Editorial Reviews
Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance.
Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it’s the sinews of war. To revolutionaries, it’s the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What’s more, he reveals financial history as the essential backstory behind all history.
Through Ferguson’s expert lens familiar historical landmarks appear in a new and sharper financial focus. Suddenly, the civilization of the Renaissance looks very different: a boom in the market for art and architecture made possible when Italian bankers adopted Arabic mathematics. The rise of the Dutch republic is reinterpreted as the triumph of the world’s first modern bond market over insolvent Habsburg absolutism. And the origins of the French Revolution are traced back to a stock market bubble caused by a convicted Scot murderer.
With the clarity and verve for which he is known, Ferguson elucidates key financial institutions and concepts by showing where they came from. What is money? What do banks do? What’s the difference between a stock and a bond? Why buy insurance or real estate? And what exactly does a hedge fund do?
This is history for the present. Ferguson travels to post-Katrina New Orleans to ask why the free market can’t provide adequate protection against catastrophe. He delves into the origins of the subprime mortgage crisis.
Perhaps most important, The Ascent of Money documents how a new financial revolution is propelling the world’s biggest countries, India and China, from poverty to wealth in the space of a single generation—an economic transformation unprecedented in human history.
Yet the central lesson of the financial history is that sooner or later every bubble bursts—sooner or later the bearish sellers outnumber the bullish buyers, sooner or later greed flips into fear. And that’s why, whether you’re scraping by or rolling in it, there’s never been a better time to understand the ascent of money.
For more information about The Ascent of Money: A Financial History of the World click here
Copyright 2002 Cahners Business Information, Inc
An Inconvenient Truth
Al Gore
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New $21.95
A Message from Al Gore to Amazon.com Readers
I've dedicated my book, The Assault on Reason, to my father, Senator Albert Gore Sr., the bravest politician I've ever known. In the 1970 mid-term elections, President Richard Nixon relied on a campaign of fear to consolidate his power. I was in the military at the time, on my way to Vietnam as an army journalist, and I watched as my father was accused of being unpatriotic because he was steadfast in his opposition to the War--and as he was labeled an atheist because he dared to oppose a constitutional amendment to foster government-sponsored prayer in the public schools. The 1970 campaign is now regarded by political historians as a watershed, marking a sharp decline in the tone of our national discourse--a decline that has only worsened in recent years as fear has become a more powerful political tool than trust, public consumption of entertainment has dramatically surpassed that of serious news, and blind faith has proven more potent than truth.
We are at a pivotal moment in American democracy. The persistent and sustained reliance on falsehoods as the basis of policy, even in the face of evidence to the contrary, has reached levels that were previously unimaginable. It's too easy and too partisan to simply place the blame on the policies of President George W. Bush. We are all responsible for the decisions our country makes.
Reasoned, focused discourse is vital to our democracy to ensure a well-informed citizenry. But this is difficult in an environment in which we are experiencing a new pattern of serial obsessions that periodically take over the airwaves for weeks at a time--from the O.J. Simpson and Michael Jackson trials to Paris Hilton and Anna Nicole Smith.
Never has it been more vital for us to face the reality of our long-term challenges, from the climate crisis to the war in Iraq to the deficits and health and social welfare. Today, reason is under assault by forces using sophisticated techniques such as propaganda, psychology, and electronic mass media. Yet, democracy's advocates are beginning to use their own sophisticated techniques: the Internet, online organizing, blogs, and wikis. Although the challenges we face are great, I am more confident than ever before that democracy will prevail and that the American people are rising to the challenge of reinvigorating self-government. It is my great hope that those who read my book will choose to become part of a new movement to rekindle the true spirit of America.
Quicksilver
Neal Stephenson
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New $18.45
From Publishers Weekly
Stephenson's very long historical novel, the first volume of a projected trilogy, finds Enoch Root, the Wandering Jew/alchemist from 1999's Cryptonomicon, arriving in 1713 Boston to collect Daniel Waterhouse and take him back to Europe. Waterhouse, an experimenter in early computational systems and an old pal of Isaac Newton, is needed to mediate the fight for precedence between Newton and scientist and philosopher Gottfried Wilhelm Leibniz, both of whom independently invented the calculus. Their escalating feud threatens to revert science to pre-empirical times. Root believes Waterhouse, as a close friend to both mathematicians, has the ability to calm the neurotic Newton's nerves and make peace with Leibniz. As Waterhouse sails back to Europe (and eludes capture by the pirate Blackbeard), he reminisces about Newton and the birth of England's scientific revolution during the 1600s. While the Waterhouse story line lets readers see luminaries like Robert Hooke and Isaac Newton at work, a concurrent plot line follows vagabond Jack Shaftoe (an ancestor of a Cryptonomicon character, as is Waterhouse), on his journey across 17th-century continental Europe. Jack meets Eliza, a young English woman who has escaped from a Turkish harem, where she spent her teenage years. The resourceful Eliza eventually rises and achieves revenge against the slave merchant who sold her to the Turks. Stephenson, once best known for his techno-geek SF novel Snow Crash, skillfully reimagines empiricists Newton, Hooke and Leibniz, and creatively retells the birth of the scientific revolution. He has a strong feel for history and a knack for bringing settings to life. Expect high interest in this title, as much for its size and ambition, which make it a publishing event, as for its sales potential-which is high.
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| S&P/TSX COMPOSITE | 12111.09 |
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| *Currency equivalent of one U.S. dollar |