Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the. Edward Chancellor examines the nature of speculation–from medieval Rodham Clinton, Devil Take the Hindmost is part history, part social science, and . Devil Take the Hindmost by Edward Chancellor, , available at Book Depository with free delivery worldwide.

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Devil Take the Hindmost : A History of Financial Speculation

May 31, Rushi rated it it was ok. Set up My libraries How do I set up “My libraries”?

It is difficult for me to imagine someone reading this book and remaining a true believer in the “efficient market hypothesis” the notion that the price of a security at any given time reflects all the available information and only responds to new information rather than the “mood” of the market or manipulations of speculators.

But whatever method is used, at the bottom is always some scheme for purchasing an asset using debt, magnifying both positive and negative price swings. In the next taks, he said Japanese regulators actually encouraged and promoted fraudulent accounting.

Devil Take the Hindmost: A History of Financial Speculation

Aug 31, Chancsllor rated it it was amazing Shelves: The Japanese Bubble Economy of the s Epilogue: The first significant bubble described is, of course, the notorious tulip speculation in Holland, but Chancellor is more thorough than any previous history I’ve read.

I majored in finance in college and had a hard time keeping up.

Rea Chancellor explores bubbles from the Tulip to the Tech boom of the 90’s. Jan 16, Samuel Gruen rated it liked it Shelves: Separate different tags with a comma. Computers may have added layers to the mathematics, but edwaard haven’t added as much to the legal strategems and levels of indirection as one might think.

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Devil Take the Hindmost: A History of Financial Speculation – Edward Chancellor – Google Books

Anyone who has read Kindleberger’s ‘Manias, Panics and Crashes’ would edwxrd very little new material here. Just a moment while we sign you in to your Goodreads account.

The complexity of financial schemes as early as the s was particularly eye-opening. Want to Read saving…. Each chapter covers a particular period of financial speculation ending in a big bust, from Tulipomania in 17th Century Holland, to the stock market excesses of Wall Street and Japan in the ‘s. When we talk of bubbles we always refer to the crash oftulip mania fhe tech bubble, yet think we fail to grasp just how often bubbles occur and how similar every single one is.

The book is not a fast paced read. Author identifies key causes – bubbles formed by financial or tech innovation, over extension of credit, belief that “it’s a different world” Great piece of financial history. Download our Spring Fiction Sampler Now. The old mantra about history repeating itself has clearly inspired British financial journalist Chancellor a contributor to the Financial Times and the Economist to write this book at this point in time.

This is a history as opposed to either a polemic or a prescription. This single hake in All: Thanks for telling us about the problem. Chancellor also adds some interesting conclusions on what many bubbles seem to have in common and what thus can set them off in the first place. Chancellor did some excellent research and tied it all together very nicely while bringing it all back to the basic theme that humans have always had great propensity for greed and foolishness.


May not be open to the public ; A scheming small group of investors starts a bubble, and later less knowledgable investors are lured in after them.

Review: Devil Take the Hindmost by Edward Chancellor

Dec 27, Andy M rated it it was amazing Shelves: This history of financial speculation is an interesting look at one of the many negative aspects of human nature.

Jun 01, Pages. Holy moly this book has a lot of information. Sign up here to receive your FREE alerts. If they act after the crash, they will be blamed for ‘sleeping on their jobs’ and not acting sufficiently in time.

Feb 29, Alex Hood rated degil really liked it Shelves: In the early s he worked for the investment bank Lazard Brothers.

In fact, I’ve listened to multiple Grant William’s podcasts where he has described episodes from the book e. The author largely succeeds in being fair to the variety of interpretations given to speculation, including opposing calls for looser and stricter controls.

The End of a New Era: It’s hard to tell whether what is happening to our economy today is tragedy or farce when it is simply the latest in a long line of examples of how humans never learn their lesson. Chancellor is readable, not cgancellor in any way. Japan is the most recent bubble that Chancellor can cover; takf can only speculate as to what he would make of the financial crash.

Apr 02, Jim Rossi rated it it was amazing.