"Iron-Headed Old Rat" is a term used by the Chinese to refer to a significant figure in the context of financial history. This nickname reflects a complex persona associated with resilience and determination. In Niall Ferguson's book, "The Ascent of Money: A Financial History of the World," the author explores the evolution of money, finance, and their impact on global societies, ultimately shedding light on the interplay between financial systems and human behavior.

Ferguson's work delves into the intricacies of economic development and the various factors that have shaped financial practices over time. By examining pivotal moments in history, the author provides insights into how finance has influenced political power and societal changes, emphasizing the importance of understanding financial history to grasp present-day economic realities.