
The Ascent of Money
Financial history as civilization history.
Ferguson argues that financial innovation — bonds, insurance, equity, futures — was not a parasite on the real economy but one of its primary engines, enabling the accumulation of capital that funded everything from the Dutch empire to the American railroad. The history of finance is the history of how societies organized risk, and understanding that history is prerequisite to building systems that extend it to the people who have been excluded from it.