Essay on The Ascent Of Money : A Financial History Of The World

Essay on The Ascent Of Money : A Financial History Of The World

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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 economic events are developed over time. The target of this book is everyone who is interest in understanding the origin of money, the need of money and how to use it and the events acquired with it through financial crises. Ultimately, the book was well-written, but this book describes the events of the history of development of the currency but was not really eager, was too complacent about the deeper analysis of the thesis of finance for economically sophisticated readers.
The general impression of this book seemed as one short-guide financial handbook, the contents of 6 chapters are organized coherent and closely. 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 ...

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...funds. They are two options against the unpredictable and unexpected losses. The first option is the individual have to purchase an insurance policy, and the other is for the social bear this risk through the welfare state program. However, the welfare state has undermined itself due to an increase of people live off in the program, and a decrease of people contribute its share. A well-known dismantle of the well fare state was hedge funds for companies or whom can afford.
Chapter five described a terminology “safe as houses” is defined house is the safest thing to invest. Ferguson argued people should invest to the housing market, but banks should also open access to loan to anybody. This is the idea of freedom of owning a house in capitalist sociality. As a result, the subprime lending process has led to massive mortgages were defaults and started Financial crisis

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