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 C H A P T E R captured collapse consequence crash debacle debt delusion depression disaster Drexel Burnham Lambert earlier economic economist effect enterprise error escape especially euphoric episode euphoric mood eventual Federal Reserve FINANCIAL EUPHORIA financial genius financial innovation financial instrument financial memory gold Holland imagination increase individual inevitable institution intelligence Investors Overseas Services involved Irving Fisher issued John Law jointstock company junk bonds land later leverage loans mania matters mental Michael Milken Mississippi Company mutual funds National City notably October operations optimism payment perhaps persuaded predictable purchase Reagan real estate recurrent rewarding Robert Campeau seemed seemingly self selling South Sea Bubble South Sea Company speculative episode speculative euphoria speculative mood stockmarket sustain thought Tulipomania tulips values Wall Street wholly wonder world of finance York Stock Exchange