![]() ![]() American Confederates developed cotton bonds to sell in England to fund their efforts in the Civil War. The war eventually ended quickly, and the price of gold fell. He then was enlisted by the British government to get gold and silver to the Duke of Wellington in preparation for ongoing war. Nathan Rothschild became successful in the bond market of England. Financial troubles caused France to struggle for years, and then revolution began in 1789. The shares of the Mississippi Company plummeted after faith was lost in the Louisiana colonies. John Law rose among the ranks of French financiers and ran the biggest Ponzi scheme in France. Dutch merchants became rich by purchasing spices in the East Indies and trading them in Europe. War bonds became popular in Florence and other Italian cities. The Medici’s were able to by-pass laws against interest by charging commission on converting different currencies. The idea of interest came about in Venice from Jewish bankers. Spain mined so much silver from South America (the Incan Empire) that silver started to lose value “Money isn’t metal - it is trust inscribed.” Fibonacci’s “ Liber Abaci” helped pave the way for Europe to convert from Roman numerals to Arabic numerals, especially because of business calculations and bookkeeping. In examining the last time globalisation took hold – before World War One, he finds a notable reversal, namely that today's money is pouring into the English-speaking economies from the developing world, rather than out.Įpisodes - Four-Hour Version Episode 1: From Bullion to Bubbles Niall Ferguson investigates the globalisation of the Western economy and the uncertain balance between the important component countries of China and the US. But what if mortgages are bundled together and sold off to the highest bidder? After all, what better foundation for a property-owning democracy than a campaign of privatisation encompassing housing? An economic theory says that markets can't function without mortgages, because it's only by borrowing against their assets that entrepreneurs can get their businesses off the ground. It sounded so simple: give state-owned assets to the people. His quest for an answer takes him to the origins of modern insurance in the early 19th century and to the birth of the welfare state in post-war Japan. Professor Ferguson travels to post- Katrina New Orleans to ask why the free market can't provide some of the adequate protection against catastrophe. But faced with an unexpected disaster, the state has to step in. ![]() Life is a risky business – which is why people take out insurance. He shows why humans have a herd instinct when it comes to investment, and why no one can accurately predict when the bulls might stampede. He draws telling parallels between the Great Recession and the 18th century Mississippi Bubble of Scottish financier John Law and the 2001 Enron bankruptcy. Why do stock markets produce bubbles and busts? Professor Ferguson goes back to the origins of the joint stock company in Amsterdam and Paris. It was the bond market that made the Rothschilds the richest and most powerful family of the 19th century. With the advent of bonds, war finance was transformed and spread to north-west Europe and across the Atlantic. How did finance become the realm of the masters of the universe? Through the rise of the bond market in Renaissance Italy. Professor Ferguson explains the origins of credit and debt and why credit networks are indispensable to any civilization. 1: Dreams of Avarice įrom Shylock's pound of flesh to the loan sharks of Glasgow, from the "promises to pay" on Babylonian clay tablets to the Medici banking system. Both versions can still be viewed online.Įpisodes - Original Version Ep. In the United States, an edited two-hour version was aired in January 2009 by PBS.Ī newer, reorganized four-hour version with the original full title The Ascent of Money: The Financial History of the World was aired in July 2009 by PBS. ![]() It also aired on TVB Pearl in Hong Kong and ABC1 in Australia. The book was adapted into a six-part television documentary with the new full title Ascent of Money: Boom and Bust for Channel 4 in the United Kingdom. ![]() The book deals with the rise of money as a trade form, and tracks its progression, development, and effects on society into the 21st Century. It examines the long history of money, credit, and banking. The Ascent of Money: A Financial History of the World is a 2008 book by then- Harvard professor Niall Ferguson, and an adapted television documentary for Channel 4 (UK) and PBS (US), which in 2009 won an International Emmy Award. ![]()
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