Key Facts and Insights from "The Ascent of Money"
- Money as a social construct: Ferguson argues that money is not just a physical entity but a social construct. It is a system of mutual trust and it's the confidence in this system that keeps it functioning.
- The origin and evolution of banks: Ferguson traces the origin of banks and how they evolved from simple money lenders to complex financial institutions. He highlights the crucial role of banks in economic development.
- The concept of credit: Credit, according to Ferguson, is the lifeblood of any economy. It has the power to...
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