The Ascent Of Money By Historian And Harvard Professor Niall Ferguson Essays

The Ascent Of Money By Historian And Harvard Professor Niall Ferguson Essays

Length: 1723 words (4.9 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

The Ascent of Money, published by historian and Harvard professor Niall Ferguson in 2008, is a non-fictional account of the world’s financial history. Since the Spanish conquest in America to the current interdependence between the American and Chinese markets, the author argues that money has been an ambitious drive behind human progress. He guides the reader through different stages of the continuous development of the financial system, like the bond and the stock market, and highlights two influential forces behind it. Ferguson claims that the constant changes in the economy embody an evolutionary process that has been subject to the uncertainty of the future and human behavior throughout history.
The financial system compares to Darwin’s theory of evolution because of the process of Creative Destruction. Ferguson explains that the creation of new companies or new methods of production represents an innovation that takes place from within; the new construction destroys and replaces the old one. One example that relates to this concept is the fall of Savings & Loans in the 1980s. After not being able to keep up with the inflation, deregulation, and the increase of interest rates in the 1970s, the company soon became bankrupt and disappeared. The result of this extinction was the innovative financial practice of securitization in the mortgage market. I don’t necessarily disagree with this analogy, yet at the same time I don’t consider the new financial constructions to be 100% original, but only improved species of the past. I can see that in both Saving & Loans and the subsequent mortgage market, the idea of debt securities is really the same. I see innovation as a type of revolution rather than an evolution, and this last term...

... middle of paper ...

...current president of Ecuador made a radical decision in the last few years by rejecting an agreement with NAFTA, and instead opted to increase the country’s economic relations with Asia, particularly China. I am finally able to understand the reason behind this move, since China is slowly getting back its dominant economic position in the world. Furthermore, Ecuador used to be a corrupt capitalist nation and has been recently shifting towards the socialism of the 21st century. I can see the advantages of a capitalist financial system like Ferguson mentions throughout the book, yet in my country I have also seen significant changes ever since it stopped being a capitalist nation. This is the reason why I would have liked for Ferguson to include other claims because it would have allowed me to look at the history of the financial system from a neutral perspective.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on The Ascent of Money Has Lead to the Ascent of Man

- “The ascent of money has lead to the ascent of man.” The greatest question many have sought to answer is the creation vs. evolution debate. How did we get here. Were we created or did we evolve randomly. Are we the product of purposeful intelligence or are we the result of countless mistakes. Does it even matter. The story of money is similar to the story of humanity. Was money created or did it evolve. If it was created we can assume it will die. If money evolved then we can assume the future is unknown....   [tags: Finance]

Better Essays
1287 words (3.7 pages)

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

- 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 relati...   [tags: Bank, Economics, Stock market, Stock]

Better Essays
936 words (2.7 pages)

Essay about The Housekeeper and the Professor, by Yoko Ogawa

- The Housekeeper and the Professor is a novel written by Yoko Ogawa, and published in 2003. The story is a bout a mathematician who is the professor in the story. The professor suffered from a brain damage after a tragic traffic road accident, and he can only produce 80 minutes worth of memories. The professor forgot everything about his former life, but could only remember numbers, since he had a passion for mathematics. The story is told from the narrator’s point of view (the housekeeper). The narrator was to take care of the professor who asked her to let her son come direct to his house after learning that she had a 10 year old son who used to wait for her at home till late night after...   [tags: The Housekeeper and the Professor]

Better Essays
1210 words (3.5 pages)

Essay on The Ascent by Ron Rash

- Many people have life changing revelations in their lives, but very few people are as young as Jared when he realizes what he does about his life. Ron Rash wrote the short story, "The Ascent," about a young boy's journey that brought him to have a significant revelation about his life. In the story, Rash uses a naive narrator, foreshadowing, and imagery to show the setting of the story that led to Jared's revelation about his life. Rash uses Jared's character to show why he cannot give a trustworthy, objective truth....   [tags: jared, death]

Better Essays
596 words (1.7 pages)

My Interview With Professor David Christianson Essay

- In this paper, I will write a brief reflection over my interview with Professor David Christianson. I asked my professor fourteen questions, all question had different meanings and answers. I will start off my paper with some facts and advice which I received from my professor, my personal reflection on the facts, my personal reflection on the overall experience, and lastly, I will end my paper with the conclusion. All my questions were answered with great thought. In the answers, I noticed that my professor was telling me to make sure that everything I do is to better myself....   [tags: University, Professor, A Great Way to Care]

Better Essays
871 words (2.5 pages)

Becoming a Historian Essay

- Becoming a historian requires a lot of different skills and first starts with becoming familiar with the work place. Such as one, must receive the proper funds to keep a historical building alive by grant writing and educating the community by using good public speaking skills. Also, I must sharpen your researching skills to set up displays, and proper training before starting the archive process. Sandy, the curator, gave me a tour of the Milford Historical Society. I moved some needed books form one place to another in the Bryan-Down house....   [tags: Personal Experience]

Better Essays
1207 words (3.4 pages)

Essay on Candide, By Voltaire, And A Professor Of Metaphysico

- The author of Candide, Voltaire, or François-Marie Arouet was born 21 November, 1694 in the Enlightenment era. The Enlightenment was a cultural movement of intellectuals beginning in late 17th-century Europe emphasizing reason and individualism. Growing up in this world, Voltaire became a French Enlightenment writer, historian and philosopher famous for his wit, his attacks on the established Catholic Church, and his advocacy of freedom of religion, freedom of expression, and separation of church and state....   [tags: Voltaire, Age of Enlightenment, French Revolution]

Better Essays
710 words (2 pages)

Addiction to Cocaine in The Ascent by Ron Rash Essay

- In “The Ascent” Ron Rash introduces us to a child who is brought up by cocaine addicts name Jared. Jared ventures out into the Great Smokey Mountains National Park to escape his sad home life and on his little adventure Jared finds the lost plane authorities had been looking for, for months. Upon leaving Jared takes the ring from the woman on the plan and returns home where he finds that his parents have already run out of drugs. His father takes the ring Jared had found and then sales the ring for money....   [tags: jared, child, christmas]

Better Essays
620 words (1.8 pages)

Money Is Money, Money ! Essay

- Money, Money, Money. The world revolves around the idea that a piece of flimsy paper holds value. Those of us who deny that it has any true value, still must face the fact that in order to survive, without resorting to means of stealing and violence, we must learn how to use money. In today 's world people must be able to spend and save smartly in order to develop financial stability. Prices have risen and expenses for college have risen dramatically. In 1990 the minimum wage was $3.80 and college tuition for a four year public institution is $20,972....   [tags: Full-time, High school, Money, Part-time]

Better Essays
1020 words (2.9 pages)

Essay about The Professor Is A Dropout

- In “The Professor is a Dropout,” Beth Johnson tells the story of Guadalupe Quintanilla. When Lupe was a child she had to face trials and tribulations as she was growing up and even as a woman. As a child she was tested to be retarded, she had an IQ of sixty-four. As a result, her teachers treated her differently and had to drop out of first grade. Later on, she married when she was sixteen and had three children in the years to come. When her children started going to school, all three of them were tested retarded and were into a program called yellow birds for kids that were slow learners....   [tags: Bullying, High school, Feeling, Thought]

Better Essays
977 words (2.8 pages)