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How To Write A Chapter Summary Of The Ascent Of Money By Robert Ferguson

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In The Ascent of Money Niall Ferguson discusses the evolution of finance and how it impacted human progression. The book provides a historical look at money from the earliest coin used in modern-day Turkey that dates back as long as 600 BC (p.24) to how money is used today and how it will be used in the future. Ferguson discusses the rise of money and credit, the bond market, the stock market, insurance, real estate and international finance.
Ferguson discusses the origins of money and credit and how it helped shape the modern economy. In Mesopotamia clay tokens were used to record transactions that involved agricultural produce (p.27). Families in Mesopotamia became powerful landowners and lenders to as far as people in Persia (p. 31). Ferguson describes how the Christians viewed lending money as a sin and were not allowed to practice usury (p.35). Jews were allowed to give loans only to non-Jews and charge them …show more content…

He describes the Chinese economy and its rapid growth in the past thirty years (p.284). Ferguson argues that China face economic hardship in the near future. History entails that globalization led to inequality and WWI. He believes it foreseeable that China and the United States will end up in a war due to the rapid growth in China and the potential rapid decline. Ferguson believes that finance was made as a necessity for development, but if there is an international globalized system, it results in disaster. He argues 1) major wars can arise even when economic globalization is far advanced, 2) the longer the world goes without major conflict, the harder one becomes to imagine, and, perhaps, the easier one becomes to start 3) when a crisis strikes it causes much more disruption on complacent investors (p.339-340). Ferguson provides an in-depth look of the evolution of finance and an insight on his thoughts on what he sees for the future of financial human

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Dr. Oscar Reiss’s, M.D., Medicine and the American Revolution is a complete history of revolutionary medical practices, medical leadership, and common diseases that plagued the army. Additionally, Reiss included medical evaluations on the leaders of each side, to give the reader further insight into the medical side of war. With nine times as many people dying from disease than from fighting, medicine played a key role in the American Revolution Reiss, a World War II veteran, is familiar with the tactical side of warfare. However, in his writing, Reiss examines war from a physician’s perspective, looking at how diseases and medicine impacted the war.

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In the era of 1837, was the starting point for the new establishment for banks all over the United State. In the beginning, banks were in the center of importing and exporting and funding paper bills (Foner 365). The banks funded businesses and other industry to trade, buy or sell opening the pathways to overseas. Thus, to a wider range of people who flavored western goods and in return helped western prospered. However, without a proper regulation and restriction of issuing out bills put a downfall in the economy, unbalance system that cause the Panic of 1837 (Foner 366).

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This was caused by so many different cultures and people mixing. While some places may have certain resources and consider them of less value because of their easy access to them, they also want things from the people from other places that were brought there by the Crusades. This increased trade and strengthened their economies. But eventually time came where it was more in demand to use currency rather than bardering, thus came the problem of different areas using different forms of currency. From this problem came the solution of banking, so that someone could trade their currency for the currency of a different place so that they could purchase things in this new area.

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Then the issue of inflation and the necessity of paper currency was brought to light stirring up more problems for the government. In 1785, the debaters believed and saw paper money as a means of easy repayment and prevented the need of “hard money” (silver and gold coins”; however, the farmers believed that the re instalment

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Paper money was in favor and became a major part of the economy, and almost 75 percent of the currency used was paper money. A great thing for our country was established in 1686, the first American Land Bank began in Massachusetts. The great thing about this bank was that it accepted deposits unlike the other banks established. They were not considered to be “real banks”, so instead of accepting deposits, they created something called “Bills on Loan”, which was used by people who borrowed money. The downside was that the government would allow you to use a certain amount of these “Bills on Loan” before reaching a limit.

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How has paper currency evolved throughout history in United States? The lecture of this Unit will begin by introducing the importance of existence of money throughout history, how it was designed, evolved and printed. The existence of money as a medium of exchange and as means of buying and selling goods or services dates back to at least 3000 BC when Sumerians began using metal coins in place of bartering with barley. Interestingly, the use of paper money originated in China during seventh century; conversely it is an uncertain value as opposed to the more universally accepted value of silver and gold coins led to widespread inflation and bankruptcy.

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There was once a new cash financial system throughout the Age of Imperialism. Western capitalists urbanized mines and plantations, which were reliant on regional labor. Colonial rulers replaced the historical alternate method with a brand new money economic system. To quilt govt expenses, many taxes had been imposed on their topics. The one means subjects might earn cash was by means of labor, such as: plantation work, mining, and govt jobs.

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The fortune of Andrew Carnegie can be difficult to comprehend. Its growth was rapid, rising and endless. This kind of fortune seems desirable to many men, so naturally his success has been tried to replicate. But because the accumulation of wealth is so complex because of an ever-changing market results are varied. Experts today still cannot come to a consensus on what allowed a man with next to nothing could gain such wealth.

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Globalization is changing because he feels that sooner or late our friends will hurt us more than our enemies. “We will be hurt a lot more if China’s economy tanking than its putting tanks on the island in the South China Sea” (Friedman).

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China’s future has become one of the key global uncertainties in today’s geopolitical landscape. David Shambaugh highlights some of the monumental turning points China is currently facing in its societal structure, exploring the challenges and hurdles of the nations political body, economic strategy, and social cohesion. This essay will further investigate how China’s society has transformed from an agrarian, uneducated and developing state to an urbanized, industrial, and increasingly wealthy state, and how this has led to the current conditions that are generating this panic on China’s future. Shambaugh indicates that one of the major characteristics of this transformation to China’s society is the revolution of rising expectations.

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In the fifth century BCE, something changed, a new innovation arose across many Afro-Eurasian civilizations— standardized currency. Prior to the innovation of currency, people would gift, trade, or barter with one another in order to exchange various goods, such as animals, food, and clothing. Bartering for goods worked well and it enabled citizens to use what they had in order to get what they wanted instead, however, this system was slow and complicated at times. Aside from bartering for goods, some civilizations opted to use precious metals as trading pieces, however the legitimacy and purity of the metals was always in question and testing their legitimacy slowed transaction times and therefore slowed the amount of trading down significantly. These civilizations began the transition to a system of organized currency in which the citizens

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Money is a big part of our world. You need it for most actions in society, and it has been like this for most if not all of time. Economy has changed throughout time, particularly after 1900. All around the world, different economic policies were being put in place. One notable example would be the Soviet Union.

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As Yu(2008) says, globalization represents a worldwide transformation of historical significance. Based on worldwide economic integration, globalization is characterized by intrinsic, inseparable, and intensified interrelations across the globe. Apparently, during the process of globalization, Chinese community has been affected on every aspect strongly nowadays. China also has developed a lot under the process of globalization, especially in economy, politics, culture, etc. Speaking of Chinese culture, China is a country with an ancient civilization and a long history, and culture has always been an outstanding feature of its national strength.(Cheng, 2008)

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The process of globalization, and its impact on economic growth have become the defining influence on the development of modern China. China 's integration into the global economic system has been a multifaceted and complex process, and one that China appears exceptionally eager to embrace. Encompassing domestic policy shifts, engagement with both global and regional institutions, as well as bilateral agreements with various countries, globalization has been an impressively orchestrated process initiated by the very top of the CCP. While advocates of globalization tout the growth of China as proof of its merits, analyzing the actual effects on the ground reveals a much more nuanced reality. Globalization has undoubtedly brought China more wealth and power, but it has also generated a host of other effects, both positive and negative.

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