A Short History of Financial EuphoriaThe 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. |
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aftermath American assets associated bank notes bankers Banque Royale became Bernard Cornfeld boom bulbs captured CHAPTER collapse Corporation crash debacle debt depression disaster Drexel Burnham Lambert earlier economic economist effect enterprises ernment error escape especially euphoric episode euphoric mood eventual FINANCIAL EUPHORIA financial instruments financial memory Florida genius gold Holland imagination increase individual inevitable inherent innovative institution intelligence investors Investors Overseas Services involved Irving Fisher issued John Law junk bonds land later leverage loans London Mackay mania ment mental Michael Milken Mississippi Company mutual funds nancial October once operations optimism panic payment perhaps persuaded predictable presumed purchases quotation Reagan real estate recurrent reward Robert Campeau securities seemed seemingly selling South Sea Bubble South Sea Company spec speculative episode speculative mood stock-market sustain thought tion tive trading Tulipomania tulips ulative values Wall Street wonder York Stock Exchange