Friend or Foe

by Michael Morpurgo
Friend or Foe cover
Good Books rating 4.33
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  • ID: 3371
  • Added: 2025-10-18
  • Updated: 2025-10-19
  • Formats: 7
  • Reviews: 3
Reviews
shop.royalarmouries.org · Unknown · 2025-10-21
excellent 4.50

The reviewer finds 'Devil Take the Hindmost' to be an excellent book that draws striking parallels between historical financial manias and current economic situations, particularly between Japan in the late 1980s and China today. The book is praised for its engaging narrative and insightful analysis of speculative behavior throughout history.

The reviewer highlights the book's timely parallels between Japan's economic bubble in the late 1980s and China's current economic situation, noting how the book's historical examples resonate with contemporary events. They appreciate the book's comprehensive coverage of financial speculation from ancient Rome to the 20th century, making it a valuable read for those interested in economic history and market cycles. The reviewer also notes that the book offers important lessons for both bullish and bearish investors, emphasizing the dangers of speculative manias and the importance of understanding market irrationality.

Quick quotes

    The official being quoted is not a Chinese central banker circa 2011. He is a BOJ (Bank of Japan) official circa 1988.

    The similarities — China now, Japan then — are notable.

    The persistently recurring nature of the episodes Chancellor describes — and the ability of froth to reach incredible heights — is great testimony to the old J.M. Keynes warning: “The market can remain irrational longer than you can remain solvent.

bookclubhub.co.uk · Unknown · 2025-10-21
intriguing 4.00

The book delves into the history of financial speculation, tracing its origins back to ancient Rome and exploring its evolution through various periods. It highlights the innate human traits of bartering and future-divining that drive speculation, and the early forms of financial markets and instruments.

The book provides a fascinating journey through the history of financial speculation, starting with ancient Rome where the foundations of modern capitalism were laid. It discusses the Roman financial system, the role of speculators, and the early forms of joint-stock companies. The narrative continues through the Middle Ages, highlighting the ideological and practical barriers to speculation, and then into the early modern period where financial markets began to take shape. The book also touches on the cultural and economic factors that influenced speculation, providing a comprehensive overview of its development over time.

Quick quotes

    The propensity to barter and exchange is an innate human characteristic. An inclination to divine the future is another deeply ingrained trait. Together they comprise the act of financial speculation.

    The Roman comic playwright Plautus describes the Forum as peopled with whores, shopkeepers, moneylenders, and wealthy men.

    The Roman state contracted out many of its functions, from tax collecting to temple building, to societies of capitalists, known as publicani.

goodreads.com · Unknown · 2025-10-21
informative 4.50

The book provides a comprehensive history of financial speculation, from tulip bulbs to the 1929 stock crash, and includes current events like the Internet stock boom. It presents speculation as a common human behavior, weaving together descriptive narratives with retrospective analysis, and offers a balanced view on the interpretations of speculation.

This book offers a detailed look into the history of financial speculation, covering everything from the tulip bulb mania in 17th-century Holland to the American stock crash of 1929, and even touching on the contemporary boom in Internet stocks. The author, Edward Chancellor, presents speculation as a widespread and very human behavior that involves people from all walks of life. The book is structured as a descriptive narrative of major episodes, accompanied by retrospective analysis from various authorities. This dual approach makes the book particularly intriguing, as it not only delves into the manipulations of speculators but also explores the evolving opinions of experts over time. The author profiles prominent speculators like Cornelius Vanderbilt, James Fisk, and Charles Keating, providing biographical context. Chancellor's writing is articulate and informative, offering a running primer on basic investment concepts alongside tales of greed, political maneuvering, and obsession. The book succeeds in presenting a fair and balanced view of speculation, acknowledging both the calls for looser and stricter controls. However, Chancellor expresses some skepticism about the prevailing belief in market efficiency and self-regulation, cautioning that speculation, as an anarchic force, often invites government restrictions but ultimately finds ways to run amok.

Quick quotes

    Timely, beautifully written, ruthlessly informative.

    The author weaves together a descriptive narrative of major episodes with retrospective analysis by various authorities.

    Chancellor closes with an admonition: “As an anarchic force, speculation invites government restrictions yet it is only a matter of time before it slips its chains and runs amok.

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