The Ascent of Money : A Financial History of the World

The book is widely praised for its informative and accessible exploration of financial history, tracing the evolution of money and financial institutions from ancient times to the modern era. Reviewers found it to be a well-structured and engaging read, offering valuable insights into major historical events from a financial perspective. Many appreciated how the author explains complex financial concepts and historical developments in clear and often entertaining prose, making the subject understandable for general readers and those without specialized economic knowledge. The book's broad historical scope, covering the origins of banking, bonds, stock markets, insurance, and real estate, is frequently highlighted as a strength, providing a comprehensive overview of how financial systems have shaped human civilization.

Despite its strengths, the book receives significant criticism, particularly regarding its perceived ideological bias. Several reviewers argue that the author presents a distinctly right-leaning or pro-capitalist perspective, sometimes appearing to offer an apologetic view of imperialism and an uncritical take on certain economic policies. This perceived bias leads some to question the objectivity and factual accuracy of the analysis, especially concerning more recent historical events and controversial topics. Other criticisms include a lack of depth on specific financial concepts, a Western-centric viewpoint that overlooks alternative financial systems or "under-the-counter" markets, and an evolutionary metaphor for finance that some found to be underdeveloped or inconsistent. Additionally, the book's publication in 2008 meant it lacked the benefit of hindsight regarding the full impact of the financial crisis, rendering some of its contemporary analyses incomplete or quickly outdated.

Ultimately, the book serves as a generally readable and informative introduction to financial history for a non-specialist audience. While it may not satisfy readers seeking a deeply nuanced, comprehensive, or ideologically neutral account, it provides a helpful framework for understanding the development of global finance. It is recommended for those who want a broad, engaging overview of how financial systems have evolved and influenced history, particularly if they are new to the subject and appreciate a narrative style that connects historical events to financial innovations. However, readers should approach the book with an awareness of its potential biases and limitations, especially regarding its interpretations of modern economic events and its less critical stance on certain aspects of financial capitalism.