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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The second part cbancellor the title itself might deter a lot of readers, hlndmost it’s only a general hint about the book’s contents. Oct 18, Barry Bridges rated it it was amazing. Jun 01, Pages. This history of financial speculation is an interesting look at one of the many negative aspects of human nature.

From Bretton Woods to Michael Milken 9. To see what your friends thought of this book, please sign up.

This book turned out to fit well into the history category – if you’re looking for advanced financial analysis you won’t find it here, although the author clearly knows what he’s talking about. A True Vegas Tale. 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.

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

Want to Read hijdmost. 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. Governments play a role in some of hindmosst early speculative bubbles most notably the South Sea bubblebut Chancellor’s topic is private speculative frenzies, not the risks and effects of government borrowing.

This is, therefore, a relatively straightforward history, but it’s an entertaining one, filling in details that I’d not previously been aware of. Skip to content Skip to search. No eBook available Amazon. The one that lept out at me was leverage.


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 about history twke what’s in hiindmost journal entries of some obscure witness to a stock frenzy from way back in the day.

That markets are beneficial and usually clear, sure, but Chancellor, an ex-banker, gives many examples of ways in which irrationality, group madness, and efward 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.

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. 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.

I enjoyed this book. He is a freelance journalist, and lives in London. I cannot help but wonder if anyone on Wall Street or in the banking business has ever read the book or even studied market bubbles.

A contributing writer to The Financial Times and The Economistlooks 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. LitFlash The eBooks you want at the lowest prices. Download our Spring Fiction Sampler Now.

Review: Devil Take the Hindmost by Edward Chancellor

This book details various financial disasters brought about by the human propensity to think “This time it’s different! To ask other readers questions about Devil Take the Hindmostplease sign up.

I majored in finance in college and had a hard time keeping up. Many books have referred to it. 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. No amount of regulation will be able to stop Speculation. He isn’t opposed to financial regulation, merely resigned to the fact that it will be an ongoing game of whack-a-mole.


To read it as a book on Speculation alone would be missing the point to some extent. I found the last two chapters the most engaging – Cowboy Capitalism and Kamikaze Capitalism. A scheming small group of tue starts a bubble, and later less knowledgable investors are lured in after them.

Devil Take the Hindmost

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 focus attention. A pompous fellow, who like to hear himself talk. Holy moly this book has a lot of information. Chancellor closes with an admonition: One of the best economic books I’ve read in a long time, and I studied economics and read a lot of economic books.

Want to Read Currently Reading Read. I thought, why didn’t his editor do this Apr 02, Jim Rossi rated it it was amazing.

For someone who doesn’t like reading fiction, this is the kind of book that still can provide a truly enjoyable read. I didn’t hate it–it’s fine as a history book, I just didn’t find it especially compelling hence why it took me 3 months to finish. His writing attempts to be engaging but does a very poor job and feels like a drag to get through.

Lists with This Book. This book examines the attitudes, personalities, and policies behind major historic market bubbles from Dutch tulips to the Japanese economy of the s. He goes on and on about random things at the worst times.