Average Reviews:
(More customer reviews)This book is a history of the futures and derivatives markets from the 1850s to the present. It painstakingly traces the history of the markets as they developed in Chicago and later in New York. What I liked was that the author mixed a good amount of the institutional history with stories about trading scandals to keep the reader interested and entertained. The markets showed that they were always two-faced -- dealing with the public and also for themselves. They got more mature after futures and options were introduced in the 1970's but were still seeing scandal until the late 1990s when the narrative ends. The book also discusses the battle between the markets and the government along the way and it is an interesting part of the story. Makes you wonder whether Enron would have happened if there had been stronger regulators in place. A highly recommended book since it is the first history that I know of that covers this material. Seems a vital part of American history that has been overlooked until now.
Click Here to see more reviews about: Wheels of Fortune: The History of Speculation from Scandal to Respectability
An intriguing history of the futures market and speculationFrom Jay Gould's attempt to corner the gold market in the 1860s to the Hunt brothers' scandalous efforts to control the silver market in the 1980s, Wheels of Fortune traces the rich, colorful history of the futures market on its quest for respectability and profit. This comprehensive account shows readers why the markets have been grabbing headlines for over 100 years as both respectable economic institutions and hotbeds of gambling activity and scandal. Charles Geisst brings the personalities and strategies behind the futures market and speculation in general to life, against a backdrop of American life that begins prior to the Civil War.
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