![]() ![]() Chapter 3 ends with a review of the some of the worst stock bubbles in the 20th century: the Stock Market Crash of 1929, “Black Monday” in 1987, and the dot-com bubble and Enron scandal around the turn of the 21st century. However, it created the first stock bubble, which had great implications for French history when it burst. Ferguson explains how a Scot named John Law brought the idea to France in the early-18th century and, for a time, had great success with his Mississippi Company. Chapter 3 begins with a definition of stock market bubbles before describing the creation of the first joint-stock company in the Netherlands in order to fund risky trading expeditions by sea during the 17th century. ![]() ![]() To end Chapter 2, he discusses their role in post-World War I Germany and in the economic crisis in Argentina in the late 20th century. Ferguson highlights the important role bonds played in the defeat of Napoleon Bonaparte of France and the defeat of the Confederacy during the US Civil War. Like credit, bonds began in northern Italy, where they were first used by governments to fund wars. Whats more, he reveals financial history as the. Chapter 2 gives an overview of the rise and development of bonds Chapter 3 does the same for stocks. In The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. ![]()
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