By John Kenneth Galbraith

With all of the monetary knowledge and event of the wizards on Wall highway and in other places, how is it that the marketplace nonetheless is going increase and bust? How can humans be so keen to get stuck up within the mania of hypothesis while background tells us cave in is sort of absolute to keep on with? during this primer, the popular economist John Kenneth Galbraith experiences the foremost speculative episodes of the final 3 centuries - from the seventeenth century tulip craze to the calamitous junk-bond follies of the Eighties. His insights offer vital classes on speculative economics, and show conclusively that money and intelligence should not inevitably associated.

Show description

Read or Download A Short History of Financial Euphoria (Whittle) PDF

Best economic history books

The United States as a Developing Country: Studies in U.S. History in the Progressive Era and the 1920s

The background of the us is in an important respects the background of a constructing kingdom, not just in its transition from agriculture and advertisement colonies to an commercial state, yet nowa days and the foreseeable destiny in addition. those seven essays are essentially focused on the U. S. as a constructing state within the early 20th century, present process phases of improvement from aggressive capitalism to company capitalism, and from business to "postindustrial" society.

The Brenner Debate: Agrarian Class Structure and Economic Development in Pre-industrial Europe (Past and Present Publications)

Few ancient matters have occasioned such dialogue on account that no less than the time of Marx because the transition from feudalism to capitalism in Western Europe. The Brenner Debate, which reprints from previous and current numerous article in 1976, is a scholarly presentation of numerous issues of view, masking a really wide selection in time, position and kind of procedure.

Social Capital, Trust and the Indistrial Revolution. 1780-1880

The 1st textual content to check the concept that of belief and the position that it performed at the business Revolution, this ebook is a key source for college students’ learning 19th century British heritage in addition to traditionally minded sociologists. Analytical standard and finished in procedure, Social Capital, belief and the economic Revolution covers a number subject matters, together with: the types of behaviour, associations and methods that contributed to the formation of belief the conditions which can result in its upward push or fall the presence of mistrust the connection and hyperlinks among belief and tool.

The matter of capital : poetry and crisis in the American century

During this hugely unique reexamination of North American poetry in English from Ezra Pound to the current day, Christopher Nealon demonstrates that the main very important writing of the interval is deeply keen on capitalism. This concentration isn't really particular to the paintings of left-wing poets: the matter of capitalism’s impression on participants, groups, and cultures is crucial to a wide selection of poetry, throughout more than a few political and aesthetic orientations.

Additional info for A Short History of Financial Euphoria (Whittle)

Sample text

John Law's scheme skepticism. Such seeming innova- to payoff France's tion is merely some variant on an in the nonexistent gold old design, new only in the brief riches of Louisiana ended in ruin. debts by selling shares and defective memory of the financial world. No one over the centuries has been more celebrated than John Law; the Encyclopaedia Britannica declares him to have been both an honest man and a financial genius. In his case too, however, let there be doubts. Law was born in 1671 into the world of finance.

This perception of something new and exceptional rewards the ego of the participant, as it is expected also to reward his or her pocketbook. And for a while it does. A s to new financial instruments, however, experience establishes a firm rule, and on few economic matters is understanding more important and frequently, indeed, more slight. The rule is that financial operations do not lend themselves to innovation. What is recurrently so described and celebrated is, without exception, a small variation on an established design, one that owes its distinctive character to the aforementioned brevity of the financial memory.

The notes that went out to pay the debt came back to buy more stock. More stock was then issued to satisfy more of the intense demand, the latter having the effect of lifting both the old and the new issues to ever more extravagant heights. All the notes in this highly literal circulation were, it was presumed, backed by coin in the Banque Royale, but the amount of the coin that so sustained the notes was soon minuscule in relation to the volume of paper. Here was leverage in a particularly wondrous form.

Download PDF sample

Rated 4.00 of 5 – based on 11 votes