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The Value Of Organized Speculation Boston, Houghton Mifflin. April 1913. By: Harrison H Brace Our price: 275 + postage Product code: 21338 290 pages Format: Hb Published by: Houghton Mifflin, 1913, 1st edition There are no reviews available for this book

Description of The Value Of Organized Speculation

8vo. Pp viii + 290. Original publisher's cloth, spine lettered in gilt. A very good copy. First edition. Scarce. An important and noteworthy defence of speculation and its freedom from government interference. In 1896 the German government had outlawed speculation, with the backing of the populace. Brace argued the exchanges had an important role in the economy, that their benefits, the ability to hedge, the provision of liquidity, etc. far outweighed the disadvantages, that eventually their usage as casinos would dwindle, and the evils associated with speculation, corners, rings etc. would die out. Cowing (Populists and Plungers, 1965), writes: "Brace regarded the exchange ideal as good. Enlightened self-interest and voluntary associations operating together were the ultimate solution. Taxes, abolition of short selling, or incorporation of the exchanges would do no good…Brace had put in book form a view typical of contemporary financial reformers - namely that there were evils but that evolution would remove them."

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