The Ascent of Money

The Ascent of Money is an enlightening documentary series that first aired on Channel 4 in 2009. Created by acclaimed British historian and Harvard professor Niall Ferguson, the series delves into the intricate web of money, credit, and banking, and their substantial influence on the history of humanity. It aims to demystify and decipher the complex world of global finance, expertly examining money's rapid evolution, its profound effects and its key role in societal evolution.

The series is based on Ferguson's bestselling book of the same name, and it attempts to translate the academic prose into a more accessible medium. The Ascent of Money seamlessly intertwines economics, finance, and history story-telling in a manner that is as entertaining as it is informative. It is the sort of series that piques viewers' interests and prompts them to question and ponder the financial realities that underpin our society.

Over the course of six episodes, viewers are taken on a fascinating journey that charts the prolonged yet eventful “ascent” of money. The story of money, as narrated by Ferguson, begins with the advent of credit and debt in ancient civilizations of the Middle East, and continues through epochs that have witnessed the rise of bonds, stocks, insurance, the very concept of a company, and even the first property bubble case, before culminating into the present-day financial system.

Each episode focuses on a unique aspect of money's development, all of which have shaped our history and continue to dictate our future. Moreover, listeners are introduced to various financial epochs and events, such as the establishment of bond markets in the canals and sewers of Renaissance Venice and Amsterdam, the speculative South Sea Bubble in the eighteenth century England, the contagion of the 20th century’s financial crises, and the current complexities of hedge funds and derivatives.

Notable is Ferguson's ability to weave a narrative through historical events and financial phenomena- outlining the birth and subsequent evolutions of different monetary rhythms that continue to have repercussions in today's economic landscape. It puts phenomena such as the financial crisis of 2008 and Iraqi wars into perspective by explaining in accessible language how our economic system came to be.

Beyond providing a chronological account of money and its systems, The Ascent of Money probes how finance has shaped and altered the course of history. Drawing parallels between empirical evidence and current day scenarios, the series postulates that modern civilization is essentially a creation of finance. By tracing the roots of global economic power, the series offers valuable perspectives on today’s volatile world, something that is rarely seen on mainstream media.

With his comprehensive approach, Ferguson humanizes the world of finance and presents it as an integral part of human civilization, central to our history and culture, and not as a separate, esoteric world. His intent is to show viewers that money is not just an abstract concept but a concrete reality that has evolved alongside us, shaping our societies and influencing our fates.

In his narration, the Kyle of Lochalsh, Scotland born historian oftentimes includes his own personal experiences. For instance, his childhood memories of rationalisations during Britain's economic struggles in the 70s provide a compelling backdrop to the realities of inflation. Just as effectively, Ferguson's conversations with key figures in the current financial landscape do a brilliant job in encapsulating the global nature of finance and how it affects every individual.

Aesthetically, The Ascent of Money takes visual cues from its subject matter. Filmed in various international financial hubs like New York, London and Shanghai, as well as in historical cities such as Rome and Venice, it captures a sense of the global and historical breadth of its tale.

For anyone seeking to understand the story of money and its incredible influence on society, The Ascent of Money is an enlightening watch. Narrated with Ferguson's distinctive flair for storytelling, every episode presents complex economic theories in a digestible and engaging way. The series illuminates how credit, debt, bonds, stocks, and insurance have crafted the modern world, and underlines just how deeply our personal and societal histories are intertwined with the ascent of money. Despite its appraisal of the past, The Ascent of Money feels incredibly relevant, especially in a world still reeling from various financial crises. For a dive into the story of economics and how it shapes our world, there are few resources as comprehensive and engaging as The Ascent of Money.