![]() It sounded so simple: give state-owned assets to the people. His quest for an answer takes him to the origins of modern insurance in the early 19th century and to the birth of the welfare state in post-war Japan. Professor Ferguson travels to post- Katrina New Orleans to ask why the free market can't provide some of the adequate protection against catastrophe. But faced with an unexpected disaster, the state has to step in. ![]() Life is a risky business – which is why people take out insurance. He shows why humans have a herd instinct when it comes to investment, and why no one can accurately predict when the bulls might stampede. He draws telling parallels between the Great Recession and the 18th century Mississippi Bubble of Scottish financier John Law and the 2001 Enron bankruptcy. Why do stock markets produce bubbles and busts? Professor Ferguson goes back to the origins of the joint stock company in Amsterdam and Paris. It was the bond market that made the Rothschilds the richest and most powerful family of the 19th century. With the advent of bonds, war finance was transformed and spread to north-west Europe and across the Atlantic. How did finance become the realm of the masters of the universe? Through the rise of the bond market in Renaissance Italy. Professor Ferguson explains the origins of credit and debt and why credit networks are indispensable to any civilization. 1: Dreams of Avarice įrom Shylock's pound of flesh to the loan sharks of Glasgow, from the "promises to pay" on Babylonian clay tablets to the Medici banking system. Both versions can still be viewed online.Įpisodes - Original Version Ep. In the United States, an edited two-hour version was aired in January 2009 by PBS.Ī newer, reorganized four-hour version with the original full title The Ascent of Money: The Financial History of the World was aired in July 2009 by PBS. It also aired on TVB Pearl in Hong Kong and ABC1 in Australia. The book was adapted into a six-part television documentary with the new full title Ascent of Money: Boom and Bust for Channel 4 in the United Kingdom. The book deals with the rise of money as a trade form, and tracks its progression, development, and effects on society into the 21st Century. 2.2.1 Episode 1: From Bullion to Bubbles.
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