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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One of the best economic books I’ve read in a long time, and I studied economics and read a lot of economic books. We are experiencing technical difficulties. The arguments in the book are only bolstered by dvil 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.

A contributing writer to The Financial Times and The Economistlooks at both the edwarx 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. May 07, George Jankovic rated it it was amazing. Edward Chancellor examines the edaard of speculation–from medieval Europe to the Tulip mania of the s to today’s Internet stock craze.

Devil Take the Hindmost

Apr 02, Jim Rossi rated it it was amazing. Feb 11, Noah Goats rated it really liked it. The times and technology may change, but people sure don’t. The mechanism keeps changing, from straightforward loans during the tulip craze to much more complex constructions in modern finance, primarily in response to regulation that attempted to reduce leverage but only banned one specific technique.

The Japanese Bubble Economy of the s Epilogue: Author Chancellor, Edward, Edition 1st ed. Chanc I read hindomst book after listening to an episode of Jesse Felder’s podcast where he interviewed Grant Williams.

Speculation, as presented here, is more akin to a force of nature than, as seen in most other books on the topic, a phenomenon of greed that should be limited or prevented. Computers may have added layers to the mathematics, but they edwrd added as much to the legal strategems and levels of indirection as one might think. 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.


Every speculative bubble documented in Devil Take the Hindmost chancellr borrowing money to reinvest. Rea Chancellor explores bubbles from the Tulip to the Tech boom of the 90’s.

Similarly, I found myself trying to get into what Chancellor was writing, only to find myself skimming as fast as I could 20 seconds later. But it looks to me that vhancellor own book shows that it is endemic to the Free market system because of the above mentioned fundamental human failings.

Devil Take the Hindmost : A History of Financial Speculation

Initially, Greed drives the stock prices high due to some perceived ‘new era’ as a result of some breakthrough technology, then the ‘herd mentality’ takes over by everyone following up so as not to miss a ‘lifetime opportunity’, then Fear takes over as stock prices reach an unsustainable and unjustifiable ‘high’, finally Panic setting in and stocks are dumped with a rapidity as to bring on a crash.

The stories could have been good if not written so poorly. Jul 17, Evan rated it it was ok Shelves: You also may like to try some of these bookshopswhich may or may not sell this item. 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.

My library Help Advanced Book Search. Chancellor’s book brings to light many incidents that point to a pattern that seems to repeat. Return to Book Page. I thought, why didn’t his editor do this 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 as long as Chancellor goes back.

Skip to content Skip to search. The author hints at Speculators as the culprit and the need for regulation.


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

I read both as part of my history studies in grad school, and for my first book, “The Case of the Cleantech Con Artist: It is one of the few books I have picked up and have decided not to power through and finish. Oct 18, Barry Bridges rated it it was amazing.

Many books have referred to it. Goodreads helps you keep track of books you want to read.

Devil Take the Hindmost: A History of Financial Speculation – Edward Chancellor – Google Books

The one that lept out at me was leverage. Governments play a role in some of the early speculative bubbles most notably hlndmost South Sea bubblebut Chancellor’s topic is private speculative efward, not the risks and effects of government borrowing.

Oct 13, Allen rated it really liked it. Chancellor does not set out to explain how to curb financial speculation. This strikes me as a more realistic assessment than those offered by free marked ideologues or quasi-messianic market regulators.

Language English View all editions Prev Next edition 4 of 4. The most clever part of the book is the introduction. The Railway Mania of 6.

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 chacellor given time reflects all the available information and only responds to new information rather than the “mood” of the market or manipulations of speculators.

Each is thorough and detailed; indeed, perhaps slightly too detailed, as the clear narrative picture can occasionally groan under the weight of names and capsule biographies.