StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

A Financial History of the World - Book Report/Review Example

Cite this document
Summary
The paper “A Financial History of the World” determines the causes of inflation and consequences of the change of money. It explores other methods that businesspersons use to devalue cash and shows a comparison of paper and iron, a denotation of how money comes into existence…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.3% of users find it useful
A Financial History of the World
Read Text Preview

Extract of sample "A Financial History of the World"

A Financial History of the World Introduction Currency has been changing with time affecting the operations of the businesspersons. The book, “The Ascent of Money: A Financial History of the Wold comes out with its objective being to determine the causes of inflation and consequences of change of money. Further, it explores other methods that businesspersons use to devalue cash in note form. The book shows a comparison of paper and iron, a denotation of how money comes into existence. The purpose of the writing is to bring out these obstacles leading to valuation and devaluation of currency. The author full name, Niall Campbell Douglas Ferguson, is a Scotland resident born in 1964. He is a history professor at Harvard University, and a leading researcher of Jesus College an Oxford University branch. In addition, his specialization was on similar fields, which are worldwide and financial history. He brings out a connection between inflation and the prevailing market status and extending of power that British government has over the rule of influence. Niall’s qualifications come through the various books he has been writing. Some of his books are-The Empire, and The West and the Rest. Finally, he is a contributor to several television programmes and a writer to the newsweekly. This article reveals the messages of the book and an achievement in letting the citizens beware of the main causes of change in currency. The book aims at bringing out the different causes and consequences relating to the valuation of cash. As per the statement of the aim of the article, Ferguson tries to show the gradual advancement of the currency. People have upheaval actions to accept and understand the rising value of money. The author strains to bring it out even tough some get the understanding. He indicates how lenders and borrowers find it hard to carry out a smooth transaction. They lack the basic knowledge of the finance they have to attach to various items. In business institutions, financial superiors need to balance the equations and ensure they do not pay more than the income. They should ensure they operate at a surplus and should as much as possible to avoid deficits in their financial statements. However, many obstacles arise in their (businesspersons) trial to get some of the causes hindering a clear study of the subject matter. In as much as Niall tries to educate the businesspersons on the dangers of cash, there is prevailing ignorance on both customers and lenders. Inflation being one of the changes which customers observe resulting from devaluation of currency. The author fails to achieve his objective due to the political constraints in the countries (Ferguson Np). The increase in price of commodities and an adverse rise in salaries lead to a low purchase. This leads to a decrease in the sales and hence low profits. Ignorance of the possible effects of money by the business operators leads to slow addressing opinions on how to make the currency earn more value. Therefore, the truth is that the author does not achieve his purpose as he states that they keep on debating on who wishes to end inflation and stop uprising issues. There are no clear conclusions on the development of money. This is because the author keeps on talking much about the how currency has been changing since earlier days. He suggests measures that businesspersons need to consider when carrying out the business operations. In the book, are the various people who face the effects of inflation. There are no specific groups to get to know much about devaluation as the effect is on the whole economy. However, much effect is on the financial institutions, where the managers have the burden of ensuring they operate to maximise profits and no deficit. Cash has to gain and lose value despite the managers’ efforts to a constant value on money (Ferguson Np). They require unique skills in their day-to-day business operations. Further, the book reveals some of the suggestions to help eradicate inflation. In this, he states that a fight against poverty, is the central reason leading to the difference in status of the citizens. The truth behind the author’s work is that, among other things, the depiction of unfairness is high. He puts the blame on poverty as the main reason hindering money from acquiring reasonable value. In addition, there are specific persons whom according to him suffer from the change in currency. Further, suggestions to improve the businesses are for those who face these changes. Lastly, he fails to bring out the morals of the unlawful business vendors. Instead, he should give a solution to everyone as the valuation and devaluation of currency is on everyone including those at work and those, not at work. The author, Niall, had several reasons of writing the book, “Ascent of Money”. He has been attained education in different institutions and making him have qualifications to write books. His inspiration on writing this book was due to the rising changes that money has. To him, money is the key factor for smooth business operations. The author’s knowledge on how money may negatively affect a business gives him the motive to sketch out ways of avoiding inflation. The rise in price of commodities and an unfavourable increase in income generating activities call for a change in the business operations. This may also result to the closure of the business organizations. To solve this, there needs to be the use of various tactics that help reduce inflation. My opinion concerning the content of the book is that it requires several changes. Among these changes, businesspersons need to acquire basic knowledge on running their businesses. Second, finance managers should keep quality records concerning the financial positions of their organizations. Honesty in payment and adjustments on the remuneration of the employees is essential in ensuring a better way of distributing the income of the organization. This helps avoid deficits in the income accounts. It also gives support to the formulation of a financial plan. Lastly, the readers need to know that inflation effect is on everyone. Regardless of the reasons in the above statements, my attitude on the book is very positive. The book is very educative, and hence businesspersons should read the copy. This is because it (book) contains information, which helps implant more knowledge on the dangers of inflation. In addition, it ensures that persons avoid poor generating operations and aids in the maximization of profits. From the book, we learn that controlling the economic situation is important in controlling the value of currency. The changing in currency is on everyone. Therefore, it is worth noting that this knowledge should be to all businesspersons. In addition, students aspiring to be future business entrepreneurs also require the same knowledge. Instructors should ensure they impart information on the valuation and devaluation of money to such students. The preparation on the devaluation of currency is necessary as it makes the operators have early preparations to the stand of their businesses. Currency keeps on changing with change in the prevailing economic status (Ferguson Np). Work cited Ferguson, Niall. The Ascent of Money: A Financial History of the World. New York: Penguin Press, 2008. Print. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“A Financial History of the World Book Report/Review”, n.d.)
A Financial History of the World Book Report/Review. Retrieved from https://studentshare.org/history/1480930-the-ascent-of-money-a-financial-history-of-the
(A Financial History of the World Book Report/Review)
A Financial History of the World Book Report/Review. https://studentshare.org/history/1480930-the-ascent-of-money-a-financial-history-of-the.
“A Financial History of the World Book Report/Review”, n.d. https://studentshare.org/history/1480930-the-ascent-of-money-a-financial-history-of-the.
  • Cited: 0 times

CHECK THESE SAMPLES OF A Financial History of the World

Operational and Financial Outlook of Google

history of Google 3 2Financial Valuation 3 2.... history of Google Google, a name synonymous with world leader in specializing in internet related services and product.... hellip; The company has been expanding by leaps and bounds during the past decade and its operational and financial outlook looks amazing.... This analysis has been conducted based on several financial theories related to equity valuation.... As per the latest and historical financial analysis, the company has been deriving its main revenue from the Adwords....
6 Pages (1500 words) Essay

What Leads to Financial Crisis

Krugman (2008) explains economic crisis is one the retarding factors that have pulled down the steep growth of the world economy including the subsequent growth of the smaller economies which have gained a new impetus in the growth of their economies.... e entire world economy during 2008 and beyond took shape from an economy which was known as one of the most stabilized economies and peaceful land among the world economies.... According to Keynes (1936) the smooth flowing world economy was destabilized during the late 2000s and such a scenario was seen in Iceland for the very first time and even in the world....
13 Pages (3250 words) Essay

Analysis of the Financial Crisis of 2008

Krugman (2008) explains economic crisis is one the retarding factors that have pulled down the steep growth of the world economy including the subsequent growth of the smaller economies which have gained a new impetus in the growth of their economies.... The feature documentary “Inside Job”, directed by Charles Ferguson documents the slide of the economy through the acknowledged individuals who speak the economic crisis of 2008, the various reasons that contributed to the ultimate downfall of the economy and its impact on… The economic crisis that affected the entire world economy during 2008 and beyond took shape from an economy which was known as one of the most stabilized economies and peaceful land among the world economies....
7 Pages (1750 words) Essay

Chapter Summaries: The Ascent of Money

This essay presents the summary of two chapters ("Blowing Bubbles" and "Return of Risk") from the book "The Ascent of Money: A Financial History of the World" written by professor Ferguson.... The Ascent of Money: A Financial History of the World.... Professor Ferguson retrieves the history of the joint-stock company to Europe and pre-modern Asia but relates it to the most significant Dutch invention of all times, Dutch VOC.... In addressing this financial issue, Fergusson retrieves the history of modern insurance and succeeds in manifesting the need for insurance policies by quoting various disasters....
2 Pages (500 words) Essay

History of money

This essay describes the history and the reconstruction in the development of money in both the prehistoric world and the present day world but first begins with the nature of money.... oney is a valuable form of trade used as a measure of the value of commodities and services....
7 Pages (1750 words) Essay

Financial Industry: the Worst Financial Crisis

hellip; Lend Lease Group is a publicly traded enterprise and is one of the world's leading, fully integrated property management suppliers, providing a worldwide network of clients with the benefits of their strong skills in development, investment management, project and construction management, and asset and property management.... The paper describes The global financial crisis (GFC) that began in August 2007 and grown progressively worse has had a dramatic and profound effect on millions of businesses and business owners around the world....
13 Pages (3250 words) Research Paper

Analysis The Ascent of Money by Niall Ferguson

The author of the paper examines the book “The Ascent of Money - A Financial History of the World”.... The book “The Ascent of Money - A Financial History of the World” is his 10th undertaking and has been adapted into a television documentary for PBS (UK) and Channel 4 (US).... In the book, Ferguson takes us on an enjoyable and enlightening journey of the underside of major happenings of the world with regards to the power of money… Fergusson starts his book by talking about Inca who did not give any value to gold or silver metals - the international standard for currency....
10 Pages (2500 words) Book Report/Review

Globalization in World History

In this essay “Globalization in world History,” the author is going to argue that globalization would have been possible without the development of the internet as it existed long before the invention of the internet and accelerated because of improved transport and communication.... It is interconnectedness in the whole world making it a global village.... However, its origins are contested with some arguing it began in ancient times while others attribute it to post-world War 11, yet others think it is a recent phenomenon....
7 Pages (1750 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us