In his book The Ascent of money: a financial history of the world, Ferguson argues that the ascent of money is the main driving force to build the history of human, ranging from ancient Mesopotamia, Roman Empire, gold and silver of the Incas to many powerful financial families such as House of Medicis, Rothchilds, Rising of Amsterdam bank and London Bank to the hedge funds of twenty-first century. In six chapters of the book, Ferguson examined the process of forming the milestones contributing to the modern financial world: the origin of the currency, bonds, stock, insurance and real estate, and the ending of the book is the relationship between the debtor-creditor mutually beneficial relationship between the US and China through the global …show more content…
Through the narrative written language and artistic storytelling of Fergurson, readers will easily read the book to the end with numerous events related to the history of money. Yet, the strength of the book was also its weakness, Diversity of character biographies in history brightened fiancé which did not contribute much to Ferguson 's thesis statement. In fact, the book missed the support of empirical evidences, which the lack of references to scientific analysis. Top it off, the book only break down one side of finance and did not complete an unattainable ambitions of its main title a history of the financial world.
Ferguson begins throughout each chapter’s challenges readers at each level of understanding of how money and financial institutions impacted the human
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The evolutionary history of humans has demonstrated the essence of money. Coins was one of the first currency used in the economic development of the Incas, Turkey, Greeks, Romans, Chinese, Spain societies. However, the influx of silver and gold coins did not bring the wealth; it only increased the price of goods. The money was only worth as the trust people have in it, rather than the material it was made of metal or paper. Besides, Medici house was an example of bank that demonstrates the success of the policy of lending when usury was an immoral belief in the Christian world. That made them the leader bankers of the Renaissance
With differing economies and the growth of specie and paper money, Brands argues that the basis of knowledge about the money system of this time lays a foundation for how Carnegie, Rockefeller, and others were able to manipulate the market and gain wealth. Leading into price manipulation by those in corporate
The novel Liars Poker by Michael Lewis is a very interesting firsthand account of an inside look into the investment banking world, in particular bond trading at the firm Solomon Brothers in the 1980s. Lewis took an interesting and roundabout way to end up on Wall Street, studying art history at Yale and bombing his interview with Lehman Brothers. But he eventually found himself at Solomon Brothers through a lucky encounter with two managing directors wives. Through his book, Michael Lewis conveys the inner workings of investment banks in the 1980s to the average person using his own experience at Solomon Brothers. The book goes into Lewis’s own rise in the firm, as well as the rise and fall of the entire Solomon Brothers Mortgage department.
...with the person that refused to use his labor. The appearance of money played an important role in the mankind's evolution. Money, in some ways, inspired men to work harder and harder to claim and enlarge his wealth then one's labor would incite others contribution to the nonstop progression and development of human beings. That one's wealth is estimated upon the combination of their mind and labor, diligence and creativeness, bravery and desires .... has become the formula for our success in this competitive world. Definitely, the inequalities of wealth are natural and inevitable.
Friedman, Milton and Jacobson Schwartz, Anna. A Monetary History of the United States, 1867-1960. Princeton, 1963
Zora Neale Hurston, author of the Gilded Six Bits, has a very unique writing style. The artistry in her story makes it a pleasant, easy read for any audience. The title suggests the story is based around money; but rather if one were to dig deeper the reality of the story is being told around the playfulness of money. Character disposition, an idealistic dialect, and the ability to work past an issue all work together to prove that Joe and Missie May’s lives are not strictly revolved around money.
During the 1800’s, business leaders who built their affluence by stealing and bribing public officials to propose laws in their favor were known as “robber barons”. J.P. Morgan, a banker, financed the restructuring of railroads, insurance companies, and banks. In addition, Andrew Carnegie, the steel king, disliked monopolistic trusts. Nonetheless, ruthlessly destroying the businesses and lives of many people merely for personal profit; Carnegie attained a level of dominance and wealth never before seen in American history, but was only able to obtain this through acts that were dishonest and oftentimes, illicit. Document D resentfully emphasizes the alleged capacity of the corrupt industrialists. In the picture illustrated, panic-stricken people pay acknowledgment to the lordly tycoons. Correlating to this political cartoon, in 1900, Carnegie was willing to sell his holdings of his company. During the time Morgan was manufacturing
Preston, A. (2012). You eat what you kill: from scandal to catastrophe, the rise and fall of the investment bank. New Statesman, 141, 22
The Gilded Age is a period of volatile development in American trade and cultivation. Gilded Age government were conquered by fraud, as representatives took inducements and content their groups with posh management jobs. The three major problem happened in during Glided age was Currency Reform, Social Darwinism and political corruption. The Currency Reform is one of the most significant problem commerce with finances was that of Currency Reform. However the corruption was so common during glided age. However because of that City government administrated by dishonest machines like” New York's Tammany Hall”. The simple problem reposes about the idea that the quantity of money in flow controls its worth. However, it shared by that knowledge about l that money that was not supported by solid funds.
The role of money in people's day-to-day lives is quite amazing when it's put into perspective. The primary reason most Americans get up in the morning is so they can go out and make money. Money buys things; money influences people; money keeps us ali ve; money makes us happy. Or does it? In Fences, by August Wilson, the Maxtons get their money when Gabe's head is shot in the war. In A Raisin in the Sun, by Lorraine Hansbury, the Younger family gets their money when Walter's father dies.
Adam Smith is widely regarded as the father of modern economics and one of the greatest economists throughout the course of history. He is mainly famous for a two books that he wrote, these two books are considered thee base and infrastructure of the world of economics. The two books he wrote were, “The Theory of Moral Sentimental” and “The Wealth of Nations”. But although Adam Smith was such a great economic philosopher, he wasn’t a very good foreteller or future predictor. The economic scenario now is very different from the economic landscape of the 1700’s. Giant super-corporations can now govern the flow of the market, unlike Smith’s time’s. Even though elements of Smith’s ideas have changed over time, some of his beliefs remain important factors in economics to this day. One of those truly unique philosophies is the “Invisible Hand”.
Ferguson, Niall. The Ascent of Money: a Financial History of the World. 1st ed. New York: Penguin, 2008. Print.
Binhammer, H. H. & Peter S. Sephton. Money, Banking and the Financial System. Nelson, 2001.
In conclusion, the story Seize the Day by Saul Bellow is a form of Economic Determinist and Marxist. This is show throughout the story in multiple quotes. The story talks about the stock market, money investment, how people make money, a new style of government, and people’s obsession of money. This text is important because it helps provide a vision of what people thought of money in the 1920’s and 1930’s.
The invention of money was a major improvement in peoples’ lives. In the past, people usually had to travel all day to find the person who is willing to exchange their goods. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. Furthermore, it is not convenient to carry heavy goods from one place to another for an exchange. To solve these issues, money will be the only solution. Later, people tend to develop money from cowry shells to credit cards for the convenience and to improve their society.
Money exists no place else but in our minds. Money is not gold or silver; it is not a bill, and not a credit card. Love of money is recognized evil it always has been and it always will. People want money for various reasons, for security, status; to be powerful and etc. “This is also known as materialism, which brings in its wake tension and unhappiness.” Evil arises when people are controlled by money and compare everything in terms of money. Desire to earn money is not the root of all evil; everybody needs money to fulfill their needs. The problem appears when our wants increase. Therefore, the want of money increases, and we start to have a desire of wanting more of it and are never satisfied. Desires should not be confused to be the root cause of