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Books : History : Social & Economic History
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Rampant speculation. Record trading volumes. Assets bought not because of their value but because the buyer believes he can sell them for more in a day or two, or an hour or two. Welcome to the late 1920s in the US. There are obvious and absolute parallels to the great bull market of the late 1990s, writes Galbraith in a new introduction dated 1997. Of course, Galbraith notes, every financial bubble since 1929 has been compared to the Great Crash, which is why this book has never been out of print since it became a bestseller in 1955.Galbraith writes with great wit and erudition about the perilous actions of investors and the curious inaction of the government. He notes that the problem wasn't a scarcity of securities to buy and sell: "The ingenuity and zeal with which companies were devised in which securities might be sold was as remarkable as anything." Those words become strikingly relevant in light of revenue-negative start-up companies coming into the market each week in the 1990s, along with fragmented pieces of established companies, like real estate and bottling plants. Of course, the 1920s were different from the 1990s. There was no safety net below citizens, no unemployment insurance or Social Security. And today we don't have the creepy investment trusts--in which shares of companies that held some stocks and bonds were sold for several times the assets' market value. But, boy, are the similarities spooky, particularly the prevailing trend at the time toward corporate mergers and industry consolidations--not to mention all the partially informed people who imagined themselves to be financial geniuses because the shares of stock they bought kept going up. --Lou Schuler, Amazon.com
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Georgiana Spencer was, in a sense, an 18th-century "It Girl". She came from one of England's richest and most landed families, and married into another. She was, beautiful, sensitive and extravagant. Acquainted fairly young with Charles James Fox, her move from parties to Parties led her to become the intimate of ministers and princes, and she canvassed assiduously for the Whig cause, most famously in the Westminster election of 1784. By turns she was caricatured and fawned on by the press, and she provided the inspiration for Lady Teazle in Sheridan's School For Scandal. But, luckily for her biographer, she also had weaknesses that were to taint her life. As gin gripped the masses, so gambling enthralled the aristocracy. By 1784 Georgiana owed "many, many, many thousands", and the creditors she acquired dogged her until her death, but the sterility of her marriage meant that she never came close to disclosing the magnitude of her debts. Amanda Foreman describes astutely the mess that was personal relationships for the aristocratic subculture (Georgiana and the Duke engaged for many years in a ménage à trois with Lady Elizabeth Fraser, who inveigled her way into his bed and her heart). She is, by her own admission, a little in love with her subject, which can lead to occasional lapses of perspective, but generally it adds zest to a narrative built on, rather than burdened by, scholarship, that is at once accessible and learned. An impressive debut, in every sense. --David Vincent
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When the eminent novelist and biographer Peter Ackroyd finished writing London: The Biography, he almost immediately had a heart attack, such was the effort of his 800-page work about the "human body" that is this most fascinating of cities. And not just any human body either, but "envisaged in the form of a young man with his arms outstretched in a gesture of liberation... it embodies the energy and exaltation of a city continually beating in great waves of progress and of confidence."Probably there is no one better placed than Ackroyd--the author of mammoth lives of Dickens and Blake, and novels such as Hawksmoor and Dan Leno and the Lime House Golem which set singular characters against the backdrop of a city constantly shifting in time--to write such a rich, sinewy account of "Infinite London".
Ackroyd's London is no mere chronology. Its chapters take on such varied themes as drinking, sex, childhood, poverty, crime and punishment, sewage, food, pestilence and fire, immigration, maps, theatre and war. We learn that gin was "the demon of London for half a century", and that "it has been estimated that in the 1740s and 1750s there were 17,000 'gin-houses'." Fleet Street was an area known for its "violent delights" where "a 14-year-old boy, only 18 inches high, was to be seen in 1702 at a grocer's shop called the Eagle and Child by Shoe Lane." By the mid 19th century "London had become known as the greatest city on earth." By 1939 "one in five of the British population had become a Londoner."
Though London's chapters vary meaning that it can be dipped into at random, Ackroyd is employing a skilful and continuous theme throughout, which constantly links past and present--the similarities of children's games in Lambeth in 1910 and 1999; the obsession with time--"in 21st-century London time rushes forward and is everywhere apparent", while in 18th-century London the church clock of Newgate "regulated the times of hanging." Above all, he insists that the "dark secret life" of the metropolis is as relevant today as it was in perhaps its most appropriate period, Victorian London.
Again and again Ackroyd returns to the image of London as a living organism, hence his use of the word "biography" in the title. At once awed by and intimate with this "ubiquitous" city, he stresses that "it can be located nowhere in particular... its circumference is everywhere." --Catherine Taylor
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How would you survive on wartime rations? Eating for Victory (subtitled Healthy Home Front Cooking on War Rations) makes for absolutely fascinating reading -- and may answer the question as to what the reader might have made of these more straitened times.The book reproduces official Second World War instruction leaflets (which have never before been published in book form) and demonstrates how millions of people in Britain endured food shortages during the hardships of WWII. With a perceptive foreword by Jill Norman, Eating for Victory shows that the government endeavoured to keep morale high by producing a host of the upbeat leaflets included here on such subjects as `using up stale crusts' and `foods for fitness' (the leaflets are most amusing in this area, showing how much thinking has changed over the years -- the use of fats and lard looks very quaint in these more enlightened times). But what gives particular pleasure here is the verbatim reproduction of the original artwork and typefaces, which vividly conjures a lost era. To read this entertaining little book is like climbing into a time machine to take us back to the 1940s. --Barry Forshaw
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