The world-renowned economist offers “dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague. This review of John Kenneth Galbraith’s book “A Short History of Financial Euphoria” documents history’s lessons for financial decision makers. A Short History of Financial Euphoria. John Kenneth Galbraith, Author Viking Books $16 (p) ISBN

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The central arguments of the book are these: Timeless ode to human folly and the madness of crowds in financial markets. The In the Canadian-born, Keynesian celebrity economist, serial author, academic enfant terrible and producer of timeless quotations – Ken Galbraith published his now classic The Great Crash of Galbraith in one sentence describes those people: When the average person becomes richer during an euphoria, he also tends to believe that the new riches are the product of his superior insight or intuition.

Read and, if not weep, at least sigh at our recidivist follies. Galbraith was right to predict that 20 years was all it took to forget Its not so much a bool, its an essay in bool form, but the blurb does confirm this. How to write a great review.

Oct 29, Joyce Zhang rated it liked it. A Legacy of Spies.

For the same reasons I didn’t much like Animal SpiritsI find the total reliance on group psychology unsatisfactory. But as a writer of popular, accesible economics, he is, in my view, up there with Bastiat. He was a Keynesian and an institutionalist, a leading proponent of 20th-century American liberalism and democratic socialism. By using our website you agree to our use of cookies. Aug 09, Robert Rigoni added it. In the most recent boom and bust, that of sub prime mortgages and their derivatives, there were plenty of endogenous factors which cannot be ignored.


The analysis of the crash seldom kenneh any blame on the stupidity and greed and gullibility of the people who drove the bubble, for two reasons.

The Book of Dust: Written in and updated in providing a good view of the repetitive nature of bubbles. Galbraith, where is your simple, coherent wisdom when we need it most?

A Short History of Financial Euphoria : John Kenneth Galbraith :

Whereas you know the kennetth he draws are the correct ones, at the same time its not quite enough to believe him.

He argues that financial memory is exceedingly short, rarely lasting more than 20 years. There are no discussion topics on this book yet. Are the causes of economic events such as assets bubbles and busts endogenous – originating within the economic system, such as central bank action or new innovations – or exogenous – originating outside it, such as natural disasters?

A Short History of Financial Euphoria by John Kenneth Galbraith | : Books

Seven Brief Lessons on Physics. This book was short and a fast-paced read, essential if I’m going to read some non-fiction book about financial matters. A Life in Our Times. A very short page read but definitely some great negative history we must be aware and changes your view of financial markets.

Astrophysics for People in a Hurry. I flew through this book and it was a big eye-opener. Second, the price goes up. In this primer, the renowned economist John Kenneth Galbraith reviews the major speculative episodes financiql the last three centuries – from the jjohn century tulip craze to the calamitous junk-bond follies of the s.

As ever, Galbraith is clear, concise and persuasive: I would also add an abandonment of the idea of safety nets, both the political left version that includes government support for the vulnerable and the political right version that involves a deep caring for the people in our community.

Thank You for Being Late. When the average person becomes richer during an euphorai, he also tends to believe that the new riches are the product of h Short and sweet, witty, humorous, and yet informative. Shogt 29, Will Bell rated it liked it Galbrwith My accountant husband urged me to read it after I failed to read another book of Galbraith’s–The Great Crash, I believe it was.


But then, on that terrible October morning, realization was thought to have dawned. About John Kenneth Galbraith. Feb 16, Lainie rated it really liked it. Ratings and Reviews 2 4 star ratings 2 reviews.

A Short History of Financial Euphoria

This deficit had already persisted in what was considered by fiscal conservatives an alarming magnitude for the preceding six years of the Reagan administration. On the one hand those who are believers and are convinced that a new world of immediate wealth has been born, on the other hand those who think that the price rises are unsustainable but intend to ride the wave and exit when the crash approaches.

When a financial innovation is new it usually means that a hype machine is forming and that a bubble is inflating. Deleveraging also occurs, creating a vicious cycle. Aug 25, Chuck rated it liked it. Lincoln in the Bardo.

Published July 1st by Penguin Books first published January 1st Just a moment while we sign you in to your Goodreads account. Dec 29, Marilyn Pocius rated it it was amazing. Truth is stranger than any fiction.

Episodes of financial euphoria and their harsh consequences are a so-far inescapable consequence of capitalism. Want to Read Currently Reading Read. The general framework in itself is penned down in two initial chapters and in the concluding ending chapter, in total 30 pages.