In the re-imagining of Battlestar Galactica, the first Cylon Hybrid utters these chilling words: “All this has happened before, and it will happen again.” It may seem odd to quote a science fiction series in review of a book about the stock market, but it’s disturbingly apropos of the subject matter. John Chancellor’s magisterial book, Devil Take the Hindmost: A History of Financial Speculation, charts the course of human folly in high finance from tulipomania to kamikaze capitalism. Trade and exchange are as old as time, while the need for money and the desire for wealth are not necessarily bad. Unfortunately, desire and greed can lead to hubris, hysteria, and hyperinflated stocks.
Read my full review here.