Greedy Wisdom: The History of Speculation from Disrepute to Respect

Author: Charles R. Geist (USA)
Publisher:
Publish Date: 2006-10-01
Features: For over 150 years, speculation in financial markets, particularly in futures markets, has been an important part of the history of the American financial market. Indeed, speculation enhances liquidity, speculation mitigates risk, and speculation has created one after another. Speculation has repeatedly shattered people's dreams of getting rich; speculation has made outstanding "gambling kings" like Benjamin Harrison, P.D. Ammon, and Jay Gould; but speculation has also brought down industry giants like Long-Term Capital Management and Barings Bank. Therefore, in a sense, the history of the financial market is a history of speculation! This is the first comprehensive description of the colorful and scandalous history of the American futures market's continuous profits. This book attempts to clarify how market speculation gradually emerged and was recognized by capturing the early spirit of the market, events in chronological order, and the individuals who filled the market with noise and suspicion. Renowned business historian and best-selling author Charles R. Geist elaborates in detail on the characteristics and strategies of the futures market from before the American Civil War to the entire 20th century, as well as the role of speculation in general on daily life. Yes, perhaps only by restoring history can we interpret the true meaning of wisdom in a space free of pretense and affectation. This is the first comprehensive description of the colorful and scandalous history of the American futures market's continuous profits. This book attempts to clarify how market speculation gradually emerged and was recognized by capturing the early spirit of the market, events in chronological order, and the individuals who filled the market with noise and suspicion. Renowned business historian and best-selling author Charles R. Geist elaborates in detail on the characteristics and strategies of the futures market from before the American Civil War to the entire 20th century, as well as the role of speculation in general on daily life. Perhaps only by restoring history can we interpret the true meaning of wisdom in a space free of pretense and affectation. With detailed evidence, this book vividly records the entire process of the birth and development of the American futures market, including how ambitious merchants in the 19th century, driven by profit, established modern standard futures contracts to monopolize the gold, silver, and grain markets; how the futures market struggled to take off amidst people's curses; and why, in the 20th century, a large number of companies, individuals, and even foreign governments quickly entered this field. While showcasing the 100-year journey of the futures market through storms and winds, this book also provides brilliant interpretations of speculative events from a humanistic perspective.