Watch The Ascent of Money

The Ascent of Money is a documentary television series produced by Channel 4 in 2009. It takes us on a journey through the history of money and finance, exploring the key events and figures that have shaped our global economic system. The series is presented by Niall Ferguson, a renowned economic historian and professor at Harvard University. In each episode, Ferguson delves into a different aspect of the financial world, from the invention of currency and the rise of banks to the impact of bubbles, booms, and crashes.

The first episode, "Dreams of Avarice," begins with a look at the ancient origins of money, tracing its evolution from bartering to the creation of coins and paper currency. Ferguson explores the role of gold and silver in establishing trust and value in early economies, and how the discovery of the New World in the fifteenth century led to the exploitation of large amounts of precious metals, fueling the ascent of Europe's imperial powers.

Other episodes in the series examine the influence of banking and credit, from the establishment of the first modern bank in the seventeenth century to the rise of hedge funds and investment banks in the twenty-first century. The growth of the insurance industry is also given attention, with episodes focusing on the evolution of life insurance, property insurance, and the concept of risk.

Throughout the series, Ferguson emphasizes the critical importance of innovation and technology in the development of modern finance. The emergence of stock markets, the invention of the calculator, and the advent of digital trading platforms are just a few of the milestones that have transformed the way we invest, speculate, and store value.

But The Ascent of Money is more than just a chronicle of the past; it is also a reflection on the present and a warning for the future. In several episodes, Ferguson discusses the economic crises of recent years, including the dot-com bubble, the subprime mortgage crisis, and the European debt crisis. He argues that these events were not merely accidental or inevitable, but rather the result of flawed systems and dangerous practices within the financial industry.

Ultimately, The Ascent of Money is a compelling exploration of one of the most fundamental and pervasive aspects of modern society. By tracing the long history of money and finance, it illuminates the complex processes that underpin our economic system, offering viewers a deeper understanding of how money shapes our lives and our world.