The Ascent of Money: A Financial History of the World

“The ascent of money” gives an account of the financial history of the world. With this book the author has tried to cover the beginnings of every financial instrument present – banking, bonds, stock market, insurance and mortgage. Almost each of these instruments has their roots in Europe where they started around 15th or 16th century. Reasons for their start-up were sometimes obvious and sometimes a little less so. Usury was in-fact punishable by the clergy for some time. Bond market started when the Italian govt. was at war and wanted to raise the money. The evolution of stock market, insurance and mortgage are also pretty intriguing. The book covers the famous “bubbles and bursts” including, but not restricted to - the hyperinflation of Germany, the great depression and the subprime crisis. Legends of Nathan Rothschild and John Law also find their way in the text.

However, the language of the book is obscure, to say the least. At times, one has to go over a line again and again to comprehend its meaning. The text is unstructured without any continuity. The author has been presumptuous and written as if every reader has an in-depth knowledge of the financial world. After almost every line I had to wiki something. Summing up – content good, narration awful. Read it only if you have either one of enough knowledge or enough patience!

This book is an excellent narrative of the financial history of the world, explaining very vividly describing the formation of the banking system and capital markets as we know of it today, along with the infamous 'bubbles' and busts that the world saw. I loved the book!

The bond markets how they influenced politics,wars etc the legend of nathan rotschild, the financial markets their effect on society,politics etc leading to creation of corporations like east india company the legend of john law and how he conspired first stock market bubble are fascinating reads with full of mysteries as they say history is a mystery and thought.For sure u will read them for first time. the US housing bubble covers entire story of real estate bubble its resons and consequences and finally talks about chimerica with global economy being dominated by china and america

1. Whenever credit is available for cheap there shall be a bubble shaping up.
2. Inflation happens when money in circulation is more than economic output.

By a continuing process of inflation, the government can secretly confiscate, an important part of wealth of their citizens. While the process impoverishes many, it enriches some.

The book sails back in times and help us track the origin of money. It covers the major finincial products(Loans, debts etc) divided in chapters and biulds for each of them the growth curve. It also highlights the role and impact of finance with major landmarks in the history which primarly does not seem to be a financial event.

A well researched with a great narration.