The Ascent of Money

A Financial History of the World

By: Niall Ferguson

Narrated by: Simon Prebble

Length: 11 hrs and 27 mins

Publisher's summary

Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance.

Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it's the sinews of war. To revolutionaries, it's the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What's more, he reveals financial history as the essential back story behind all history.

Through Ferguson's expert lens familiar historical landmarks appear in a new and sharper financial focus. Suddenly, the civilization of the Renaissance looks very different: a boom in the market for art and architecture made possible when Italian bankers adopted Arabic mathematics. The rise of the Dutch republic is reinterpreted as the triumph of the world's first modern bond market over insolvent Habsburg absolutism. And the origins of the French Revolution are traced back to a stock market bubble caused by a convicted Scot murderer.

©2008 Niall Ferguson (P)2008 Tantor

Fascinating history of finance

A) Great narrator: British, droll, charming.
B) I am a history and casual econ nerd so this book was a perfect fit. Most of the book, which focuses on the rise of banking, currencies, international trading, and all that comes with, was absolutely fascinating. Well-researched, and well-presented. I'm not sure how confusing some of the topics would be to grasp for someone with no background in finance, but it shouldn't be too much of a chanllenge.
C) The part of the book I found less interesting was the last 1/4 which focused more on our current economic situation and how we got there. It's a pretty well-worn topic and Ferguson, while walking through the subject with great descriptions and personal stories, doesn't really shed any new light on the topic.
Overall, a fascinating and educational listen.

Not a history of money

This is not a history of money (currency) but rather attempts to be a complete financial history, and so is really an economic history of Europe and the Western World.

Yes, it is fascinating to know how the advent of credit and financial innovation revolutionized Europe and the New World and is the "back story" of most of Western World History since the 1300s. However, I think the book is mis-titled, and does not explore the non-Euro-centric world in any revealing way.

An informative grind

After hearing the author on the Conversations with History podcast I decided to pick up the book. The book is informative but so dry in places that the ah-hah moments were strategically placed oases. It took a pair of multi-week breaks to get through it. I don't regret it because I do think the book is one that the well read person should have under their belt but my goodness, it was hard to get through! I truly hope I am in the minority on this.

Part one tour de force; part two slower going

The first chapters (up through Ferguson's elucidating chapter on how insurance works) is a wonderfully clear account of how financial systems evolved and how they work. Unfortunate, Ferguson gets on a few obvious personal hobby-horses in the last half of the book and if you don't agree with his politics (he makes a point of calling American Republicans idiots, which immediately alienates half his audience to no purpose, especially on a subject such as this. One supposes he is attempting to keep his academic Facebook friends list from going down). In any case, there are some excellent insights and generally good writing throughout and the book is definitely a worthwhile listen.

Mainstream Economic History

This is basically a mainstream uncritical perspective on the historical trajectory of the fundamental elements of capitalist economy: currency, stocks, real estate, insurance, etc. The author is about as establishment as one can get in the field. A good beginner text for those not from the field who want a macro understanding of the basics from a historical perspective.

The narration keeps switching natrators, which is annoying. Some are better than others.

history econ genius

history econ genius must read for those who enjoy this genre or work in finance

Excellent book, narration could be better

What did you love best about The Ascent of Money?

Explains the various financial tools such as loans, bonds, insurance and how they came about. One gets a good appreciation of why we have money and the various financial institutions.

Did the narration match the pace of the story?

Something about the narrators voice and style didn't feel good. I have read 3-4 other books and have never felt like this.

Was there a moment in the book that particularly moved you?

The connections of financial history to popular culture of well known literature - Lending of money for interest by jews in "The Merchant of Venice"; The part in Mary Poppins where Mr. Banks' son says "give me back my money!" leading to the bank having to close because of loss of liquidity - are very interesting.

Any additional comments?

If you are interested or curious about money and don't know where to start, this book is a great place. Also, if you are interested in history, this book is quite thorough in its research and tells a good story.

Good Summary of historical monetary events

Easy to understand review of historicaly significant monetary events dating from ancient times to modern day financial crisis. Written just before the full collapse and bailout of 2008/2009. Author did not predict severeity of the great recession/collapse as he was finishing the book in the spring/summer of 2008. Also did not emphasize the credit craze/boom of the 21st century leading to the crash that might have prediccted the coming money crunch.
Rest of book did a good job summarizing other money/credit crisis throughtout the history of the world.

Excellent Book --- not the best narrator

excellent book! I think this should be one of the classics so individuals and groups can understand about money.
Even though the voice narrator of the novel was somewhat grueling to listen to for a period of time. The novel has excellent concepts and historical data that are easily explained.

Interesting history and future of money

I really enjoyed this. First off, Niall Ferguson narrates and has a pleasant Scottish accent. He's energetic, and his read is a lot like hearing a well-done lecture.

The material is also timely and he ties the history of debt, leverage, and money into the things that are happening today. It's nice to know this isn't a one-off event, that it is merely an echo, perhaps a larger echo (which might not make physical sense, but you get what I mean) of past events.

I enjoyed listening to this book, and will probably listen to it again in the future. I usually pick up nuances I missed the first time around when I do that, and this is one book it would be easy to do that with.