World-renowned economist Galbraith, the bestselling author of The Affluent Society, reviews great speculative booms of the last three centuries, including the junk-bond follies of the 1980s. With wisdom and wit, he shows how the lessons of history can help us avoid financial calamity. "Entertaining in its instructiveness".--The Boston Globe.World-renowned economist Galbraith, the bestselling author of The Affluent Society, reviews great speculative booms of the last three centuries, including the junk-bond follies of the 1980s. With wisdom and wit, he shows how the lessons of history can help us avoid financial calamity. "Entertaining in its instructiveness".--The Boston Globe.Read Less
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This book was written in 1993, before the euphorias of the 90's and aughts, so is not the "latest" but the author's theories and descriptions are completely relevant. He believes that recurrent speculative insanity & its aftermath are an inherent part of the system and should be recognized and accepted. The book is full of smiles & laughs: e.g., he points out that Donald Trump is never broke, he just has a negative net worth.
Jul 23, 2009
Helpful in understanding the current financial crisis. More proof that if one doesn't learn from history one is doomed to repeat it.
Taking Gailbreths ideological bent, an odd and unexpected theme showed up. There was a strong caveat emptor and blame the victim point of view expressed.
Progressives and Conservatives can both find this of interest.
Nov 13, 2008
An excellent presentation of the ups and downs of the capitalistic system Well ahead of the today crisis. it could have been written yesterday, after the crisis, with the same value. But it is a 10 years old or more book.
Publishers Weekly, 1993-05-17 Galbraith's entertaining, wonderfully instructive cautionary essay should be required reading for investors. His focus is ``recurrent lapses into financial dementia,'' reckless speculative episodes fueled by greed, euphoria and investors' delusion that their temporary good fortune is due to their own superior financial acumen. The renowned Harvard economist chronicles a series of ``flights into mass insanity,'' from wild speculation in tulip bulbs in 17th-century Holland through the U.S. stock market crash of 1929, the 1980s mergers-and-acquistions mania and the savings and loan scandal. Comparing these crises, he finds recurring common features, such as evasion of hard realities, new financial instruments presumed to be of stunning novelty and debt that became dangerously out of scale in relation to the underlying means of payment. His proposed remedy is ``enhanced skepticism'' on the part of investors and the public. (June)
Publishers Weekly, 1994-06-13 The renowned Harvard economist examines reckless speculative episodes in American financial history. (July)
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