A Fabulous Debt

From veteran Financial Times journalist Robin Wigglesworth, an epic history of the debt that built the modern world.

Long considered the "boring" corner of finance, bonds are anything but. They are bigger than the stock market and rival even the global banking system in influence. But they are also misunderstood – treated as mere debt, when in fact their impact is radically different.

From medieval Venice to modern Wall Street, Robin Wigglesworth uncovers the sweeping, unveiling story of the bond market. With clarity and wit, this is a people’s history of finance: rich in drama, full of colourful characters, and bursting with insights.

Bonds have funded everything from the Crusades to climate tech, Netflix series to AI data centres. Pooling capital from citizens and merchants at an unmatched scale, they have been the hidden force behind some of humanity’s highest achievements and greatest calamities. This isn’t just a book about the past. It’s a guide to the future of finance, and a love letter to the engine that keeps it running.