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 by John Kenneth Galbraith, , available at Book Depository with free delivery worldwide. A Short History of Financial Euphoria. John Kenneth Galbraith, Author Viking Books $16 (p) ISBN
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But it’s much better written and digestible than those longer treatments, and so it’s more likely that lay readers read it through. The Best Books of Jun 08, Hariharan Ragunathan rated it really liked it. In the most recent boom and bust, that of sub prime mortgages and their derivatives, there were plenty of endogenous factors which cannot be ignored. Although he died before the last crash, all of his arguments and descriptions would have applied fully. A whirlwind tour of some booms and crashes and one economist’s take on the cause: People see other people who buy those assets making money 3.
Oct 29, Joyce Zhang rated it liked it. The speculative period is prolonged by the fact that those participating psychologically must justify what has made them rich and has given them a feeling of being successful and intelligent persons. Something that must always be on the mind of the enterprising investor if he wishes to succeed. The Making of Behavioral Economics. 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.
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More regulation is not necessarily the solution. The only thing that helps is the understanding of the mass hysteria that creates them.
Every 20 years, there will always be that “new big thing” where masses will craze over. Never Split the Difference.
He earned a PhD at the University of California in and later took a fellowship at Cambridge, where he hitory encountered Keynesian economics. He was also awarded the Order of Canada inand inthe Padma Vibhushan, India’s second highest civilian award, for strengthening ties between India and the USA.
A Short History of Financial Euphoria
Galbrsith comes down very firmly for the latter, rooting his explanation entirely in group psychology. Feb 16, Lainie rated it really liked it. They take shape in largely the same ways: A particular asset tulips, homes, etc.
Could have been written in July Continue rinancial Checkout Continue shopping. Item s unavailable for purchase. Read and, if not weep, at least sigh at our recidivist follies.
When a financial innovation is new it usually means that a hype machine is forming and that a bubble is inflating. Also, Galbraith is entirely right to castigate the quest for ‘the’ person to blame after the bust. The general framework in itself is penned down in two initial chapters and in the concluding ending chapter, in total financlal pages.
About John Kenneth Galbraith. Dec 02, Robert Karl rated it it was amazing. How to write a great review. Any doubters are perceived as attacking their very person.
Greed is an overpowering emotion as compared to caution. As ever, Galbraith is clear, concise and persuasive: Seven Brief Lessons on Histody. At different points in his life he taught at both Harvard and Princeton, and wrote more than forty books on an array of economic topics. The world-renowned economist offers “dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague of junk bonds.
A Short History of Financial Euphoria by John Kenneth Galbraith | : Books
Fourth, when a crash comes, the explanation tends joohn be located in handy scapegoats e. It also comes from a sensible left-of-center perspective that I feel is both wise and sadly lacking into today’s landscape.
The world-renowned economist offers “dourly irreverent analyses of financial galbraithh from the tulip craze of the seventeenth century to the recent plague of junk bonds. The Obstacle Is the Way. Home Contact Us Help Free delivery worldwide. During World War II he served as deputy head of the Office of Price Administration, charged with preventing inflation from crippling the war efforts, and also served historj the US Ambassador to India during the Kennedy administration.
This is the second book I’ve read in a short time about financial manias, and it’s an important one. The first response came from a convocation of former Secretaries of the Treasury, professional public spokesmen, and chief executive officers of major corporations.