A Short History of Financial Euphoria

by John Kenneth Galbraith Narrated by Liam Gerrard

Overview

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." -The Atlantic.



With incomparable wisdom, skill, and wit, world-renowned economist John Kenneth Galbraith traces the history of the major speculative episodes in our economy over the last three centuries. Exposing the ways in which normally sane people display reckless behavior in pursuit of profit, Galbraith asserts that our "notoriously short" financial memory is what creates the conditions for market collapse. By recognizing these signs and understanding what causes them we can guard against future recessions and have a better hold on our country's (and our own) financial destiny.

Editorial Reviews

Publishers Weekly - Publisher's Weekly

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)

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 excellent book, this is highly recommended.-- C. Christopher Pavek, Putnam, Hayes & Bartlett, Inc. Information Ctr., Washington, D.C.

Booknews

A "hymn of caution" (the author's words) originally published in 1990 by Whittle Books--and still in print--as part of the Larger Agenda Series. Reprinted here with a new foreword. In this small (5.75x8.75"), slim book, its brevity compelling attention, the eminent economist chronicles the histories of several great speculative periods of the last three centuries, discussing their sad aftermaths and analyzing the peculiar pitfalls of get-rich-quick schemes. No index. Annotation c. Book News, Inc., Portland, OR (booknews.com)

From the Publisher

"Galbraith's long historical view is refreshing ... Easily read and enterraining." —Washington Post Book World

Product Details

BN ID:	2940175388849
Publisher:	Tantor Audio
Publication date:	07/19/2022
Edition description:	Unabridged

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