backlash that followed the 2008 crisis, the descent of "Chimerica" into a trade war, and the advent of cryptocurrencies, such as Bitcoin, with his signature clarity and expert lens.
The Ascent of Money reveals finance as the backbone of history, casting a new light on familiar events: the Renaissance enabled by Italian foreign exchange dealers, the French Revolution traced back to a stock market bubble, the 2008 crisis traced from America's bankruptcy capital, Memphis, to China's boomtown, Chongqing. We may resent the plutocrats of Wall Street but, as Ferguson argues, the evolution of finance has rivaled the importance of any technological innovation in the rise of civilization. Indeed, to study the ascent and descent of money is to study the rise and fall of Western power itself.
For those of us whom are curious about where money came from and where it's going and do not work in the financial services industry, this book is a little too deep. Otherwise, I commend the author for taking on what is at the same time a mundane and convoluted topic while also fascinating.
I had to read this book for an economics class about 2 years ago and it is still the only book I recommend to people.
Exceptional summary of economic history - and impacts today.
Highly recommend that you read this - well researched and clear/ articulate delivery. Beautiful.