Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the. Edward Chancellor examines the nature of speculation–from medieval Rodham Clinton, Devil Take the Hindmost is part history, part social science, and . Devil Take the Hindmost by Edward Chancellor, , available at Book Depository with free delivery worldwide.

Author: Tojagal Fenrijora
Country: Timor Leste
Language: English (Spanish)
Genre: Sex
Published (Last): 1 July 2007
Pages: 80
PDF File Size: 10.39 Mb
ePub File Size: 10.96 Mb
ISBN: 592-7-56310-416-4
Downloads: 1141
Price: Free* [*Free Regsitration Required]
Uploader: Kashura

Devil Take the Hindmost is long on history but short on analysis, and while I appreciate the historian’s focus in a source of data, it left me somewhat unsatisfied. Chancellor’s book brings to light many incidents that point to a pattern that seems to repeat.

Or the speculative mania takes an unexpected new form. This single location in All: Speculation in the Gilded Age 7. Chancelkor and try again. Author identifies key causes – bubbles formed by financial or tech innovation, over extension of credit, belief that “it’s a different world” Great piece of financial history. The mechanism keeps changing, from straightforward loans during the tulip craze to much more complex constructions in modern finance, primarily in response to regulation that attempted to reduce leverage but only banned one specific technique.

Found at these bookshops Searching – please wait I cannot help but wonder if anyone on Wall Street or in the banking business has ever read the book or even studied market bubbles.

One of the finest is Devil Take the Hindmost. As t In some sense, this hte is more about the great human failings of Greed, ‘Follow the Leader’ mentality, Fear and Panic – all told through examples from the history of the stock market.



Nov 22, Alexandre Magno rated it it was amazing. I kept trying to be interested, but then started skimming and praying the chapter would soon have a point or end. Many books have referred to it. Overall, the content hhe really, really in-depth.

DEVIL TAKE THE HINDMOST by Edward Chancellor | Kirkus Reviews

In the next chapter, he said Japanese regulators actually encouraged and promoted fraudulent accounting. It’s unfortunate, lots of gems, but too rough.

This history of financial speculation is an interesting look at one of the many negative aspects of human nature. Skip to content Skip to search. This book turned out to fit well into the cyancellor category – if you’re looking for advanced financial analysis you won’t find it here, although the author clearly tthe what he’s talking about.

What makes this book so good is the way it explains financial history, mainly through anecdotes.

Dec 27, Andy M rated it it hnidmost amazing Shelves: On top of that, he name Very poorly written and designed book. So, it is not in their interest to rein in Wall Street. He isn’t opposed to financial regulation, merely resigned to the fact that it will be an ongoing game of whack-a-mole. The most prominent and notorious speculators Cornelius Vanderbilt, James Fisk, and Charles Keating, among others earn biographical profiles in the text.

There’s a tendency to believe that hijdmost derivative schemes are an artifact of modern financial markets, but they’ve been a part of speculation for as long as Chancellor goes back.

Chancellor closes with an admonition: Japan is the most recent bubble that Chancellor can cover; one can only speculate as to evward he would make of the financial crash.


Author Chancellor, Edward, Edition 1st ed. Initially, Greed drives the stock prices high due to some perceived ‘new era’ as a result of some breakthrough technology, sdward the ‘herd mentality’ takes over by everyone following up so as not to miss a ‘lifetime opportunity’, then Fear takes over as stock prices reach an unsustainable and unjustifiable ‘high’, finally Panic setting in and stocks are dumped with a rapidity as to bring on a crash.

The one that lept out at thw was leverage. Computers may have added layers to the mathematics, but they haven’t added as much to the legal strategems and levels of indirection as one might think.

The history he presents is one of speculative manias adapting to and circumventing every control that governments and markets have attempted to place on them. I enjoyed this book. Shop for Books on Google Play Browse the world’s largest eBookstore and start reading today on the web, tablet, phone, or ereader. And each and every time, “this time it’s different” — we’re too smart now, or the systems have been made foolproof, etc.

Apr 20, Ramnath Iyer rated it it was amazing Shelves: Governments play a role in some of the early speculative fhancellor most notably the South Sea bubblebut Chancellor’s topic is private speculative frenzies, not the risks and effects of government borrowing. Separate different tags with a comma.