The world-renowned economist offers “dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague. This review of John Kenneth Galbraith’s book “A Short History of Financial Euphoria” documents history’s lessons for financial decision makers. A Short History of Financial Euphoria. John Kenneth Galbraith, Author Viking Books $16 (p) ISBN
|Published (Last):||26 July 2004|
|PDF File Size:||11.91 Mb|
|ePub File Size:||5.41 Mb|
|Price:||Free* [*Free Regsitration Required]|
Although he died before the last crash, all of his arguments and descriptions would have applied fully. No trivia or quizzes yet. Dec euphoriia, Zhou Fang rated it it was amazing.
A Short History of Financial Euphoria by John Kenneth Galbraith
Definitely worth picking up. Anyone taking part in financial markets should read this once a year. Ends with a bit shrug of the shoulders. Written in and updated in providing a good view of the repetitive nature of bubbles.
Oct 29, Joyce Zhang rated it liked it. Why don’t we ever learn? Feb 27, Ngee Poo rated it it was amazing. He starts around the time of “Tulipomania” in the s and goes right up through the 20th century with examples shprt euphoric times and their inevitable disasterous endings.
A Short History of Financial Euphoria
Dispatched from the UK in 2 business days When will my order arrive? And the crowd catches the fever. When the average person becomes richer during an euphoria, he also tends to believe that the new riches are the product of h Short and galbrraith, witty, humorous, and yet informative.
Galbraith’s financial view, but he seems Neo-Keynesian. The President Is Missing. Would you like us to take another look at this review? The writing is clear, concise and often caustic. The first response came from a convocation of former Secretaries of the Treasury, professional public spokesmen, and chief executive officers of major corporations. In between these chapters the author exemplifies with a chapter each on the Dutch 17th century tulip mania, the almost contemporary British South Sea bubble, the issuance of un-backed regional US fiat money at the time of the American revolution which on the one hand paid the US military forces and won the country its independence but on the other hand lead to a long speculative period, inflation and the inevitable crash and finally the stock market disasters of to and of October The central arguments of the book are these: Galbraith’s style reminds me of the intellectuals I was always tripping over at the University but he’s quite readable.
Galbraith identifies several reasons. There are two groups that participate in the bubble.
A Short History of Financial Euphoria : John Kenneth Galbraith :
Euphoria is inevitably followed by bust, disgrace, even exile or suicide. Must read for anybody who invests, gambles or cares about history.
Kenneeth 26, Justin Lee rated it really liked it Shelves: Bit unfair to rational choice theory, but it was a different time perhaps. Also, Galbraith is entirely right to castigate the quest for ‘the’ person to blame after the bust. Galbraith shares his characterization of episodes of speculation, then gives the account of a dozen such episodes, from Holland’s tulip mania to the crash of October Home Contact Us Help Free delivery worldwide.
July 1, Imprint: Refresh and try again. Thinking, Fast and Slow. Galbraith shows that people have not learned from previous cycles of boom and bust; he does not expect that most will ever learn. For all the fuss about bankers sincelittle popular flak has been directed at central bankers. How to write a great review Do Say what you liked best and least Describe the author’s galrbaith Explain the rating you gave Don’t Use rude and profane language Include any personal information Mention spoilers or the book’s price Recap the plot.
Feb 16, Lainie rated it really liked it. So based on style and reputation he wins the day, but from a content view you need to couple this with some additional reading See authors such as Nassim Nicholas Taleb for more on this subject.
On the one hand those who are believers and are convinced that a new world of immediate wealth has been born, on galbtaith other shortt those who think that the price rises are unsustainable but intend to ride the wave and exit when the crash approaches. This is the second book I’ve read in a short time about financial manias, and it’s an important one.
Join Kobo & start eReading today
Quotes from A Short History o The Art of War. His focus on the repeated presence of leverage in these events is interesting and it is a shame that space does not shot for a more systematic analysis.
The analysis of the crash seldom places any blame on the stupidity and greed and gullibility of the people who drove the bubble, for two reasons.
We’re featuring millions of their reader ratings on our book pages to help you find your new favourite book. Euphorla s unavailable for purchase. I don’t know everything about Mr.