A Short History of Financial Euphoria (Whittle) |
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A Short History of Financial Euphoria (Whittle)
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by John Kenneth Galbraith
Sales Rank: 55639
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Discount: 20 %
$6.99
At Amazon
on 6-20-2008.
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Features
Cover Type: Paperback with 128 pages
Published by: Penguin Non-Classics July 1, 1994
Written in: English
ISBN 10 Number: 0140238565
ISBN 13 Number: 978-0140238563
Book Dimensions:
7.6 x 5 x 0.5 inches
Weighs: 1.4 ounces
From Publishers Weekly
The renowned Harvard economist looks at reckless speculative episodes in American financial history.
Copyright 1994 Reed Business Information, Inc.
From Library Journal
No matter what your political leanings or economic beliefs might be, there is no denying that Galbraith is a brilliant writer. In this humorous and thoughtful book, he traces the investor "herd" mentality from Tulipomania, which gripped Holland in the 1630s, through a variety of events and up through the 1987 stock market debacle--which he accurately predicted. Galbraith analyzes the crashes that resulted from these speculative episodes, and he points out that the "mass escape from sanity by people in pursuit of profit," which, in his opinion, is always the cause, is never blamed. A truly great book, this is highly recommended.
- C. Christopher Pavek, Putnam, Hayes & Bartlett, Inc. Information Ctr., Washington, D.C.
Copyright 1993 Reed Business Information, Inc.
--This text refers to an out of print or unavailable edition of this title.
Reader Reviews
This short, engagingly written book is a welcome antidote to the unfortunate and even dangerous stock market euphoria of recent years. Galbraith, as usual, is accurate and fair. The only problem with the book is that is that it never dives below the surface. Galbraith, like many left-wing critics of capitalism, has a keen eye for interesting facts, but he has little if any theoretical sense of the basic economic principles involved in market euphorias. It is gross credit excess that is fueling the current stock market bubble. The obverse side of credit is debt, and that is precisely where the problem rises. As credit expands, debt expands with it, especially bad debt. Eventually, the bad debt leads to a crisis; if a sizeable amount of debt cancellation occurs, you get deflation and a crisis of epic proportions.
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A Short History of Financial Euphoria (Whittle)
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Price: $6.99
Updated on 6-20-2008.
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