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

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Chi ama i libri sceglie Kobo e inMondadori. About John Kenneth Galbraith. Galbraith identifies several reasons. It is a short, witty book with superb, sometimes cynical language. A quick and informative if not oversimplified essay highlighting key moments of speculation in financial history and their inevitable reoccurance brought on by short term memory and extreme optimism. At Kobo, we try to ensure that published reviews do not contain rude or profane language, spoilers, or any of our reviewer’s personal information.

They joined in sponsoring a ‘New York Times’ advertisement attributing the crash to the deficit in the budget of the federal government. Table of contents The speculative episode; the common denominators; the classic cases I – the tulipomania, John Law and the Banque Royale; The classic cases II – the bubble; the American tradition; ; October redux; reprise.

Thanks for telling us about the problem. Fourth, when a crash comes, the explanation tends to be located in handy scapegoats e. Feb 03, Dina rated it it was amazing. Written in and updated in providing a good view of the repetitive nature of bubbles. In hindsight, we find out this is merely a pattern of human behavior. Deleveraging also occurs, creating a vicious cycle.


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 When a financial innovation is new it usually means that a hype machine is forming and that a bubble is inflating. Books by John Kenneth Galbraith. It is interesting to note that Galbraith places the blame for speculative mania quite purely within crowd psychology rather than more institutional effects like easy credit, etc.

Third, this leads to a self-feeding positive loop as the increased prices draw further investors which creates further price increases. As ever, Galbraith is clear, concise and persuasive: Looking for beautiful books?

Seven Brief Lessons on Physics. The Book of Dust: Worth rereading periodically to remind oneself.

Feb 16, Lainie rated it really liked it. Sep 09, Ravi Abhyankar rated it really liked it.

A Short History of Financial Euphoria

He was also awarded the Order of Canada inand inoenneth Padma Vibhushan, India’s second highest civilian award, for strengthening ties between India and the USA. Oh, and thought his discussion of the first two American central banks, regional politics, and the wildcat banks were quite interesting, but everything discussed is generally in passing; it is a short history after all, and basically just a long essay.

Yes No Thanks for your feedback! I probably liked this book better than “The Ascent of Money” because of the coherence of its themes and how relevant they are for today. John Kenneth Galbraith walks through a few of the better-known financial manias kenndth history.

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Galbraith was right to predict that 20 years was all it took to forget In fact, the book is pretty funny in a sarcastic, euphorai kind of way.

euphogia Among his most famous works was his economics trilogy: John Kenneth Galbraith was a Canadian-American economist. Greed is an overpowering emotion as compared to caution.

The review must be at least 50 characters long. Excellent summary of historical financial follies, how greed and envy causes asset bubbles, how the eminent and intelligent were brought down to their knees from it, the specious link between high net worth and intelligence.

A Short History of Financial Euphoria : John Kenneth Galbraith :

More leverage is put on those assets, until leverage levels based on asset value rise to unsustainable levels 6. How can people be so willing to get caught up in the mania of speculation when history tells us that a collapse is almost sure to follow?

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