The Ascent Of Money Essay

749 words - 3 pages

The Ascent of Money
In the part two, the author talked about how finance became the realm of the masters of the universe. It was through the rise of the bond market in Renaissance Italy. With the advent of bonds, war finance was transformed and spread to north-west Europe and across the Atlantic. It was the bond market that made the Rothschilds the richest and most powerful family of the 19th century. In the book, he rightly points out that the early growth of European finance was driven more by the needs of the state than by those of commerce. His thesis, familiar from his two volumes on the Rothschilds, is that state policy determines the development of finance, not vice versa. This ...view middle of the document...

All these history make us realized how important of a developed financial system to a country. Meanwhile, which country has the world’s most recognized and reliable system, its money more valuable and it becomes more powerful. Financial securities technology is not only important to individuals and enterprises, but also significance for national development. This book gives us a good example. Why in the eighteenth century to the nineteenth century European competition, the British finally defeated the French and then dominate the world? The key reason is that the British have a more developed financial technology to make it realized future income better. There were many wars during the medieval European, and many countries have to rely on the development of Treasury to improve their military power. The country who can borrow more and cheaper money will be able to have a stronger military, especially the navy. In 1752, the British government's bonds yield is about 2.5%, the French government bond interest rate is about 5%. During the period of 1752 to 1832, the French government paid interest on public debt is basically twice the British bond yields, what does this mean? We...

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