Jaison Patel
Devil Take the Hindmost
By Edward Chancellor
“The game does not change and neither does human nature” (30)
We learn from the past - a common lie. Historical accounts of certain events exist to be passed down from generation to generation. Instances of financial speculation are considered by most to be mistakes made by society, however, they are mistakes that can be corrected by modern society. At least that’s what the history teachers preach. In his informative third-person novel, author Edward Chancellor lays out the facts, the accounts, and the results of numerous occurrences of speculation in the sales of products as exquisite as tulips or as mundane as diving company shares. He keeps his bias out of the equation while letting the reader develop their own opinion about the essence of speculation.
Outlining fundamental concepts in the stock market and its history, Chancellor sets up his book as one that will explore his multifaceted study of speculation. Writing that, “speculation is the name given to a failed investment” (xi), the author continues to share a synopsis of the origins of speculation. I appreciate Chancellor’s efforts to teach the roots of speculation before he delves into the historical events. Continuing his preamble, the author describes the human nature of speculation by explaining that “they (speculators) will sell without knowing the motive [and] buy without reason” (13). It is understandable that speculators are indeed human, and oftentimes act specific ways without specific reasons. Since it is impossible to predict the actions of each individual, prices can rise and fall instantaneously.
“Homo bulla est, man is a bubble” (21)Nobody can be trusted in the stock market except oneself. Chancellor informs the reader about “stock jobbers,” people who scam others “in a world where… company shares became the currency of corruption” (48). During a war with France, the Scottish government debased coinage - lowering the value of currency - and shares in the Darien Company, East India Company, and Hudson’s Bay Company were unlawfully expunged. Chancellor educates the reader about speculative situations; the people leading them may be corrupt. Regardless of character flaws of CEOs, Chancellor’s writing seems reasonable because the risk of speculation stands out; the companies which rise high will fall low. Chancellor adds another component to his study, as he finds speculation to be guided by “self-interest… and unchecked by government interference” (55-56). It is logical that one starts speculating with the absence of restrictive laws and the intention to reap personal benefits.
Readers with an appreciation for trivial details will enjoy the historical accounts of speculation in Edward Chancellor’s Devil Take the Hindmost. The absence of an author’s bias enables the reader to establish assessments of the positive and negative results of distinct events. Chancellor simply widens the entrance to the realm of history’s issues; it is the audience’s job to figure out how to avoid committing the same mistakes again.
Related article about Crowd Phenomenon: https://www.psychologytoday.com/us/blog/the-consciousness-question/201312/the-crowd-phenomenon
Work Cited
2. Collier, Graham. “The Crowd Phenomenon.” Psychology Today, Sussex Publishers, 5 Dec. 2013, https://www.psychologytoday.com/us/blog/the-consciousness-question/201312/the-crowd-phenomenon
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