What is *The Ascent of Money* about?

*The Ascent of Money* by Niall Ferguson traces the evolution of finance from ancient Mesopotamia to modern global markets, exploring how money, credit, and banking shaped human progress. The book analyzes financial instruments like bonds and derivatives, links historical events (e.g., the Rothschilds’ rise, the 2008 crisis) to economic patterns, and highlights the transformative role of finance in nations like China and India.

Who should read *The Ascent of Money*?

This book is ideal for investors, economists, and history enthusiasts seeking to understand finance’s historical roots and its impact on modern economies. Ferguson’s blend of narrative storytelling and academic rigor makes it accessible for general readers curious about global markets, while professionals will appreciate insights into financial crises and systemic risks.

Is *The Ascent of Money* worth reading?

Yes. The book won critical acclaim, including an International Emmy for its PBS adaptation, and remains relevant for its analysis of financial bubbles, inequality, and globalization. Reviews praise its ability to simplify complex concepts, though some note its dense historical detail.

What are the key concepts in *The Ascent of Money*?

- **Financial evolution**: How money, bonds, stocks, and insurance emerged. - **Boom-bust cycles**: Historical examples like the Mississippi Bubble and 2008 crisis. - **Globalization**: Finance’s role in lifting nations like China from poverty.

How does *The Ascent of Money* explain financial crises?

Ferguson argues that crises stem from speculative excess and systemic fragility, using the 2008 housing collapse as a modern example. He parallels this with historical disasters like the 1637 tulip mania, emphasizing recurring patterns of greed and fear in markets.

What is Niall Ferguson’s view on the future of finance?

Ferguson warns that financial innovation, while driving progress, inevitably leads to instability. He underscores the need for vigilance, noting that bubbles burst when “greed flips into fear”—a lesson underscored by recent cryptocurrency volatility.

How does *The Ascent of Money* relate to today’s economy?

The book’s themes resonate in 2025, particularly China’s economic ascent, post-pandemic debt surges, and AI-driven market shifts. Ferguson’s analysis of currency wars and central banking remains pivotal for understanding modern monetary policy.

What criticisms exist about *The Ascent of Money*?

Some critics argue the book oversimplifies Western finance’s dominance and underplays pre-modern Asian financial systems. Others find its depth challenging for casual readers, though most praise its interdisciplinary approach.

Восхождение денег

Нил Фергюсон

3.9(30257 Reviews)

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Деньги — это не просто валюта, это величайшая инновация человечества. Удостоенная премии «Эмми» финансовая история Фергюсона вышла в свет во время кризиса 2008 года, раскрыв, как банковское дело, облигации и «пузыри» формировали цивилизацию. Как отметила газета The New York Times, этот «познавательный тур» показывает, как рынки отражают наши глубочайшие ценности и слабости.

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Глава 1

The Alchemy of Money: Transforming Civilization Through Finance

Money matters. Whether we call it bread, cash, dosh, dough, loot, lucre, or moolah, it shapes our world in profound ways. To Christians, it's the root of all evil. To generals, it's war's sinew. To revolutionaries, it's labor's shackle. But what exactly is money? And how did we evolve from primitive silver coins to digital numbers that exist only in computer networks? The financial world reveals stark inequalities. In 2007, while average Americans saw real income growth of just 0.9%, Goldman Sachs CEO Lloyd Blankfein received $68.5 million-two thousand times more than ordinary citizens earned. That same year, hedge fund manager George Soros made $2.9 billion, while nearly a billion people worldwide survived on $1 daily. Throughout Western history, finance has faced hostility, viewed as parasitic rather than productive. Yet money drives progress. Financial innovation has been as crucial to human advancement as any technology. Credit and debt propelled civilization from ancient Babylon to modern Hong Kong. Banks funded the Italian Renaissance. Corporate finance built the Dutch and British empires. Behind every great historical phenomenon lies a financial secret-from the Medici's application of Oriental mathematics to money, to Nathan Rothschild's role in defeating Napoleon. Today, Planet Finance dwarfs Planet Earth: while world economic output was $47 trillion in 2006, derivatives reached an astonishing $473 trillion. Despite seeming unstoppable through terrorism, war, and climate change, finance remains vulnerable to its perennial truth: every bubble eventually bursts.

Глава 2

The Birth of Banking: From Loan Sharks to Financial Empires

Imagine a moneyless world-the dream of Communists, anarchists, and religious fundamentalists for over a century. Marx and Engels saw money as an instrument of capitalist exploitation, replacing human relationships with the "cash nexus." Yet no Communist state has found it practical to abolish money, and the reality of moneyless societies proves far from utopian. Money serves as a medium of exchange, unit of account, and store of value. For millennia, metals like gold and silver were considered ideal monetary materials due to their durability, portability, and reliability. Spain's New World silver discoveries in the 16th century appeared to break centuries-old economic constraints. The Spanish "piece of eight" became the world's first truly global currency. However, Spain's silver wealth proved a curse-they extracted so much that the metal dramatically declined in value, triggering the "price revolution" across Europe. The Spaniards failed to understand that money's value isn't absolute-it's worth only what someone will exchange for it. As the fundamental relationship money represents is between lender and borrower, the evolution from primitive lending to sophisticated banking marked a crucial advancement in financial history. Shakespeare's "The Merchant of Venice" illuminates the cultural obstacles that impeded financial innovation in Renaissance Europe. For Christians, lending money at interest (usury) was considered sinful, condemned by Church councils. Jews could lend to Christians through a loophole in Deuteronomy allowing them to lend "unto a stranger," though this relegated them to social exclusion. The Medici family's rise from moneylenders to Renaissance titans illustrates how financial power could transform into political and cultural dominance. Their wealth originated in humble beginnings as foreign exchange dealers. Giovanni di Bicci de' Medici elevated the family from small-time criminals to legitimate bankers through "hard work, sober living and careful calculation." This shift from intimidation to institutionalization marked the crucial evolution from loan sharking to banking-growing both big and powerful enough to overcome the fundamental conflict that had trapped smaller lenders.

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Глава 3

The Evolution of Modern Banking: From Gold to Credit

Financial historians debate whether banking growth after the seventeenth century drove the economic acceleration that began in Britain. While the financial revolution preceded the industrial revolution, their relationship was likely interdependent and self-reinforcing, both exhibiting evolutionary characteristics with innovation, new firm creation, and crisis-driven selection. Adam Smith described banking as providing "a sort of waggon-way through the air" by substituting paper for precious metals. The century after 1776 saw tremendous financial innovation across Europe and North America. The Bank of England gradually developed public functions, establishing provincial branches, taking over note issuance, and becoming central to inter-bank transactions. Despite Victorian devotion to the gold standard, economic growth required monetary expansion beyond gold reserves. This came through deposit-taking banks, with major commercial banks emerging after 1858. By 1913, UK bank deposits totaled nearly 1.2 billion pounds compared to just 45.5 million in banknotes-money now primarily existed inside banks. Most advanced economies followed Britain's regulatory model with central banks and concentrated deposit-taking, but America pursued "free banking" until creating the Federal Reserve in 1913. This produced over 30,000 undercapitalized banks by 1922, creating financial instability until interstate banking was gradually permitted after 1976. The gold standard died slowly, finally ending when Nixon closed the gold "window" in 1971. While it had provided exchange rate stability and inflation anchoring, it forced difficult choices between capital movement and monetary independence. Memphis, Tennessee exemplifies America's unique approach to credit and bankruptcy. Unlike sixteenth-century Venice's brutal consequences for default, Memphis offers relatively painless bankruptcy. This ability to escape unsustainable debts distinguishes American capitalism-there were no debtors' prisons in early 1800s America when English debtors languished in jail. However, today's reality differs-98 percent of bankruptcies are non-business filings, driven not by entrepreneurship but by ordinary individuals' indebtedness, often from medical bills. By 2007, US consumer debt reached $2.5 trillion, rising from 16 percent of disposable income in 1959 to 24 percent. Breaking the link between money creation and precious metals has unleashed unprecedented monetary expansion and credit growth, with broad money rising from 70 percent of major economies' output before the gold window closed to over 100 percent by 2005.

Глава 4

The Power of Public Debt: Financing Nations Through Bonds

Early in Bill Clinton's presidency, his campaign manager James Carville famously remarked he wanted to be reincarnated as the bond market because "You can intimidate everybody." This reverence for the bond market reflects its immense power as the second great revolution in the ascent of money after banking. War was the father of the bond market. The medieval city-states of Tuscany financed their constant warfare by hiring mercenaries, plunging them into financial crisis. Florence's debt increased a hundredfold from 50,000 to 5 million florins between the early 14th century and 1427, creating a literal "mountain of debt" equivalent to over half the city's annual economic output. Florence's solution was brilliant: wealthy citizens were effectively forced to lend money to their own government through compulsory loans (prestanze) that paid interest. Crucially, these bonds could be sold to other citizens, creating a liquid secondary market. This system worked because the same oligarchs who issued bonds also bought them, giving them strong incentives to ensure interest payments continued. The Rothschilds subsequently dominated international finance for half a century, issuing fourteen sovereign bonds worth nearly 43 million pounds between 1815-1859. Their innovations included requiring borrowers to issue sterling-denominated bonds with interest payable in London, and creating multi-market offerings. By 1825, their combined capital was nine times greater than Baring Brothers and the Banque de France, growing to 41 million by 1899. The family maintained unity through intermarriage and religious fidelity. Their financial power generated both fear and resentment, with Heinrich Heine noting they represented a revolutionary force that "endowed money with the former privileges of land." The Confederate bond failure during the American Civil War exemplified a pattern common in 19th century Latin America, where debt defaults and currency depreciations were frequent. Countries defaulting on foreign debt often faced economic sanctions or even military intervention. Despite their small numbers-fewer than 250,000 British bondholders in the early 19th century, just 2% of the population-bond investors wielded enormous power. Their wealth exceeded double the national income, while their interest payments consumed about half of public spending.

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Глава 5

Inflation and Financial Destruction: The War on Savers

The First World War triggered inflation across all combatant states through a five-step process: wartime shortages, government borrowing from central banks, debt conversion to cash expanding money supply, shifting inflation expectations, and rising prices. Germany's post-war hyperinflation had unique causes, including greater reliance on central bank funding during the war and the Versailles Treaty's reparations burden. By late 1923, inflation reached an annual rate of 182 billion percent, with prices 1.26 trillion times higher than in 1913. The social trauma was devastating, as Elias Canetti described it-a "witches' sabbath of devaluation" where people felt as worthless as their money. The hyperinflation wiped out Germany's internal war debt and devastated anyone living on fixed incomes, particularly the upper middle classes: rentiers, civil servants, and professionals. Argentina exemplifies how financial mismanagement can squander abundant resources. Once among the world's ten richest nations in 1913, with per capita GDP at 72% of US levels, by 1998 it had fallen to just 34%. Unlike other inflationary crises, Argentina's problem wasn't war costs but its social constellation: no significant group had an interest in price stability. Capital owners preferred deficits and devaluation, while labor accepted the wage-price spiral. The crisis culminated in 1989 with power cuts, bank closures, and the austral falling 140% against the dollar in just one month. By June, with monthly inflation exceeding 100%, frustration boiled over. Supermarket customers rioted over price increases, and in Rosario, looting left fourteen dead. Yet Argentina's dollar-denominated external debt remained. Growing from $46 billion in 1983 to $65 billion by 1989 and $155 billion a decade later, this debt couldn't be inflated away. After two IMF bailouts in 2001 failed, Argentina announced the biggest sovereign default in history-$81 billion in bonds. Despite Keynes' prediction of the "euthanasia of the rentier," we've witnessed the bondholder's miraculous resurrection. Following the 1970s inflation, the past thirty years have seen countries reduce inflation to single digits, fueling one of history's great bond bull markets. Inflation has declined partly because goods have become cheaper through technological innovation and Asian manufacturing, but also because of transformed monetary policies-from monetarist-inspired interest rate hikes in the late 1970s to central bank independence and explicit targets.

Глава 6

Stock Markets and Bubbles: The Psychology of Financial Manias

The joint-stock, limited-liability company stands as one of the modern world's fundamental institutions. This innovation allowed thousands to pool resources for risky, long-term projects requiring vast capital before profits could be realized. While company managers are theoretically disciplined by vigilant shareholders, in practice stock markets provide the primary discipline-hourly referendums on management quality, product appeal, and market prospects. Yet stock markets have their own psychology, prone to myopia and mood swings, oscillating between "irrational exuberance" and fear-driven crashes. In four centuries of share trading, financial bubbles have followed a familiar five-stage pattern: Displacement (new economic opportunities), Euphoria (rising prices from expected profits), Mania (first-time investors and swindlers enter), Distress (insiders sell), and Revulsion (outsiders stampede for exits). John Law of Edinburgh, a convicted murderer, compulsive gambler, and flawed financial genius, caused the first true boom and bust in asset prices through his Mississippi Company scheme. After fleeing to Amsterdam following a duel, Law absorbed Dutch financial innovations, particularly the joint-stock company pioneered by the United East India Company (VOC). Chartered in 1602, the VOC broke new ground with unprecedented scale, raising 6.45 million guilders from 1,143 Amsterdam subscribers alone. The company featured limited liability, distributed governance through regional chambers, and ownership divided into shares. When directors postponed the promised ten-year liquidation in 1612, shareholders wanting to exit had no choice but to sell their shares to other investors-inadvertently creating the secondary market essential to modern capitalism. Law's System collapsed spectacularly in 1720. The share price plummeted from 9,005 to 4,200 livres by May's end. Law ultimately fled France, claiming his mistakes were human errors without malice. The Mississippi Bubble's burst reverberated throughout Europe, immortalized in satirical Dutch engravings depicting "shit shares and wind trade." The 1929 Wall Street crash began when the Dow Jones Industrial Average fell 2% on "Black Thursday" (October 24), followed by catastrophic drops of 13% and 12% on "Black Monday" and Tuesday. Over three years, the market plummeted 89%, not recovering its 1929 peak until 1954. This asset price collapse coincided with the Great Depression-output fell by a third, unemployment reached 25%, world trade shrank by two-thirds, and the international financial system disintegrated.

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Глава 7

Managing Risk: From Insurance to Derivatives

The most fundamental financial impulse is saving for an unpredictable future in a dangerous world. Natural disasters, terrorism, and other calamities can strike anyone at any time. The question becomes: how do we manage future risks and uncertainties? Hurricane Katrina caused 1,836 American deaths and generated 1.75 million property claims totaling over $41 billion. The disaster exposed fatal flaws in an insurance system divided between private companies (covering wind damage) and federal government (covering floods). Insurance adjusters often denied claims by attributing damage to flooding rather than wind. The Scottish Ministers' Widows' Fund, created in 1744 by two Church of Scotland ministers, was the first insurance fund to operate on sound actuarial principles. The fund's calculations proved remarkably accurate-their projection of 58,348 pounds capital by 1765 was off by just one pound. This pioneering model quickly spread throughout the English-speaking world. What began as protection for clergymen's widows evolved into massive institutional investors like Scottish Widows (now managing over 100 billion pounds). Insurance premiums rose from about 2% of GDP before WWI to nearly 10% today. Size matters in insurance because larger pools make payouts more predictable through the law of averages. The welfare state-contrary to popular belief-was neither British nor socialist in origin. Otto von Bismarck introduced the first compulsory state health insurance and pensions in Germany, explicitly as a conservative measure to create "the conservative state of mind that springs from the feeling of entitlement to a pension." War dramatically expanded welfare systems. Japan became the world's first welfare superpower, revealing the intimate connection between welfare states and warfare states. Their 1949 Advisory Council for Social Security created a system even more comprehensive than Britain's Beveridge model, guaranteeing "the minimum standard of living by national assistance" for all citizens. By the 1970s, a fatal flaw emerged in Western welfare states. While Japan's welfare system thrived in a culture of social conformism and continued family support, Britain's individualistic culture encouraged people to game the system. Social transfers in Britain had ballooned from 2.2% of GDP in 1930 to nearly 17% by 1980, with health care and social security consuming three times more than defense spending.

Глава 8

The Real Estate Revolution: Property, Mortgages, and Bubbles

Property has become the English-speaking world's favorite economic game, with real estate discussions dominating dinner parties and captivating even the economically illiterate. This obsession is embedded in our culture through Monopoly, a board game ironically created in 1903 by Elizabeth Phillips to expose landlord exploitation but transformed by Charles Darrow into a celebration of property ownership. "Safe as houses" reflects the widespread belief that property is the ultimate secure investment. For lenders, houses provide immobile collateral that can be repossessed if borrowers default. This security has fueled explosive growth in mortgage lending-US mortgage debt has increased 75-fold since 1959, reaching 99% of GDP by 2006 compared to 38% fifty years earlier. Homeownership, now widespread except in the poorest areas, was historically an aristocratic privilege. Property determined political power-in pre-1832 rural England, only men owning freehold property worth at least forty shillings could vote, limiting suffrage to about 435,000 people. The FHA's changes made home ownership viable for many more Americans, effectively creating the modern United States with its standardized suburbs. Government underwriting drove property ownership from 40% to 60% by 1960, but not everyone could participate. In 1941, a developer built a six-foot wall across Detroit's 8 Mile district to qualify for FHA loans-available only for the predominantly white areas. By the late 1970s, Savings and Loan associations were caught in a deadly vise: losing money on long-term fixed-rate mortgages due to inflation while hemorrhaging deposits to higher-interest money market funds. The government's solution-deregulation-proved catastrophic. S&Ls could suddenly invest in anything while still enjoying federal deposit insurance up to $100,000. This created perfect moral hazard: heads they won, tails the taxpayers lost. The S&L crisis ultimately saw nearly 500 institutions collapse, with another 500 merged out of existence. The final cost to taxpayers was $124 billion-the most expensive financial crisis since the Depression.

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Глава 9

Global Finance: From Imperialism to Chimerica

We're witnessing a profound shift in global financial power, ending a century of Anglo-American economic dominance. China's economy has grown at an unprecedented 8.4% annually for thirty years, with Goldman Sachs projecting it will overtake the United States by 2027. This growth has transformed everything from global commodity markets to manufacturing supply chains, while creating new financial centers like Shanghai and Shenzhen that increasingly rival London and New York. This represents a dramatic reversal of the "great divergence" that occurred between 1700-1950. Three centuries ago, living standards in China and North America were remarkably comparable, with similar levels of urbanization, literacy, and agricultural productivity. Yet Western economies subsequently experienced unprecedented growth through industrialization and technological innovation, while China suffered absolute decline under the weight of internal conflicts, foreign interventions, and institutional rigidity. By 1950, American per capita income was twenty-two times higher than China's, a gap that seemed unbridgeable. China's economic stagnation between the 1700s and 1970s stemmed partly from missing key macroeconomic advantages that fueled Western growth, including efficient capital markets, stable banking systems, and strong property rights. More fundamentally, China's unitary imperial system discouraged the financial innovation that flourished in competitive Renaissance Europe, where rival city-states and nations drove advances in banking, insurance, and joint-stock companies. Today's globalization isn't unprecedented-the pre-1914 era saw comparable levels of international trade, higher migration rates, and substantial cross-border investment. European emigrants moved freely across borders, multinational corporations like Singer and Standard Oil operated globally, and capital flowed readily between nations. Yet that earlier globalization ended catastrophically with World War I, offering sobering lessons for today's interconnected world. By the early 1900s, London had become the center of an unprecedented global financial network, functioning as the world's banker, insurer, and clearing house. British investors could access securities from around the world with remarkable ease-from Chilean bonds to Chinese railways, Indian tea plantations to Argentine railroads. The London Stock Exchange listed bonds from 57 sovereign governments, with British overseas investment reaching an extraordinary 150% of UK GDP by 1913, far exceeding modern levels of financial integration. The three decades before 1914 represented a golden era for international investors. Technological advances like the telegraph and steamship slashed communication costs, the gold standard's widespread adoption reduced exchange rate risks, and government finances improved globally as tax systems modernized. These benign economic conditions fostered widespread optimism that major war between great powers had become economically impossible due to their financial interdependence, a view championed by influential thinkers like Norman Angell. Yet markets failed to signal the coming catastrophe. When investors finally grasped the likelihood of European war in 1914, liquidity vanished from the global economy with astonishing speed, as panic selling overwhelmed exchanges from London to New York. The war permanently damaged financial globalization, leading to exchange controls, capital restrictions and protectionist measures by the 1930s. This breakdown of the first great era of globalization serves as a warning that today's integrated financial markets remain vulnerable to geopolitical shocks and the revival of economic nationalism.

Глава 10

The Future of Finance: Evolution, Crisis, and Renewal

Today's financial world represents the culmination of four millennia of economic evolution. Money-the crystallized relationship between debtor and creditor-gave birth to banks, which served as clearing houses for ever-larger aggregations of borrowing and lending. Government bonds emerged in the thirteenth century, introducing the securitization of interest payment streams, while bond markets demonstrated the benefits of regulated public markets for trading and pricing securities. Economies combining these institutional innovations performed better over the long run because financial intermediation permits more efficient resource allocation than feudalism or central planning. This explains why the Western financial model spread globally, first through imperialism, then through globalization. Yet money's ascent has never been smooth. Financial history is a roller-coaster of bubbles and busts, manias and panics. Three fundamental factors explain financial instability. First, much about the future lies in the realm of uncertainty rather than calculable risk. Second, human behavior introduces instability through cognitive biases. Third, finance operates as an evolutionary system with Darwinian qualities. Financial history results from institutional mutation and natural selection. Financial organisms compete for finite resources, with those possessing "selfish genes" good at self-replication tending to proliferate. This doesn't guarantee perfect organisms. Primitive financial forms like loan sharks persist alongside complex institutions, just as simple prokaryotes still dominate Earth's biomass. The financial world has experienced a twenty-year Cambrian explosion of new species and assets. Financial crises create acute problems for many institutions but also trigger further consolidation as strong institutions devour weak ones. New financial species inevitably emerge from each crisis-"incredible flora and fauna springing up in its wake." Unlike natural evolution, finance evolves within a regulatory framework where "intelligent design" plays a role. Regulators aim to maintain stability, but from an evolutionary perspective, allowing creative destruction is essential. As Schumpeter noted, capitalism requires "the complete destruction of those existences which are irretrievably associated with the hopelessly unadapted." Despite questions about optimism during times of financial distress, our financial system has unquestionably ascended since its origins in Mesopotamia. Though financial history follows a saw-tooth pattern with periodic reversals, its trajectory remains upward. Financial markets function as mirrors of humanity, reflecting how we value ourselves and our resources. It is not the fault of the mirror if it reflects our blemishes as clearly as our beauty.

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Ключевые темы в Восхождение денег

evolution of credit
financial innovation
global currency history
banking and empire
economic bubble cycles

Цитаты из Восхождение денег

Money matters.
Money drives progress.
War was the father of the bond market.
You can intimidate everybody.

Персонажи в Восхождение денег

Niall FergusonAuthor and historian of the financial system
Nathan RothschildBanker who played a key role in defeating Napoleon
Giovanni di Bicci de' MediciFounder of the Medici bank in Renaissance Italy
George SorosHedge fund manager and case study in wealth
Lloyd BlankfeinFormer CEO of Goldman Sachs

Об авторе

Нил Кэмпбелл Фергюсон, автор книги «Восхождение денег: Финансовая история мира», — британско-американский историк и автор бестселлеров, признанный эксперт в области экономической и финансовой истории. Старший научный сотрудник Гуверовского института Стэнфордского университета и бывший профессор Гарварда, Фергюсон сочетает академическую строгость с доступным повествованием, исследуя, как денежные системы, рынки и кризисы формируют цивилизации.

Его опыт охватывает институты, империи и глобальные сети, что нашло отражение в таких признанных работах, как «Площадь и башня» (исследование структур власти) и «Цивилизация: Чем Запад отличается от остального мира».

Научная деятельность Фергюсона выходит за рамки академической среды. Он написал сценарий и выступил ведущим документальной адаптации книги «Восхождение денег» для канала PBS, получившей премию «Эмми» и открывшей финансовую историю широкой аудитории. Будучи колумнистом Bloomberg Opinion и основателем консалтинговой фирмы Greenmantle, он связывает исторический анализ с современными экономическими дискуссиями.

Его книги, включая «Империя» и «Горечь войны», переведены более чем на 20 языков, что закрепило за ним репутацию ведущего общественного интеллектуала. «Восхождение денег» остается фундаментальным трудом, получившим высокую оценку за освещение современных финансов через призму столетий инноваций и катастроф.

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1,000,000+ curious minds.

4.7

avg rating

1M+ learners

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

Узнайте больше о том, как обсуждают BeFreed в интернете

Создано выпускниками Колумбийского университета в Сан-Франциско

LOVED BY

1,000,000+ curious minds.

4.7

avg rating

1M+ learners

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

Узнайте больше о том, как обсуждают BeFreed в интернете

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Глава 9

Восхождение денег

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The Alchemy of Money: Transforming Civilization Through Finance

The Birth of Banking: From Loan Sharks to Financial Empires

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The Evolution of Modern Banking: From Gold to Credit

The Power of Public Debt: Financing Nations Through Bonds

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Inflation and Financial Destruction: The War on Savers

Stock Markets and Bubbles: The Psychology of Financial Manias

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Managing Risk: From Insurance to Derivatives

The Real Estate Revolution: Property, Mortgages, and Bubbles

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Global Finance: From Imperialism to Chimerica

The Future of Finance: Evolution, Crisis, and Renewal

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1,000,000+ curious minds.

1,000,000+ curious minds.

Одна книга. Множество способов её услышать.

The Alchemy of Money: Transforming Civilization Through Finance

The Birth of Banking: From Loan Sharks to Financial Empires

Следите за каждым словом во время прослушивания

The Evolution of Modern Banking: From Gold to Credit

The Power of Public Debt: Financing Nations Through Bonds

Получите больше от Восхождение денег

Inflation and Financial Destruction: The War on Savers

Stock Markets and Bubbles: The Psychology of Financial Manias

Следите за каждым словом во время прослушивания

Managing Risk: From Insurance to Derivatives

The Real Estate Revolution: Property, Mortgages, and Bubbles

Получите больше от Восхождение денег

Global Finance: From Imperialism to Chimerica

The Future of Finance: Evolution, Crisis, and Renewal

Вы дочитали Восхождение денег до конца

Пользователям также понравилось

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Обзор книги Восхождение денег