Niall Ferguson

The Ascent of Money

1. IDEA 1

   Finance drove human progress

   Ferguson argues that the growth of money, credit and banking was central to the rise of civilisation. He tells history through finance, showing how financial ideas made trade, cities and modern economies possible.

2. IDEA 2

   Credit began very early

   Ferguson traces lending back to ancient Mesopotamia and shows how medieval Italian bankers, such as the Medici, built powerful businesses. Credit, in his view, let people use future earnings today.

3. IDEA 3

   Bonds paid for wars

   Ferguson describes how governments learned to borrow by selling bonds. He argues that bond markets helped states fight wars and also gave investors power to judge governments. This changed how wars were paid for.

All 8 ideas from The Ascent of Money →