Strikers and Subsidies: The Influence of Government Transfer Programs on Strike Activity

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Devil take the Hindmost: a history of financial speculation

The Devil is in the Details

History and Industry under one cover

A wonderful book!

Devil Take the Hindmost: A History of Financial Speculation
Edward Chancellor
Manufacturer: Plume
ProductGroup: Book
Binding: Paperback

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ASIN: 0452281806
Release Date: 2000-06-05

Amazon.com

"The longest bull market in history" is a term that gets used a lot these days. Since 1990, the Dow Jones Industrial Average has risen some 8,000 points, from around 2,700 in January 1990 to nearly 11,000 today--a boom by anyone's standards, including Edward Chancellor's. In Devil Take the Hindmost, Chancellor takes an entertaining, albeit sobering, look at the history of speculative manias and the mass delusion that surrounds them.

Beginning with the "tulipomania" that gripped Holland in the 1630s, Chancellor chronicles the formations and irrational euphoria that can inflate markets, from shares of South Sea stock in England in the 1720s to real estate in Japan in the late 1980s. He characterizes the speculative spirit as one that

loves freedom, detests cant, and abhors restrictions. From the tulip Colleges of the seventeenth century to the Internet investment clubs of the late twentieth century, speculation has established itself as the most demotic of economic activities. Although profoundly secular, speculation is not simply about greed. The essence of speculation remains a Utopian yearning for freedom and equality which counterbalances the drab rationalistic materialism of the modern economic system with its inevitable inequalities of wealth.

But it's precisely such inevitability that always seems to win out, when "sharply rising prices followed by sudden panic without cause" bring speculative excess to an abrupt end.

Chancellor makes Devil Take the Hindmost especially relevant to today's U.S. investors by using his analysis of past speculative manias as a lens through which to view the current bull-market binge. No matter what his or her current investment outlook is--bull or bear--anyone with capital to invest would do well to spend a thoughtful weekend with this book. Highly recommended. --Harry C. Edwards

Book Description

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 psychology of investing changed--and not changed--over the last five hundred years? Edward Chancellor examines the nature of speculation--from medieval Europe to the Tulip mania of the 1630s to today's Internet stock craze. A contributing writer to The Financial Times and The Economist, Chancellor looks at both the psychological and economic forces that drive people to "bet" their money in markets; how markets are made, unmade, and manipulated; and who wins when speculation runs rampant. Drawing colorfully on the words of such speculators as Sir Isaac Newton, Daniel Defoe, Ivan Boesky, and Hillary Rodham Clinton, Devil Take the Hindmost is part history, part social science, and purely illuminating: an erudite and hugely entertaining book that is more timely today than ever before.

"Entertaining, useful, admirable scholarship . . . Chancellor seems to have read everything." --Adam Smith, The New York Times Book Review

"Anyone contemplating a stock market venture and certainly anyone now involved should read this book."--John Kenneth Gailbraith

Customer Reviews:

Please - No More Footnotes.......2007-09-04

I'm fairly shocked by the extensive number of 5 star ratings for this book. This book is quite painful to read, but not because the stories are tragic or the warnings frightening. Though the messages contained within are important, the author rambles incoherently and the extensive use of footnotes is overly distracting. The footnotes for many pages are longer than the primary text and should have been incorporated into the main story line. Chancellor is in need of an editor with an iron fist toward readability.

Devil take the Hindmost: a history of financial speculation.......2007-05-30

nothing better to understand greed, manias and self destructive behavior driven by speculative sentiments and moves by iundividuals and society.

The Devil is in the Details.......2007-05-04

Edward Chancellor is a journalist for the Financial Times and has delivered one of the most balanced and well researched expositions on runaway speculation that I have read. Chancellor argues, with a great amount of painstakingly researched detail data, that structural macro-economic conditions create an atmosphere where man's natural drive to invent is subverted to the cause of making money for rogues only because it is possible. Chancellor lays out an argument for rigorous government intervention to create a playing field where financial creativity is at the service of greater mankind, and no more. Of course Chancellor knows such a balancing act is all but impossible, but he does invoke the example of John Maynard Keynes, both a humanist and successful speculator, as evidence of a compromise third way. The book finishes up with an exposition of the growing derivatives threat and uses arguments developed in the rest of the book; the Tulip Mania, The Mississippi Bubble,the South Sea Bubble, the 1929 crash, the Japanese real estate orgy of the 80s, the LTCM debacle, the tech bubble of the 90s and the exertions of Boesky and Milken, to point out that they all share the same structural underpinnings, yet general complacency pervades the marketplace, as it did in the past, with the same old saw - this time is different. Devil Take the Hindmost: A History of Financial Speculation

History and Industry under one cover.......2006-06-09

I have a fair amount of background in sociology, economics, and finance, which allowed me to enjoy the book a lot more than the average uninformed reader. Chancellor succeeds with this book because he makes this reading amusing, educational, and entertaining all at the same time. A word of caution though:

First, this is not an analysis of manias, panics, or crashes. Nor is it a study about the boom and bust cycle structure. Rather, Chancellor analyses the very speculations in which people have engaged through some of the manias that Kindleberger, Galbraith, and Shiller have covered in their work.

Second, if you do end up getting the book, look up some elementary background information about stocks, bonds, interest rate movement, putts, calls, dividends, options, futures, hedging, swaps, and perhaps a few other financial instruments and methods.

Another great book that provides a great amount of historical detail in finance and its role in commerce is Braudel's second volume of Civilization and Capitalism titled "The Wheels of Commerce"

A wonderful book!.......2005-11-20

This is by far the best history of speculative excesses money can buy. A wonderful book: Detailed and well-researched but yet light and extremely amusing. Truly a must-have-read!

Devil Take the Hindmost: A History of Financial Speculation

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Devil Take the Hindmost: A History of Financial Speculation

Manufacturer: Diane Pub.
ProductGroup: Book
Binding: Paperback
ASIN: 0756757460

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A lively & original history of stock market speculation from the 17th cent. to 1998. Traces the origins of the speculative spirit back to ancient Rome & chronicles its revival in the modern world: from the tulip scandal of 1630s Holland, to "stockjobbing" in London's Exchange Alley, to the infamous South Sea Bubble of 1720. Here are brokers underwriting risks such as highway robbery; lottery tickets circulating as money; wise & unwise investors such as Benjamin Disraeli & Ivan Boesky. From the Gilded Age to the Roaring 20s, from the 19th-cent. railway mania to the crash of 1929, & through to Day Traders, this book tells a fascinating story of human dreams & folly through the ages

Devil Take the Hindmost.(Review) (book review): An article from: Finance & Development

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Devil Take the Hindmost.(Review) (book review): An article from: Finance & Development
Charles Kramer
Manufacturer: International Monetary Fund
ProductGroup: Book
Binding: Digital

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This digital document is an article from Finance & Development, published by International Monetary Fund on March 1, 2000. The length of the article is 532 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Devil Take the Hindmost.(Review) (book review)
Author: Charles Kramer
Publication: Finance & Development (Magazine/Journal)
Date: March 1, 2000
Publisher: International Monetary Fund
Volume: 37 Issue: 1 Page: 53

Article Type: Book Review

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Of Bulls and Bubbles.(Review) (book review): An article from: Policy Review

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Of Bulls and Bubbles.(Review) (book review): An article from: Policy Review
Holman W. Jenkins Jr.
Manufacturer: Hoover Institution Press
ProductGroup: Book
Binding: Digital

General | Politics | Nonfiction | Subjects | Books

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This digital document is an article from Policy Review, published by Hoover Institution Press on December 1, 1999. The length of the article is 4095 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Of Bulls and Bubbles.(Review) (book review)
Author: Holman W. Jenkins Jr.
Publication: Policy Review (Refereed)
Date: December 1, 1999
Publisher: Hoover Institution Press
Page: NA

Article Type: Book Review

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The Printed Word in 2001.(Review) (book review): An article from: Strategic Finance

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The Printed Word in 2001.(Review) (book review): An article from: Strategic Finance
Michael Castelluccio
Manufacturer: Institute of Management Accountants
ProductGroup: Book
Binding: Digital

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Book Description

This digital document is an article from Strategic Finance, published by Institute of Management Accountants on December 1, 2000. The length of the article is 809 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: The Printed Word in 2001.(Review) (book review)
Author: Michael Castelluccio
Publication: Strategic Finance (Refereed)
Date: December 1, 2000
Publisher: Institute of Management Accountants
Volume: 82 Issue: 6 Page: 71

Article Type: Book Review

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Devil Take the Hindmost: A History of Financial Speculation
Edward Chancellor
Manufacturer: Farrar Straus & Giroux
ProductGroup: Book
Binding: Hardcover
ASIN: B000O93S3S

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Devil Take the Hindmost: A History of Financial Speculation
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Manufacturer: Farrar, Straus and Giroux
ProductGroup: Book
Binding: Paperback
ASIN: B000OXJTO6

Book Description

Now, for the first time, there is a single reference work that documents the history of human rights worldwide, clearly explains each article of the Universal Declaration of Human Rights, and examines the major human rights issues facing the world today. Comprehensive in scope, Human Rights covers a broad range of human rights issues that are central to an understanding of world history and current affairs.

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ProductGroup: Book
Binding: Paperback

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Essential Texts on Human Rights for the Police:A Compilation of International Instruments

Manufacturer: Springer
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Human rights law protects the rights and freedoms of individuals and groups within societies. Police officials are uniquely placed to ensure respect for, and secure protection of, those rights and freedoms. Those who exercise power on behalf of the people they serve need to be aware of the human rights standards they are required to meet, and the best practice in their fields of activity. The texts identified as essential for the police in this publication serve as a valuable aid to meeting both of these needs. The present compilation of international human rights instruments is a significant addition to the small, but increasing, number of publications on human rights and policing.

Essential Texts on Human Rights for the Police is divided into three parts, each one with an introduction outlining the scope and contents of the instruments. Part I includes the Universal Declaration of Human Rights and universal treaties, Part II regional treaties, and Part III non-treaty instruments. In all, 24 international instruments are reproduced.

The present publication is intended to be used in human rights education and training programmes for police and other officials exercising police powers. It can be used by teachers and resource persons as a principal source of reference for such programmes or as a supplement to teaching manuals. It can also serve as a source of reference and guidance to operational police officials and to anyone wishing to be aware of the standards to which police should adhere.

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The Essentials of Human Rights is an easy-to-use, accessible introduction to the human rights debate. It covers the history of human rights, the arguments over their justification and uses examples of specific rights and freedoms to assess the current situation, including international legal systems and organisations like the UN, and prospects for the future. More than 100 entries are arranged in an A-Z structure for easy reference and cover general categories of rights (including civil, political, cultural, women's, children's and migrants' rights) as well as specific issues, such as slavery, genocide, free speech, capital punishment and asylum. The contributors are drawn from a wide range of international and disciplinary backgrounds, making this book an outstanding resource for anyone interested in human rights. This vital reference has a Foreword by Mary Robinson.

International Human Rights Law (Essentials of Canadian Law)

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International Human Rights Law (Essentials of Canadian Law)
Mark Freeman , and Gibran Van Ert
Manufacturer: Irwin Law
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Mark Freeman , and Gibran Van Ert
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