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The House of Rothschild: Money's Prophets 1798-1848

The House of Rothschild: Money's Prophets 1798-1848

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Rating: 4 stars
Summary: A first-rate history, if a bit thin on the finance
Review: Ferguson has written a rare work: a family chronicle which is both a compelling read, and is good history. The text is richly detailed, while the very complete footnotes provide the reader with a clear sense of the broad scholarship that has gone into the book. One caveat: while Ferguson points out in his introduction that the work is not a financial history, he unfortunately doesn't paint as rich a picture of the financial markets of the early 19th century as the book requires. While the house's trading history makes for a fascinating read, it takes place without any contextual comparison of how other market makers behaved and traded (other than an occasional comparison of profits and losses). Still, though, it's a minor criticism of a great book. Highly recommended.

Rating: 5 stars
Summary: No Bibliography
Review: Ferguson's book is really stunning, especially when viewed against the family's mythology. In Frederic Morton's The Rothschilds, for instance, we read that Nathan Rothschild, founder of the London branch, made his fortune by selling down British consols and then scooping then up at fire-sale prices. This was reportedly initiated when Nathan learned of Napoleon's final defeat at Waterloo. But in The House of Rothschild, we learn that Waterloo posed more difficulties than opportunities for the family. This book is definitely a must-buy for those interested in financial history.

Rating: 4 stars
Summary: Was Lenin right?
Review: Furgeson makes an interesting remark at the beginning of the book, to the effect that the book can be read in conjunction with Lenin's Imperialism book to judge whether in fact "finance capital" is fundamentally imperialist and also conservative, or supportive of the restoration regimes. With that in mind, I can't say that I read the entire book, but the answer is, from the parts that I did read, a decisive no. The Rothschilds, the embodiment of finance capital (to use a quaint phrase), were not belligerent, in fact they would not support wars because it depressed the value of their bonds. That said, they did support wars, and did so by financing them, and you can't have a foreign war without borrowing money. Moreover, the family did support restoration regimes, for instance, by selling German bonds in London denominated in English pounds, extending the life of the ancien regimes by a few years. They also exercised a good deal of power because they developed a communication system (runners and pigeons) used by all of the politicians, hence they profited by being at the center of the information flow, and were able to last for so long and so profitably through arbitrage, for example, one brother would by a security in France and another would sell it in London, pocketing the difference. So Lenin was right, Rothschild and "finance capital" was remarkably powerful, but they were not essentially conservative (thought they did support restoration regimes) nor bellicose and imperialist. I do admit to skipping most of the rest of the book, but the genre of "economic history" mixed with a good deal of politics and diplomatic history is very interesting, and more power to Furgeson for pulling it off so expertly.

Rating: 3 stars
Summary: Interesting when it sticks to the topic.
Review: I really enjoyed this book, but I found that it went into mind-numbing detail on the financial transactions. When the author stuck to the subject, i.e., the history of the family, it was a fascinating story and I could read 20 pages without realizing it. However, the details about the rate of bonds during the Napoleanic era bored me to tears. I glazed over the last 3 chapters because it was filled with details minimally related to the history of the family. I'm still not sure why providing the exact rate of bonds during the revolutionary periods was so important. It would have sufficed to say that they increased, decreased, tanked or soared. That would have been more than sufficient for my purposes. I will read several other books before I attempt the second volume.

Rating: 5 stars
Summary: An excellent and comprehensive analysis
Review: Niall Ferguson has done a commendable job of describing the developement of a captivating family saga. What I found most appealing about the book is its comprehensive nature -- it weaves the family story in the context of the political and economic developments,with which it is closely intertwined. What is even more fascinating is the level of financial details about the bank than Ferguson provides. Perhaps it is his access to the recently open archive in Moscow that allows the author to deisclose finanacial history that it fascinating and detailed.

I would highly recommend this book to any serious student of history, as well as to people interested in banking and economics. Perhaps it may appear too detailed for the casual reader.

Rating: 2 stars
Summary: No Biliography Abbreviated Footnotes
Review: Shame on Penguin and Mr. Ferguson for the paperback version which contains no bibliography and has abbreviated footnotes. Persons who buy paperbacks have as great a need for the appurtenances of scholarship as hardback buyers. Further it seems a travesty to publish a book with a revisionist flavor and leave out the underpinnings of the argument, a statement of sources. Not to mention splitting the book in two to gouge the US reader!

Rating: 5 stars
Summary: Engaging and enlightening
Review: The House of Rothschild 1798-1848 covers a pivotal time in history. The Napoleonic Wars, rise of capitalism, the rise of multinational businesses, development of the railroad and the French Revolution. The Rothschild's had a front row seat to all of this and were the focus of some of it. From humble beginnings in the Frankfurt Jewish Ghetto, the rise of this family is chronicled through three generations. Many myths about the Rothschilds are laid to rest by Ferguson's groundbreaking research, much of it original scholarship. One of the main threads running through the book is that finance had a profound role in the ability of the rulers of Europe to do what they wanted. By 1825 the Rothschild had a significant role in sovereign finance. Many things were wished for by the various despots that ruled Europe at that time, but if the Rothschilds did not perceive that those wishes would lead to stabilization and peace it typically was not supported thereby making it difficult to realize. They did not support the despots with out reserve, but they knew that peace protected their interests. That perspective makes this book unique.
The Rothschild family business was a partnership that was constructed as the 2nd generation left Frankfurt for London, Paris, Vienna, and Naples. That the partnership should survive was the 1st generation's greatest desire and was respected (most of the time) by his descendants. The exchanges between the 5 houses make for fascinating reading and are reference extensively in the book.
The book details how the Rothschilds pushed for Jewish emancipation and equality and were resisted at every turn. That did not prevent them from receiving commendations from the various governments that the worked with. It did not prevent them from gaining entry to the most prestigious universities for their children. It did not prevent Lionel from gaining entry into the British Parliament without having to swear a Christian Oath. The Rothschilds achieved a great deal for themselves and for Judaism.
Intrigue, betrayal, revolution, and vignettes of famous people make this a very entertaining book, not merely a historic rendering of dates and places. From the beginning of the Rothschild climb to prominence with the Elector of Hesse-Kassel to the French Revolution in 1848, this book will engage the reader.

Rating: 5 stars
Summary: The House of Rothschild
Review: This book is about the rise of the House of Rothschild but it is not written for the casual reader of history. This is written for the scholar whose subject matter is economic history. As that is not my field of study, I found the book boring in the extreme (it took me two months to wade through it). However, for the student of Jewish history, it does have some interesting ideas as to the origins of some of the Nazi propaganda.


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