Niall Ferguson: The Ascent of Money - A Financial History of the World

Hardcover: 432 pages
Publisher: Penguin 2008

Niall Ferguson ends his book by asking whether his book should have been titled The Descent of Money. The financial crisis of 2008- shook the basis of our economic system and has given finance and financiers a bad name and a reason for general pessimism about global economic development. The historical story that Ferguson cleverly explores is however very different. Most importantly, The Ascent of Money tells the story of remarkable development. This is a story of destructive and sometimes anarchic development with repetitive booms and busts. Most grand human endeavors would not have been possible without the invention of more sophisticated forms of financing, investing and insuring.

Ferguson's savvy style makes for a good read. His views on the dual country of "Chimerica", the interdependent economic marriage of China and America where the former does the saving and the latter the spending are interesting and of enormous importance to 21st century international politics.