E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson


Ly western economics at a largely macro level and then add a Final Chapter Proposing A chapter proposing a supported only by parenthetical references in the majority of the book A comparison is not a thesis especially when the comparison feels added on Further the evolution metaphor is seriously sloppy For a widely traveled professor at Harvard he has created a loose at best metaphor with a floating subject that changes according to the need of his rhetoric on a moment by moment sentence by sentence basis Has money ascended like man is said to have Has the nature of business Has the market If as the author states complex technological innovations haven t actually supplanted earlier modes like barter and loan sharks then how can the comparison to mankind be made Are we humans surrounded by our own competing ancestors And if in fact this is about an ecological comparison and not a one on one to mankind then why not just say so Because comparisons to man allow for the idea of the free market having a rational hive mind sentience Because The Ascent of Man sounds like a better logline than The Ecology of Money It s altogether unclear If after this much effort a book s thesis cannot be plainly stated then it does not have one What it has is a paper wrapperAnd as a side note I may be mistaken but the book seems to clarify when an economist is left leaning but not when right leaning And the fact that George Soros and several other figures in finance are Jewish is pointed out but no other religion is listed with any particular freuency when other major figures are mentioned One final thing There is an anecdote about the film Mary Poppins early in the book that I highly recommend #reading I can t do it justice but in brief the author was #I can t do it justice but in brief the author was to speak at a business event and since the tone of his talk was somewhat negative about the economic short term and midterm several of the attendees all successful business people complained afterword essentially taking issue with the presence of a non businessperson especially one deemed not enough of an optimistic booster One of these complaints stated that they should have ditched him and just shown the movie Mary Poppins The author then takes the opportunity to point out the extent to which Mary Poppins plot rests on the instability of British banks Imperialism The Darwinian Justification Ferguson contends that today s financial world is the result of four millennia of economic evolution It is very important to the aims of this book that this metaphor is accepted Ferguson looks at this evolution of money into the complicated financial ecosystem of today He explores how money mutated into new toolsorganisms and acuired characteristics that allowed it to meet the needs of its usersdemands of its environment better The tools that helped men make even money or harness their own energies efficiently were selected for as fittest and soon took over the monetary environmentThis happened in fits and startsFirst came the invention of money itself which is not given much attention to probably because it is too shrouded in the mists of time and also because the West has no uniue claim on it at any of its stages even the advanced forms Then it started mutating into its various forms conuering and occupying various niches according to functionalityAnd according to Ferguson the civilizations who had access to these new and efficient tools were hugely benefitted and

IN MANY CASES WERE AT A 
many cases were at a advantage down to our dayThe Evolutionary Stages1 BanksMoney once it allowed uantification of the value of transactions soon led naturally to delayed payments and then to the institutions of lending and borrowing These slowly grew to become banks clearing houses for ever larger aggregations of borrowing and lending2 BondsThe rulers and the lords were the biggest customers of the banks In time governments that figured out how to utilize the credit market best thrived and their innovations led to government bonds and securitization of streams of interest payments This matured into full fledged bond markets by the 13th century The rulers had great incentive to protect and regulate this amazing new source of funding This led those governments most dependent on these markets to institute regulated public markets so as to maintain stability and security of transaction which was in their own best interests Transaction and discovery costs reduced drastically and areas with such markets proved extremely useful to their rulers who could no raise money for wars much effectively Battles were now to be won and lost in the bond markets3 Stock MarketsBy the seventeenth century corporations started aping the states a pr. ,我們才可能穩定立足。  何況經過近年來如雷曼兄弟引起的金融危機,世界政經局勢將重新洗牌,  面對中美國(Chimerica)的興起,台灣如何應對?  本書作者尼爾.弗格森Niall Ferguson 貫通歷史與財經兩大領域,是全球矚目的美國外交政策權威評論者。他不只爬梳過去,更預示未來:中國加美國將成為占全球經濟產值超過三分之一的經濟體(Chimerica),這個有著獅頭、羊身、龍尾的古代怪獸,動見觀瞻,企圖宏偉,而中國、美國都是台.

Niall Ferguson ✓ 1 READ

Ocess that was not limited to only financial matters and started to raise euity through share markets This could only develop first in areas with already well developed bond markets and public markets and thus gave them a further advantage the advantage derived from the financial tools now extended from wars to trade and industry The West was rising buoyed by its financial innovations in Ferguson s view4 InsuranceWith the institutions of bonds and shares prospering the next step was to use the market to spread risk out insurance funds and then pension funds exploited economies of scale and the laws of averages to provide financial protection against calculable risk The corporations now had another decisive advantage in being able to have access to protection against risk and in a world where financial risk was the biggest danger any advantage there could prove world conuering The accumulation of financial innovations had already tipped the balance for the West and was now on its way to helping them conuer the world5 Real EstateWith the rise of innovative instruments such as futures options and other derivatives it was now possible to increase leverage not only for governments and corporations but also for individual households With government encouragement they soon increased their leverage and used that to invest in real estate This helped the western countries to have a larger and larger propertied class helping them to transition into property owning democracies which according to Ferguson are the most robust sort6 Imperialism and Globalization The Justified CulminationNow we come to the crux of the narrative Economies that combined all these institutional innovations banks bond markets stock markets insurance and property owning democracy performed better over the long run than those that did not because financial intermediation generally permits a efficient allocation of resources than say feudalism or central planning The financial ecosystem evolved in the West was the best suited for governance and for human civilization in general And it is for this reason that the Western financial model tended to spread around the world first in is for this reason that the Western financial model tended to spread around the world first in guise of imperialism then in the guise of globalization and has been vital for all sorts of progress achieved around the world from the advance of science the spread of law mankind s escape from the drudgery of subsistence agriculture and the misery of the Malthusian trapFerguson has narrated the history of money as a financial evolution and thus given it the air of inevitable complexity and of progress This makes of money as a financial evolution and thus given it the air of inevitable complexity and of progress This makes seem like the adoption of the evolved financial system first by the West and them by the Rest is but a logical and inevitable choice that is for the best of the world at largeIt is noteworthy that Ferguson makes a point of using elaborate evolutionary metaphors to project the history of financial institutions in a Darwinian lightWhyAccording to this interpretation financial history is essentially the result of institutional mutation and natural selection Random drift innovations mutations that are not promoted by natural selection but just happen and flow innovationsmutations that are caused when say American practices are adopted by Chinese banks play a part There can also be co evolution when different financial species work and adapt together like hedge funds and their prime brokers But market selection is the main driver Financial organisms are in competition with one another for finite resources At certain times and in certain places certain species may become dominant But innovations by competitor species or the emergence of altogether new species prevent any permanent hierarchy or monoculture from emerging Broadly speaking the law of the survival of the fittest applies Institutions with a selfish gene that is good at self replication and self perpetuation will tend to proliferate and endureAs we can see there are certain ey themes herea That the survived institutions have to accepted as fittest under Ferguson s interpretation andb That selfishness of institutionsgenes are rewarding for the specieshumanity in the long run So we should encourage the selfish imperialism of countriesthe globalization of corporations today These are specious themes that are present in this book with a specific agenda trying to escape notice by being presented in pseudoscientific light And as we have seen from our discussion of how Ferguson uses the history of finance to show us how Imperialism was a good thing for the rest of the world we can safely slot this book as another among Ferguson s life long attempts to come up with innovative apologetics for Empire. 灣重要的貿易夥伴,兩國的發展嚴重牽動台灣的經濟命脈,此一議題我們無可迴避,弗格森的見解值得深思。  本書從一個歷史學家的角度,對現代金融資本主義的起源、爬升、崩陷,做了鳥瞰式的梳理,讓我們得以理解過去,面對未來。  這是了解金融知識的最佳啟蒙書,是對金融資本主義發展的清楚詮釋  金融資本是人類歷史進步的力量,也是社會罪惡的根源,  它清楚地映照人類的醜陋與墮落,但同時展示了人類的美麗與偉大。. The Ascent of Money: A Financial History of the World40 stars I am a big fan of Niall Ferguson and this book certainly added to my appreciation for both his skill as a writer and his Underdogs The First Stories knowledge of history especially financial history After spending the early portion of the book on the history and development of currency this book becomes a brief look at the origins and development of the major financial institutions banks commodity exchanges hedge funds insurance companies and categories of assets bonds stocks real property options and derivatives For each of these various categories Ferguson provides the historical background that led to their development as well as the benefits and problems that came along with each A well researched well written survey of financial history and an interesting read Ferguson isnown as an economic historian yet his last few books were almost purely historical with only brief passages on the economic aspects of historical events Here Ferguson returns to telling about well not so much economics as the evolution of finance First money then banks then bonds then euities derivatives insurance and finally the causes of the recent credit crunch are explained and developed in simple and clear prose Unlike War of the World a mammoth retelling of the horror of the 20th century which I felt had an impersonal and rushed air as though Ferguson had relied too heavily on his massive globe spanning team of researches from a host of universities Ascent of Money is Ferguson really dealing with what comes naturally to him as an expert in both the early modern bond markets uantitative finance the inner workings of the House of Rothschild as he should he wrote the books on them the hubris behind Long Term Capital Management and every other complicated aspect of the markets Also the endnotes are what really put Ferguson in a class above #the rest of the clutter in the NEW IN NONFICTION shelves because Ferguson really is a world #rest of the clutter in the NEW IN NONFICTION shelves because Ferguson really is a world academic The footnotes reveal the real depth and breath of Ferguson s learning and research everything from the Financial Times personal correspondences interviews from Democracy Now and every major current events book of the last generation including the new George Soros book which I bought WITH this book Let s get that straight Ferguson had read and referenced a book which is so new it was on the same NEW IN NONFICTION shelf near his The book is titled The Ascent of Money but it s not about the ascent of money It s about the path of money with the assumption that from the origin of the book s historical perspective money has been the bedrock of civilization There s no ascendancy because there is nothing for it to compete with in the author s telling What the book really is is a straight history of the above board financial markets and to that extent it s a useful and largely enjoyable read covering the move from barter to coin and from coin to virtual funds and from virtual funds to algorithmic trading The author does a wonderful job of jumping across vast time periods to draw comparisons showing how even if technology changes human nature does not He does a if technology changes human nature does not He does a job of telling jokes which comes across as a sort of nervous habit mostly alliteration puns and pop culture references one that someone close to him should point out to him The absence of under the counter financial markets and their influence on their substantial part of the global economy seems like a significant blind spot There are occasional asides to the Mafia narco states and the like and of course when Ponzi "SCHEMES COME TO LIGHT THEY ARE ACKNOWLEDGED BUT THAT "come to light they are acknowledged But that it As such it s sort of like this if The Ascent of Money were a study of a city it would only take stock so to speak of the goings on within buildings and institutions and not of street life In other words it s not a full picture It s like a Chamber of Commerce picture One other seeming blind spot if I m not mistaken the author seems to have a disinclination toward companies that are not publicly tradedAlso I cannot recall reading a non fiction book recently with less of a thesis There is no overarching theme no consciously enacted perspective just the steady march of economic history proceeding like a fleshed out timeline I d say most fiction I read has of a thesis of a sense of perspective on the world than this book does To be clear there is a concluding section in which the correlations between biological evolution and monetary system change is compared But in effect what has happened is that after dropping occasional references to such a metaphor throughout the book he then tries to tie it all together In other words the euation to produce this book was write a history of large.   如果貨幣是這個時代的上帝,金融資本家就是這個年代的先知!  生存在現代經濟社會的我們無法否認:貨幣塑造世界歷史,並決定我們的未來。  金融資本的興起標誌了工業革命的年代已經過去,全世界都捲入「以錢賺錢」的時代,貨幣不僅是我們日常流通的現金,還包括各種金融市場的投資工具,從現實面來看,身為金融文盲,我們淪為貧民的機會愈高,致富的可能性愈低,從知識面而言,對於金融影響世界的力量與過程理解愈多.


10 thoughts on “E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson

  1. says: E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson

    E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson Imperialism The Darwinian Justification Ferguson contends that today’s financial world is the result of four

  2. says: FREE DOWNLOAD The Ascent of Money: A Financial History of the World E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson

    SUMMARY ì ALWAYSONLTD.CO.UK ✓ Niall Ferguson Niall Ferguson ✓ 1 READ E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson Yay for empire Another book from the vaguely centrist right you know them those economists and Greek translators and philosophers from the University of Chicago who assisted Pinochet in his fascist coup won Nobel Prizes misconstrued Plato to

  3. says: E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson

    E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson Niall Ferguson ✓ 1 READ FREE DOWNLOAD The Ascent of Money: A Financial History of the World Financial institutions are not evil that's Niall Ferguson's main point For some this is already a hard sell I am not as i

  4. says: E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson

    E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson SUMMARY ì ALWAYSONLTD.CO.UK ✓ Niall Ferguson Niall Ferguson ✓ 1 READ The book is titled The Ascent of Money but it's not about the ascent of money It's about the path of money with the assumption that from the origin of the book's historical perspective money has been the bedrock of civilization There's no ascendancy because there is nothing for it to compete with in the author's telling What the book really is is a straight history of the above board financial markets and to that extent

  5. says: SUMMARY ì ALWAYSONLTD.CO.UK ✓ Niall Ferguson E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson Niall Ferguson ✓ 1 READ

    E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson Life has a habit of proving me wrong Recently I wrote a review of The Drunkard's Walk How Randomness Rules Our Lives and said something like you generally get a better understanding of a subject if you can see the historical path that has been followed in building the subject in the first place This book is all historical path but it has left me without a clearer understanding of what I had hoped to learn from itAnd this

  6. says: E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson

    E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson This is a very informative and convincing book about the history and the need for money I say that despite the fact that I disagree with the author's conviction that capitalism is one of humanity's greatest achievements and that the price of progress is than worth it no matter who loses out Also despite the fact

  7. says: SUMMARY ì ALWAYSONLTD.CO.UK ✓ Niall Ferguson E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson Niall Ferguson ✓ 1 READ

    E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson Ferguson is known as an economic historian yet his last few books were almost purely historical with only brief passages on the economic aspects of historical events Here Ferguson returns to telling about well not so much economics as the evolution of finance First money then banks then bonds then euities derivatives insurance and finally t

  8. says: E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson SUMMARY ì ALWAYSONLTD.CO.UK ✓ Niall Ferguson FREE DOWNLOAD The Ascent of Money: A Financial History of the World

    SUMMARY ì ALWAYSONLTD.CO.UK ✓ Niall Ferguson Niall Ferguson ✓ 1 READ E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson Contemplating the title of this book my first thought was that it was by a person of the political left maybe not the Pope

  9. says: E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson SUMMARY ì ALWAYSONLTD.CO.UK ✓ Niall Ferguson Niall Ferguson ✓ 1 READ

    E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson The budget should be balanced the Treasury should be refilled public debt should be reduced the arrogance of officialdom should be tempered and controlled and the assistance to foreign lands should be curtailed lest Rome become bankrupt People must again learn to work instead of living on public assistanceCicero 55 BC So w

  10. says: E–pub/Kindle [The Ascent of Money: A Financial History of the World] By Niall Ferguson

    SUMMARY ì ALWAYSONLTD.CO.UK ✓ Niall Ferguson Niall Ferguson ✓ 1 READ FREE DOWNLOAD The Ascent of Money: A Financial History of the World 40 stars I am a big fan of Niall Ferguson and this book certainly added to my appreciation for both his skill as a writer and his knowledge of history especially financial history After spending the early portion of the book on the history and development of currency this book becomes a brief look at the origins and development of the major f

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