A Short History of Financial Euphoria

A Short History of Financial Euphoria

Book - 1993
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Baker & Taylor
The world-renowned economist reviews the great speculative episodes of the last three centuries, including the calamitous junk-bond follies of the 1980s, and shows how the lessons of history can help people avoid financial calamity

Book News
A "hymn of caution" (the author's words) originally published in 1990 by Whittle Books and still in print as part of the Larger Agenda Series. Reprinted here with a new foreword. In this small (5.75x8.75"), slim book, its brevity compelling attention, the eminent economist chronicles the histories of several great speculative periods of the last three centuries, discussing their sad aftermaths and analyzing the peculiar pitfalls of get-rich-quick schemes. No index. Annotation copyright Book News, Inc. Portland, Or.

Blackwell North Amer
How is it that, with all the financial know-how and experience of the wizards on Wall Street and elsewhere, the market still goes boom and bust? How come people are so willing to get caught up in the mania of speculation when history tells us that a collapse is almost sure to follow?
In A Short History of Financial Euphoria, renowned economist John Kenneth Galbraith reviews, with insight and wit, the common features of the great speculative episodes of the last three centuries - the seventeenth-century craze in Western Europe for investing in an unusual commodity: the tulip; Britain's South Sea Bubble and the eighteenth century's fascination with the joint-stock company, now called the corporation; and, more recently, the discovery of leverage in the form of junk bonds. Along the way, Galbraith explains the newfangled types of debt that different generations have dreamt up, and he entertains with anecdotes about the ingenuity with which some of the more notorious charlatans have convinced people to invest in financial ciphers.
Galbraith calls this book "a hymn of caution" for good reason. He warns that the time will come when the public hails yet another financial wizard. In that case, the reader will do well to remember the Galbraithian adage: "Financial genius is before the fall." The appearance of the next John Law, Robert Campeau, or Michael Milken may well be, after all, a harbinger of disaster.

Baker
& Taylor

The world-renowned economist reviews the great speculative episodes of the last three centuries, including the calamitous junk-bond follies of the 1980s, and shows how the lessons of history can help people avoid financial calamity. 40,000 first printing. $40,000 ad/promo.

Publisher: New York, NY : Whittle Books in association with Viking, 1993, c1990
ISBN: 9780670850280
0670850284
Branch Call Number: 332.645 G
Characteristics: 113 p. :,ill., ports. ;,22 cm

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kaylahhancock12
Oct 09, 2014

A quick read. It was pretty fun to speculate the history of the boom and the bust cycle.

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