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

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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.

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.

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.

Some years ago I read Corti's work from the 1750's through to the 1830's. I was hooked. Sadly, Cowle, Roth and Morton were disappointing. Niall's work has been a long time coming but the wait has been very worthwhile. A word of warning - I was fortunate to spot and purchase the entire book, right up to present times. Read the small print in 'Money's Prophets' and you will see that it is the first of two volumes. What the heck? For those who have to, the wait for volume II will again be worth it!

First rate History book that is an easy read. The beginnings of the modern day bond market formed during the French Revolution. All the major players of the 19th century are at some point involved with this extraordinary Family.

kind of dry-Niall is an apologist for the Rothschilds who pull the strings in the world of finance and all of the carnage that they have wrought