In 'A Short History of Financial Euphoria', John Kenneth Galbraith uncovers the cyclical nature of financial bubbles throughout history, revealing the patterns of human behavior that lead to economic crises. With wit and insight, he illustrates how greed and irrationality have historically blindsided the masses, prompting investment frenzies that often end in disaster. Galbraith's reflections serve as a cautionary tale, urging readers to recognize the signs of impending euphoria before it's too late. This brief yet impactful read challenges our understanding of finance and the psychology behind it. Are we destined to repeat the mistakes of the past, or can we finally learn from them?
By John Kenneth Galbraith
Published: 1994
"The history of finance is a history of man’s tendency to forget the lessons of the past and to repeat the same mistakes, only on a grander scale."
The world-renowned economist offers "dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague of junk bonds." —The Atlantic. With incomparable wisdom, skill, and wit, world-renowned economist John Kenneth Galbraith traces the history of the major speculative episodes in our economy over the last three centuries. Exposing the ways in which normally sane people display reckless behavior in pursuit of profit, Galbraith asserts that our "notoriously short" financial memory is what creates the conditions for market collapse. By recognizing these signs and understanding what causes them we can guard against future recessions and have a better hold on our country's (and our own) financial destiny.
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“The history of finance is a history of man’s tendency to forget the lessons of the past and to repeat the same mistakes, only on a grander scale.”
A Short History of Financial Euphoria
By John Kenneth Galbraith
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John Kenneth Galbraith (1908-2006) was a prominent American economist, public official, and author, best known for his contributions to economic theory and policy in the 20th century. A leading figure in the post-World War II era, Galbraith's work often focused on the interplay between economics and societal values. His notable works include 'The Affluent Society,' 'The New Industrial State,' and 'The Economics of Innocent Fraud.' Galbraith's writing style is characterized by his ability to simplify complex economic concepts while also merging wit, satire, and a strong sense of social critique, making his insights accessible to a broad audience.
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