the global economy

Professor Niall Ferguson begins his documentary by discussing the various words used to refer to money by different individuals. He goes on to illustrate how capital has had a huge effect on one of Wall Street's biggest brands, especially in a negative way. He discusses the 2007 global financial crisis and the consequences for the global economy.
Niall Ferguson's documentary explores how people came to trust money as a means of exchange of goods and services in the form of lending and borrowing. It is through the loan of money that the lender can charge interest to the borrower. When one did not keep his promise, then a penalty was enforced. Ferguson explains that bankruptcy is a major reason as to why people become broke. The situation has led to banks withdrawing their loans to some people.
He further explains that the owning of property and real estate was a way of people securing their financial wealth. When people were unable to pay their mortgages or rent, then their privileges will be withdrawn and their property taken by the banks. This act leads to a foreclosure of ownership. The stock market crash resulted in many people becoming unemployed, this made investors withdraw all their investments, and more people became unemployed.
How we have evolved over time to rely on “non-paper money” to drive economies around the world
The evolution of money begun in the ancient Mesopotamia, nearly 4000 years ago, where people exchanged goods and services in the form of clay tablets as a way of committing themselves to financial transactions. In his description, he mentions other different kinds of money exchange from silver coins, bars of gold, sea shells, lumps of clay, to the most recent scenarios of bank notes and credit cards. The evolution of money from paper to non-paper was due to the advancement of technology whereby payment is in the form of credit cards. The main reason was to curb carrying of cash and replacing it with a card. These forms of transactions have made life easier for people around the globe.
The bond market is among the latest ways in which governments can borrow money. The government is also able to sell and buy bonds as a way of accumulating money. With the help of bonds, governments have been able to transact business across the world. In conclusion, Professor Niall Ferguson has painted an excellent picture of how money has affected the financial situation around the globe and how it is being exchanged in the Wall Street.















Reference
http;//www.pbs.org/wnet/ascentofmoney/featured/watch-the two-hour-the ascent-of-money/24/