Product Details

• Amazon Sales Rank: #62166 in Books
• Published on: 2000-06
• Original language: English
• Number of items: 1
• Binding: Paperback
• 400 pages

Amazon.co.uk Review
"The longest bull market in history" is a term that gets used a lot these days. Since 1990, the Dow Jones Industrial Average has risen some 8,000 points, from around 2,700 in January 1990 to nearly 11,000 today--a boom by anyone's standards, including Edward Chancellor's. In Devil Take the Hindmost, Chancellor takes an entertaining, albeit sobering, look at the history of speculative manias and the mass delusion that surrounds them.

Beginning with the "tulipomania" that gripped Holland in the 1630s, Chancellor chronicles the formations and irrational euphoria that can inflate markets, from shares of South Sea stock in England in the 1720s to real estate in Japan in the late 1980s. He characterises the speculative spirit as one that loves freedom, detests cant and abhors restrictions. From the tulip colleges of the 17th century to the Internet investment clubs of the late 20th century, speculation has established itself as the most demonic of economic activities. Although profoundly secular, speculation is not simply about greed. The essence of speculation remains a utopian yearning for freedom and equality which counterbalances the drab rationalistic materialism of the modern economic system with its inevitable inequalities of wealth. But it is precisely such inevitability that always seems to win out, when "sharply rising prices followed by sudden panic without cause" bring speculative excess to an abrupt end. Highly recommended. --Harry C. Edwards

Amazon.co.uk Review
"The longest bull market in history" is a term that gets used a lot these days. Since 1990, the Dow Jones Industrial Average has risen some 8,000 points, from around 2,700 in January 1990 to nearly 11,000 today--a boom by anyone's standards, including Edward Chancellor's. In Devil Take the Hindmost, Chancellor takes an entertaining, albeit sobering, look at the history of speculative manias and the mass delusion that surrounds them.

Beginning with the "tulipomania" that gripped Holland in the 1630s, Chancellor chronicles the formations and irrational euphoria that can inflate markets, from shares of South Sea stock in England in the 1720s to real estate in Japan in the late 1980s. He characterises the speculative spirit as one that loves freedom, detests cant and abhors restrictions. From the tulip Colleges of the 17th century to the Internet investment clubs of the late 20th century, speculation has established itself as the most demonic of economic activities. Although profoundly secular, speculation is not simply about greed. The essence of speculation remains a Utopian yearning for freedom and equality which counterbalances the drab rationalistic materialism of the modern economic system with its inevitable inequalities of wealth. But it's precisely such inevitability that always seems to win out, when "sharply rising prices followed by sudden panic without cause" bring speculative excess to an abrupt end. Highly recommended. --Harry C. Edwards, Amazon.com

From the Publisher
Praise for DEVIL TAKE THE HINDMOST
‘An admirably researched and very well written account of speculative insanity from the earliest times to, let no one doubt, the present. Anyone contemplating a stock market venture and certainly anyone now involved should read this book. J. K. GALBRAITH

‘A lively but scholarly account of the financial booms and panics of the modern world’ WILLIAM REES-MOGG

‘Vigorously written and fun to read . . . A salutary and most necessary warning, his book will be hard to beat’ DAILY TELEGRAPH

‘A timely reminder that history is filled with fools who thought that the bubble would never burst’ PAUL JOHNSON, DAILY MAIL

‘Chancellor’s rhetoric adds to the sharp taste of the juicy details. This book should be required reading for every investor’ INDEPENDENT

Customer Reviews

Very good reminder.
Very well written book. It spans some centuries os speculation and manias, describing and explaining in an non fastidious way the beginning, soaring, climax and falling of the great bull markets in history. A book to remember you of three important things to keep always in mind: that no "bubbles" are forever, that great bull markets are always fed by fraudulent schemes, and that when the great speculators of each of these bull markets start spending huge amounts of money in an evident silly and luxurious way...it's time to leave the market...

Should be mandatory reading for all traders and investors.
This is absolutely one of the best books I have ever read on trading and investments. It is well written and the historical facts seem to be in order. It is not the complete history i any regards, but it describes some of the more costly bubbles in western history (and Japan). I would never have believed that such a book could have been written by a historian, and I will reccommend it to all traders and investors. One drawback only: The author comments the events with the benefit of hindsight, and thus of course appear to be extra clever.

One of the best books on the history of financial speculation
This book absolutely lives up to its title. It covers the history of financial speculation over the past three centuries. It sheds light on the social background of economic bubble, the policy-making against the crisis and the repercussion of each major financial debacle in history. After finishing the description of those financial crises in each chapter, the author makes a brief comparison between the event covered in that chapter and the past financial debacles. This may stave off being criticized as a book merely with dry facts. In addition, it doesn't intend to give you too many details about the economic theories underlying those speculations, which makes this book highly readable even for a novice at finance or economy. I've read a few books on financial speculation and financial crisis; this book is my favorite so far.