Chancellor condenses more than three centuries of financial history into pages; in case you would rather watch paint dry than read that. 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.

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Galbraith had written perceptively about it decades ago in his book on ‘Money’. The Projecting Age of the s 3. He is a freelance journalist, and lives in London. In Cowboy Capitalism, Chancellor argues that Reagan’s deregulation led to all the excess of the s and spread of the derivatives in the s.

However, Galbraith suggested that new regulators can step in every few years and bring on new rules so that speculators do not have enough time to exploit the previous set of rules and bring on a crash. In some sense, this book 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.

Chancellor opens his financial adventure story with a rational and articulate description of speculation, then along the way introduces ever-more- convoluted investment strategies and practices, accompanied by articulate descriptions of terms.

None of your libraries hold this item. One of the finest is Devil Take the Hindmost. I picked up this book because I’m interested in everything that concerns investing and speculation. Chancellor is readable, not tedious in any way. Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? Skip to content Skip to search. A scheming small group of investors starts a bubble, and later less knowledgable investors are lured in after them.

No amount of regulation will be able to stop Speculation. The arguments in the book are only bolstered by the fact that it was written in and he mentions credit default swaps and mortgage-backed securities as the possible instruments of a future bubble and crisis. We are experiencing technical difficulties. The most prominent and notorious speculators Cornelius Vanderbilt, James Fisk, and Charles Keating, among others earn biographical profiles in the text.


The author hints at Speculators as the culprit and the hihdmost for regulation. Chancellor did some excellent research and tied it all together very nicely while bringing it all back to the basic theme that humans have always had great propensity for greed and foolishness.

Sign up here to receive your FREE alerts. 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.

Devil Take the Hindmost (Summary)

There are some who will refuse to read this book after finding the first favorable quotation of Keynes, but they’re depriving themselves of some interesting history. Chancellor also adds some interesting conclusions on what many bubbles seem to have in common and what thus can set them off chanfellor the first place.

The author links the madness of financial speculation to Bakhtin’s notion of the carnivalesque, pointing out that in the middle ages, it was during fairs and carnivals that laws barring financial speculation were suspended.

Now I am called a banker. When we talk of bubbles we always refer to the crash oftulip mania and tech bubble, yet think we fail to grasp just how often bubbles occur and how similar every single chancwllor is.

The bubble stories remain interesting as he dishes on the ship of fools that fuel and participate in each. I am thoroughly disappointed in this book.

Devil Take the Hindmost: A History of Financial Speculation by Edward Chancellor

Want to Read saving…. Devil Take the Hindmost: And each and every time, “this time it’s different” — we’re too smart now, or the systems have been made foolproof, e “The four most expensive words in the English language are ‘this time it’s different. It’s a good blend of stories, some data, and reflection and analysis cited from contemporaneous sources as well as the author’s own ones. Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly?


Jan 25, Aharon rated it liked it.

But it looks to me that his own book shows that it is endemic to the Free market system because of the above mentioned fundamental human failings.

This book details various financial disasters brought about by hindmist human propensity to think “This time it’s different! In the early s he worked for the investment bank Lazard Brothers. Open Preview See a Problem? He goes on and on about random things at the worst times. Media reporter, reviewer, producer, guest booker, blogger. Edwarv is a freelance journalist, and lives in London. Author Chancellor, Edward, Edition 1st ed. Worthwhile even for those who work outside of the domain I would think, as it sheds light on the broad-arc dynamics of one of the prominent forces shaping the world.

Home All editions This editionEnglish, Book edition: The Japanese Bubble Economy of the s Epilogue: University of Notre Dame Australia. The author sums up his own book in a couple of salient quotes: Saying that we need a fundamental uprooting of the System would make one run the risk of being dubbed a ‘communist’! Each week, our editors select the one author and one book they believe to be most worthy of your attention and highlight them in our Pro Connect email alert.

Although many volumes have already appeared on both financial speculation in general and individual historic events in particular, even well-informed readers will find new material and interpretation here.

This book examines the attitudes, personalities, and policies behind major historic market bubbles from Dutch tulips to the Chancellorr economy of the s. Interesting and informative; I’d seen many of these situations alluded to in various investment books but this provides much more detail. After 20 seconds, I found myself restarting the exact same thought. Chancfllor 18, Matt rated it really liked it.