The Ascent Of Money By Niall Ferguson

1516 WordsDec 2, 20167 Pages
In The Ascent of Money, Niall Ferguson argues that the progress of money is essential to the progress of man. More importantly, he argues that understanding the history of finance provides some insights into making better financial decisions. Although Ferguson’s book is not an introduction to finance, it contains some well-supported arguments with historical lessons and insights of world finance. Ferguson’s book has many strengths and a few weaknesses. One of the strengths of the book is the organization and presentation of key concepts in chronological order, which lets the reader easily follow the evolution of money. The book consists of an introduction, six chapters, and an afterword. In the first chapter, Ferguson describes the beginning of money, banking, and credit. In the second chapter, Ferguson explains the beginning of the bond market, and in the third chapter, the stock market. In the fourth chapter, Ferguson presents the story of insurance, and, in the fifth chapter, the real estate market. In the final chapter, Ferguson discusses international finance. The main strength of Ferguson’s book is the well supported arguments about the importance of understanding finance. First, Ferguson argues that money is important for human progress. This argument is well supported by his discussion of the evolution of credit and debt, banks, the bond market, corporate finance, insurance, mortgage finance, and corporate finance. Ferguson argues that significant financial events,
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