The Ascent of Money - A Financial History of the World

Key Facts and Insights from "The Ascent of Money"

1. Money as a social construct: Ferguson argues that money is not just a physical entity but a social construct. It is a system of mutual trust and it's the confidence in this system that keeps it functioning.
2. The origin and evolution of banks: Ferguson traces the origin of banks and how they evolved from simple money lenders to complex financial institutions. He highlights the crucial role of banks in economic development.
3. The concept of credit: Credit, according to Ferguson, is the lifeblood of any economy. It has the power to...

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