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

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Summary: Was Lenin right?
Comment: 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.

Customer Rating:

Summary: No Biliography Abbreviated Footnotes
Comment: 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!

Customer Rating:

Summary: No Bibliography
Comment: I think that a rich bibliography at the end of a good volume like this is necessary for every reader
, from the lowest train-reader to the highest scholar. The fact is simple : the paperback edition
lacks the BIBLIOGRAPHY !

Customer Rating:

Summary: Myth-breaker
Comment: 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.

Customer Rating:

Summary: A first-rate history, if a bit thin on the finance
Comment: 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.

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