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A lively, original, and challenging history of stock market speculation from the 17th century to present day. 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 psychology of investing changed—and not changed—over the last five hundred years? In Devil Take the Hindmost, Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of 1630s Holland, to “stockjobbing” in London's Exchange Alley, to the infamous South Sea Bubble of 1720, which prompted Sir Isaac Newton to comment, “I can calculate the motio...
We live in an age of serial asset bubbles and spectacular busts. Economists, policymakers, central bankers and most people in the financial world have been blindsided by these busts, while investors have lost trillions. Economists argue that bubbles can only be spotted after they burst and that market moves are unpredictable. Yet Marathon Asset Management, a London-based investment firm managing over $50 billion of assets has developed a relatively simple method for identifying and potentially avoiding them: follow the money, or rather the trail of investment. Bubbles whether they affect a whole economy or merely a single industry, tend to attract a splurge of capital spending. Excessive inv...
"The essays contained in this book have been selected from the Global investment review (GIR) of Marathon Asset Management Ltd ..."--Page xix Includes bibliographical references and index. Introduction -- Ch. 1. Capital thoughts -- Ch. 2. The rise of shareholder value -- Ch. 3. The two-tier market -- Ch. 4. Blind capital -- Ch. 5. Fibre-optical illusions -- Ch. 6. The croupier's take -- Ch. 7. Making up the numbers -- Ch. 8. Mismanagement -- Appendix: Valuing the dream -- Glossary -- Index.
The first book of the next crisis. A history of interest rates by a leading financial commentator, updated with a new postscript. *Winner of the 2023 Hayek Book Prize* *Longlisted for the 2022 Financial Times Business Book of the Year Award* All economic and financial activities take place across time. Interest coordinates these activities. The story of capitalism is thus the story of interest: the price that individuals, companies and nations pay to borrow money. In The Price of Time, Edward Chancellor traces the history of interest from its origins in ancient Mesopotamia, through debates about usury in Restoration Britain and John Law ' s ill-fated Mississippi scheme, to the global credit ...
A compelling narrative on what went wrong with our financial system—and who’s to blame. From an award-winning journalist who has been covering the industry for more than a decade, The Devil’s Derivatives charts the untold story of modern financial innovation—how investment banks invented new financial products, how investors across the world were wooed into buying them, how regulators were seduced by the political rewards of easy credit, and how speculators made a killing from the near-meltdown of the financial system. Author Nicholas Dunbar demystifies the revolution that briefly gave finance the same intellectual respectability as theoretical physics. He explains how bankers worldw...
This book analyses the development and current position of the Lord Chancellor in his various roles.
From a Western point of view, the policy of economic engagement with China has failed. A rapid rise in living standards in China has helped legitimize and strengthen the Chinese Communist Party’s power. How did Western, market-orientated, property-owning, liberal democracies go from being in a position of complete global hegemony in the early 1990s to the current crisis of confidence and loss of moral foundation? This book tells the story of the most successful trading nation of the early twenty-first century. It looks at how the Communist Party of China has retained and cemented its monopoly on political power since China’s accession to the World Trade Organization in December 2001. It ...
By way of Eton, Cambridge, Reuters, ITN, the Spectator and the Sunday Telegraph, Chancellor arrived in his first job based in America in 1986 as Washington correspondent for the then new British daily, the Independent. In 1992 he joined the New Yorker, reaping a harvest of news, gossip and humour collected here.
THE SUNDAY TIMES BESTSELLER A life in and out of politics – from the despatch box to the stage on Strictly – by one of Britain’s most influential and well-loved political figures. 'Full of anecdote, insight and authenticity’ Evening Standard BOOKS OF THE YEAR 'Witty, reflective and engaging' Nick Robinson 'Honest and revealing' Michael Palin 'Fascinating, heartfelt' Kay Burley 'Insightful, funny, unexpectedly moving' Jonathan Freedland On the night of 7 May 2015, Ed Balls thought there was a chance he would wake up the next morning as the new Chancellor of the Exchequer. Instead, he woke up without a job. Twenty-one years earlier he had left a promising career in journalism to work f...
Buy now to get the main key ideas from Edward Chancellor's The Price of Time Interest serves as an incentive for creditors to lend their money instead of hoarding it. In The Price of Time (2022), finance journalist Edward Chancellor explores the origins of interest and its evolution over millennia. He examines the consequences of unnaturally low interest rates, such as asset price bubbles, reduced productivity growth, elevated debt levels, and increased inequality. Chancellor warns that such adverse consequences could lead to another crisis in the global financial system if left unaddressed.