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Complete 2 page APA formatted essay: Chapter Summaries: The Ascent of Money.The essay "Chapter Summaries: The Ascent of Money" presents the summary of two chapters ("Blowing Bubbles" and "Return of Ri
Complete 2 page APA formatted essay: Chapter Summaries: The Ascent of Money.
The essay "Chapter Summaries: The Ascent of Money" presents the summary of two chapters ("Blowing Bubbles" and "Return of Risk") from the book "The Ascent of Money: A Financial History of the World" written by professor Ferguson. The paper talks about the insurance as the best measure to cushion ourselves from future financial risks.Fergusson discusses two ways of insuring ourselves against future risks. He asserts that individuals can insure themselves. On the other hand, the society can organize itself into the welfare state to safeguard itself against future risks. The Scottish ministers analyzed risks to establish a social welfare state that provided social security nets against unpredictable financial risks. In the 1940s, the welfare state had immense significance in ensuring the society against risks. However, in the 1970s, the welfare state led to economic stagnation via the rising costs and improved life expectancy. Fergusson advocates for individual responsibility by claiming that individual responsibility applies to all nations while the welfare state is only applicable to specific nations. Moreover, he argues that welfare state depends on the working class and does not accommodate the aging population. Indeed, the aging might not be working and hence cannot contribute to the welfare state. As such, they cannot benefit from this precautionary measure. Seemingly, the welfare state limits its capability. Subject to these limitations, Ferguson advocates for the disassembling of this insurance mechanism.
