The Ascent of Money

The Ascent of Money traces the evolution of finance from its ancient origins to modern-day global economics. Based on Niall Ferguson’s book of the same name, it presents a comprehensive look at how financial systems have shaped human history and progress.

The documentary begins by exploring the fundamental concepts of money and credit. It illustrates how these ideas developed from early civilisations, such as the Spanish conquistadors’ quest for gold and silver, to the establishment of modern banking systems in Europe. Ferguson demonstrates how credit networks became indispensable to civilisations, transforming from simple loans into complex financial instruments.

Moving through history, the film highlights key financial innovations and their impact on society. It covers the rise of the bond market in Renaissance Italy, which revolutionised war finance and led to the creation of powerful banking families such as the Rothschilds. It also delves into the development of the stock market, explaining concepts such as joint-stock companies and the phenomenon of market bubbles.

Insurance and risk management form another crucial aspect of the financial story. The documentary traces the evolution of insurance from its roots in 14th-century Italy to its role in modern catastrophes such as Hurricane Katrina. It also examines the rise of state welfare systems and their relationship with private insurance.

The film then turns to the property market and its significance in modern economies. It outlines how home ownership transitioned from an aristocratic privilege to a cornerstone of middle-class investment, particularly in the United States. It connects this history to more recent events, such as the savings and loan crisis of the 1980s and the subprime mortgage crisis of the 2000s.