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Early Speculative Bubbles (Large Print Edition) - And Increases in the Supply of Money (Large print, Paperback, Large type / large print edition)
Loot Price: R319
Discovery Miles 3 190
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Early Speculative Bubbles (Large Print Edition) - And Increases in the Supply of Money (Large print, Paperback, Large type / large print edition)
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Loot Price R319
Discovery Miles 3 190
Expected to ship within 10 - 15 working days
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LARGE PRINT EDITION More at LargePrintLiberty.com
The Housing Bubble was hardly the first in human history. What's
eluded historians is the same issue that eludes commentators today:
the underlying cause of bubbles. This book is the first (and only)
book to solve the mystery of the most famous bubble in world
history: Tulipmania in 17th century Netherlands. It Is a legendary
event but explanations have been lacking. People blame irrational
exuberance, free markets, and an unleashed aristocracy. Douglas
French takes a different route: he follows the money to prove that
the bubble resulted from a government intervention that
dramatically exploded the money supply and fueled the tulip-price
bubble - not altogether different from modern bubbles. This book
was French's Master's thesis written under the direction of Murray
Rothbard and examining three of the most famous speculative bubble
episodes in history through the lens of Austrian Business Cycle
Theory. Although each of these episodes is well documented, this
book examines the monetary interventions that engendered each of
these events showing that not only the Mississippi Bubble and the
South Sea Bubble were caused by government meddling, but Tulipmania
was as well. Tulipmania was unique in that it was the sound money
policy of the Dutch combined with free coinage laws that led to an
acute increase in the supply of money and fostered an atmosphere
that was ripe for speculation and malinvestment, manifesting itself
in the intense trading of tulip bulbs. The author examines not only
the Mississippi Bubble but also the life and monetary theories of
its architect, John Law. Professor Joe Salerno calls Law the
world's first macroeconomist who implemented a Keynesian monetary
system in France nearly two hundred years before Keynes was born.
At the same time across the English Channel, a nearly bankrupt
British government looked on with envy at Law's system, believing
that he was working a financial miracle. It was anything but this
and investors in both countries were devastated. Although these
episodes occurred centuries ago, readers will find the events
eerily similar to today's bubbles and busts: low interest rates,
easy credit terms, widespread public participation, bankrupt
governments, price inflation, frantic attempts by government to
keep the booms going, and government bailouts of companies after
the crash. When will we learn? We first have to get cause and
effect in history straight. This book is an excellent contribution
to that effort.
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