Niall Ferguson's "The Ascent of Money: A Financial History of the World" delves into the evolution of finance, highlighting significant milestones in the development of economic systems. A pivotal achievement discussed in the book is the establishment of the first modern insurance fund. This advancement marked a departure from traditional mercantile gambling, as it was founded upon precise actuarial calculations and sound financial principles. Ferguson emphasizes the impact of this innovation on risk management and financial security.

The transition to an insurance model based on empirical data and statistical methods represented a revolutionary step in safeguarding against uncertainties. By moving away from speculative gambling, this new approach laid the groundwork for modern financial markets and institutions. Ferguson's exploration of these themes demonstrates how the origins of contemporary finance were shaped by the desire for stability and predictability in an increasingly complex economic landscape.