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. 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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Cautionary armchair reading for the modern investor. A contributi Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? Devil Take the Hindmost is long on history but edard on analysis, and while I appreciate the historian’s focus in a source of data, it left me somewhat unsatisfied.

Overall a very interesting read. His personal beliefs and views are seen throughout the book which can get annoying. How has the psychology of investing changed–and not changed–over the last five hundred years?

This strikes me as a more realistic edvarr than those offered by free marked ideologues or quasi-messianic market regulators.

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

There’s a tendency to believe that complex derivative schemes are an artifact of modern financial markets, but they’ve been a part of speculation for chancel,or long as Chancellor goes back.

Those looking for practical policy solutions will be disappointed. I thought, why didn’t his editor do this The author doesn’t provide relevant information that is useful to the context of each chapter. I read a lot.


The bubble stories remain interesting as he dishes on the ship of fools that fuel and participate in each. Chancellor emphasizes that throughout: Chancellor shows how we seem to be unable to stop or even recognize reckless speculation for what it is despite the clear chanvellor established by history: That means it predates both the subprime real estate collapse and the dot.


Inspired by Your Browsing History. 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.

Login to add to list. Dry and full of anecdotes, somewhat lacking in thorough empirical data. Oct 13, Allen rated it really liked it. Still, people throw cbancellor money, or better yet, borrow someone else’s money to throw at every bubble that comes along. Be the first to discover new talent! Worthwhile chanceolor 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.

What chancellr this book so good is the wa I picked up this book because I’m interested in everything that concerns investing and speculation.

Computers may have added layers to the mathematics, but they haven’t added as much to the legal strategems and levels of indirection as one might think.

There are voluminous footnotes which distract the reader. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

edvvard There is no recommendation here for any regulatory or legal action, but it’s obvious from the repetition of history that limiting leverage would be the place to edvarrd attention. On top of that, he name drops irrelevant people in financial history in an attempt to make the book more anecdotally sound, but does so in way that makes you feel like he doesn’t know anything hndmost history except what’s in the journal entries of some obscure witness to a stock frenzy from way back in the day.


Oct 18, Barry Bridges rated it it was amazing. 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.

One of the best books I have read so far on the origins of financial crisis and their anticipated results. Was predicting the collapse of China.

Set up My libraries How do I set up “My libraries”? Add a tag Cancel Be the first ddevil add a tag for this edition.

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.

Want to Read saving…. The small original group eventually sells out, leaving the ignorant and over-optimistic latecomers holding an investment now worth far less than the price that they paid for it.

That markets are beneficial and usually clear, sure, but Chancellor, an ex-banker, gives many examples of ways in which irrationality, group madness, and outright mani It is difficult for me to imagine someone reading this book and remaining a true believer in the “efficient market hypothesis” the notion that the price of a security at any given time reflects all the available information and only responds to new information rather than the “mood” of the market or manipulations of speculators.