The Rationale Of Market Fluctuations 1876

Author : UNKNOWN. AUTHOR
Publisher : Forgotten Books
ISBN 13 : 9781330309261
Total Pages : 207 pages
Book Rating : 4.3/5 (92 download)

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Download or read book The Rationale of Market Fluctuations written by UNKNOWN. AUTHOR and published by Forgotten Books. This book was released on 2015-06-15 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The Rationale of Market Fluctuations While the ultimate cause of such mischief is the liability of human nature to err, there are many important questions as to the particular occasions and direction of the errors to be considered. There is one factor to which experienced bankers and men of business attach importance, and which helps to account in part for a crop of great failures every ten or twelve years or so. This is the change of the business generation which occurs in about that period. Great businesses are not actively managed, as a rule, by the same people for long periods. People by the age of thirty or thirty-five get into responsible positions as the working partners of a large firm, or managers of the whole or of an important department of their business. But ten years later some have died, a few have changed their situations, others have, perhaps, made money, and have a natural desire to take things a little easier. Room is thus made for younger men, and practically, as we have said, there is so great an infusion of new blood that, at the end of ten years or so, much important business comes to be managed by men who have not had actual experience of the worst dangers of misuse of credit, and who have not themselves been tested as only actual and prolonged trial can test them. Other causes, we believe, cooperate in making a cycle in trade, but this constant change in the personnel by which business is carried on is of obvious importance. Traditions of business are no doubt handed down from generation to generation; but there is much that is intransmissible, while mere hearsay on many points, especially in using so delicate an instrument as credit, can never be so effective as experience. In this view a largo crop of failures at a given period would simply mean that a new business generation is gathering in the harvest of its inexperience. - The Statist. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.