Summary of John Kenneth Galbraith's A Short History of Financial Euphoria

Please note: This is a companion version & not the original book. Book Preview:

#1 The free-enterprise economy is prone to episodes of speculation. These involve bank notes, securities, real estate, art, and other assets or objects. The more obvious features of the speculative episode are clear to anyone open to understanding.

#2 The mass psychology of the speculative mood is difficult to understand, but it is clear that it allows those who are affected by it to save themselves from disaster. The saved will be the exception to a very broad and binding rule.

#3 The condemnation of those who express doubt or dissent is strong, and they are often called obsolete, incapable of grasping the new and rewarding circumstances, or even deeply suspect.

#4 The euphoric episode is protected and sustained by the will of those who are involved, to justify the circumstances that are making them rich. And it is equally protected by the will to ignore, exorcise, or condemn those who express doubts.

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