Dreams Of Avarice The Rise Of Money And Credit Essay

In The Ascent of Money Niall Ferguson gives an in-depth historical look at money and finance. He begins with ancient banking practices in ancient Mesopotamia, and finishes his book with his predictions for the near future based on patterns that he sees. In the book he discusses the rise of money and credit; the bond market; the stock market; insurance; real estate; and international finance. Niall Fergusson believes that finance and money was made as a necessity for urbanization and development, but that every time there has been an international globalized system set up, that it results in disaster. There has always been trade between people from different areas, but when it is on a massive global scale it results in disaster. His premise is that the first true globalized economy led to WWI, and that the United States is headed for a military showdown with China. In the first chapter titled Dreams of Avarice: the Rise of Money and Credit discusses the origins of money and credit and how it has come to help shape the modern economy. Fergusson says that money had its origins in Mesopotamia as clay tablets which were recording transactions such as for agrarian. He also says that credit was given by a Mesopotamian family to people as far away as in Persia in order to purchase homes. I thought that that was very interesting. He then goes on to say that the early Christians were not allowed to practice interest or usury, but Jewish law allowed for the Jews to give loans toShow MoreRelatedThe Global Financial Crisis: Can Islamic Finance Help Minimize the Severity and Frequency of Such a Crisis in the Future?9902 Words   |  40 Pageslack of adequate market discipline in the financial system. This leads to excessive lending, high leverage and ultimately the crisis. 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