Kim Gentes

Tracing the history of financial development seemed like a good idea at the time. But what I found most often (in books I perused before buying) was that most books focused on economics, whose cogent thinkers don't arrive on the scene until the 18th century. Then I found "The Ascent of Money", whose apt title keeps a sharp focus on the instruments of exchange rather than the philospohies of theories, political bents of champions, or minute formulae of econometrics.

"The Ascent of Money" begins with ancient times in Mesopotamia and accounts for us the tale of first ledger accounts that were made with clay markers- the first instance of bonafide money. Since those first signs of tokens of exchange, humans have invented ways of marking wealth with various devices. Without spending time on economy, Ferguson accelerates through history, reaching mideavil Europe in fairly short order.

His goal is clear- trace the uses and demands of how people, leaders and governments invented mechanisms for exchange, funded expansion, waged wars, invented industries and toppled kingdoms. All with the tool of money.  He explains the details of how various forms of exchange, from metals to paper to digital balances made their way into society.

The book is exceptional writing, with dizzying amounts of information, but all kept sharply in focus of the topic. Even as he explains M1, M2, M3, securities-backed derivatives or the failure of LTCM and more, the reader never feels left in the dark by a harried professor trying to overwhelm you with all their brilliant knowledge. Ferguson is obviously a brilliant scholar, but he doesn't lean on details to impress the student, he weaves a thoughtful narrative that calls out the minutia in appropriate amounts and at the appropriate times.  After reading several other books on the history of economics, it was wonderful to read a book that dealt with monetary development without being theory driven or school biased.

If you love history, you will love this book. I learned an exceptional amount about money in all its forms and enjoyed the writing the entire way through. An excellent book. I highly recommend it!

Amazon Book Link: http://amzn.to/RJMVaB

Review by Kim Gentes