“A Short History of Financial Euphoria” is a book written by John Kenneth Galbraith, published in 1990. It is a detailed and insightful exploration of the history of financial speculation and its impacts on economies and societies.

Here are some key points from the book:

1. Financial speculation has been a feature of human societies for centuries, and has often been accompanied by periods of financial euphoria, in which people become caught up in a collective belief that prices will continue to rise indefinitely.
2. Financial euphoria is often fueled by a combination of low interest rates, easy credit, and a widespread belief in the stability and prosperity of the economy.
3. Financial speculation has often led to financial crises, as speculators overextend themselves and the market becomes overvalued.
4. Governments and central banks have a role to play in managing and regulating financial markets, but they are also susceptible to being swayed by the same forces of euphoria and speculation as private investors.
5. In order to avoid financial crises, it is important to maintain a healthy level of skepticism and to recognize the potential dangers of financial speculation.