This book and in-depth research has been so popular it also became a BBC documentary series with wonderfully engaging episodes. There were a number of stories in financial history that I had never before encountered, and I liked that historic challenge. Was Forex market making really how the great families in Italy like the Medicis, made their fortunes for example? Our modern day view of banking does seem to have its origins from this point.
The original word for bank, comes from banco or bench, where the original money changers worked from in Florence. If they went insolvent, they broke their bench, hence the term bankruptcy in English used today. There were so many similar amazing facts about how the world of money started, evolved and later developed. It was a treasure trove of fascinating historical facts like this.
No matter how much you think you know about, there is always something more to add to your knowledge and consider. The world of money is the history of the world's economy, and it is a story that is ultimately never ending. At 400+ pages this book is long and really enjoyable, in a full bodied multi-course dinner kind of way.
The Top 3 Takeaways from this book that impact any reader are:
1) Rome was the first large system on earth to use a common widely used money. Gold, silver and copper coins originated large distribution across borders from there.
2) Abuse of metal coins came soon after as late stage empire economics had a negative impact across the Roman world.
3) Paper currency may have originated in China, but finding common means of exchange has always been a challenge globally. This is true for many markets, even today with virtual currencies like Bitcoin.
2) Abuse of metal coins came soon after as late stage empire economics had a negative impact across the Roman world.
3) Paper currency may have originated in China, but finding common means of exchange has always been a challenge globally. This is true for many markets, even today with virtual currencies like Bitcoin.
History used to be boring and bland in the hands of many, but this author Niall Ferguson, is different. The author's style is so entertaining that I feared its ending as I ran out of pages left in the book. This is always a very good sign. This book is really focused on the twin subjects of finance & history, if these interest you, then this book is Highly Recommended!
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