Modern history shows that a nation's success largely depends on the way it manages its money. But where do money and politics meet? From 1700 to the present day, Niall Ferguson offers a bold and original analysis of the evolution of today's economic and political landscape. Far from being driven by the profit motive alone, our recent history, as Ferguson makes brilliantly clear, has also been made by potent and often conflicting human impulses - sex, violence and the desire for power. In this dazzling, powerful and controversial explanation of modern world history and the fundamental force that lurks behind it all, Niall Ferguson answers the big questions about finance and its crucial place in bringing happiness and despair, warfare and welfare, boom and crash to nations buffeted by the onward march of history. 'A marvellous combination of persuasion and provocation ...The Cash Nexus has enough ideas for a dozen books' Martin Daunton, History Today 'The Cash Nexus is ...packed with intriguing arguments and controversial propositions ...[an] outstanding book' Frank McLynn, Independent 'Ferguson is one of the most technically accomplished historians writing today ...The Cash Nexus offers an important corrective to the naive story of economic growth' Robert Skidelsky, New York Review of Books
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(198mm x 129mm x 25mm)
Penguin Books Ltd
Publisher: Penguin Books Ltd
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UK Kirkus Review »
The idea that money makes the world go round is as popular as it is old. It is so commonly accepted as truth that few stop to consider it in any detail. Niall Ferguson, a Fellow and Tutor in Modern History at Jesus College, Oxford and author of The Pity of War, has written a powerful book challenging this belief, through a historical analysis of the evolution of today's economic and political world. There is clearly a link between politics and money; throughout modern history the way states have managed their money has been crucial to their survival and success. The 18th-century discovery that governments could be permanently in debt thanks to bond issues and a central bank enabled wars and empire-building on a vast scale. But within economic theory there are quite different sets of assumptions about individual behaviour. Some theorists assume that individual expectations and actions are rational, drawing economically optimal conclusions from available information. Yet experimental research shows that most people are remarkably bad at assessing their own economic best interest, even when given clear information and time to learn. Faced with a simple economic dilemma, people are quite likely to make the wrong decision due to misleading preconceptions, emotions or basic computational mistakes. The conflicting human impulses of sex, violence and power are quite capable of overriding the money motive. This is not light reading, but it is a highly accessible and clear analysis of a complex subject that affects all our lives. Ferguson's central conclusion is that money does not in fact make the world go round. Rather, modern history is the product of unpredictable political conflicts, above all wars, that have shaped the institutions of modern economic life. (Kirkus UK)
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Author Biography - Niall Ferguson
Niall Ferguson is one of Britain's most renowned historians. He is the Laurence A. Tisch Professor of History at Harvard University, a Senior Research Fellow of the Hoover Institution, Stanford University, and a Visiting Professor at Tsinghua University in Beijing. He is the author of Paper and Iron, The House of Rothschild, The Pity of War, The Cash Nexus, Empire, Colossus, The War of the World, The Ascent of Money, High Financier, Civilization and The Great Degeneration. His Kissinger, a feature-length film based on his interviews with Henry Kissinger, won the 2011 New York Film Festival prize for best documentary. His many other prizes and awards include the Benjamin Franklin Prize for Public Service (2010), the Hayek Prize for Lifetime Achievement (2012) and the Ludwig Erhard Prize for Economic Journalism (2013).