By John Kenneth Galbraith
With all of the monetary knowledge and event of the wizards on Wall road and in different places, how is it that the industry nonetheless is going growth and bust? How can humans be so prepared to get stuck up within the mania of hypothesis whilst historical past tells us cave in is sort of absolute to persist with? during this primer, the popular economist John Kenneth Galbraith reports the main speculative episodes of the final 3 centuries - from the seventeenth century tulip craze to the calamitous junk-bond follies of the Eighties. His insights offer vital classes on speculative economics, and display conclusively that money and intelligence usually are not unavoidably associated.
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Extra resources for A Short History of Financial Euphoria (Whittle)
The entire region displayed, with the exception of Brazil, was claimed as the company's trading territory. Disregarded was the fact that Spain claimed the same territory. Thoughtfully overlooked was the fact that Spain claimed a monopoly over all truck and 4 8 trade with this great region, although there A Short History of Financial Euphoria was some distant hope that treaty negotiations then under way would accord Britain access to the fabled metallic wealth of Mexico, Peru, and the rest. There would be opportunities in the slave trade; for this, the British operators thought themselves to have a special aptitude.
His father, an Edinburgh goldsmith, was, in the manner of men in that trade, actively engaged in holding and lending money. The younger Law moved at an early age to London, where, along with enjoying a markedly sybaritic existence, he seems to have given some attention to matters of banking and finance. John Kenneth Galbraith field adjacent to central London in what is now Bloomsbury, he was unduly successful in a duel. For bringing his opponent down with a sword "to his belly," he was arrested and clapped into jail on a murder charge.
Hope for something better was then partly sustained by the thought that sovereignty over Gibraltar might be traded for greater access to the Americas. The question of that sovereignty was, unfortunately, to remain in contention between Britain and Spain for another two and a half centuries and more. It would be hard, in fact, to imagine a commercial project that was more questionable. But here, as in Paris, it was not a time for questions. Further issues of stock in return for further assumptions of the public debt were authorized and offered to the public, and, early in 1720, the whole public debt was assumed.
A Short History of Financial Euphoria (Whittle) by John Kenneth Galbraith