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Excerpt from The Rationale of Market Fluctuations IN my endeavour to preach not political economy, but business, I may in these pages have run into a style of literature tacitly considered as immoral even by those who practice the very system I desire to preach. In one word, this book may be taken as encouraging speculation by recognising it. If so, I must accept the consequences without attempting beforehand to defend speculation except on its own apparent merits. That it has merits all must allow and the more readily will the value of speculation - its value to the nation as much as to the merchant - be admitted, if my readers will be so good as to separate in their own minds speculation from mere gambling. In the one case men conduct business with their eyes open; in the other they rush blindly into Operations without considering the pros and cons. This book attempts to show broadly the considerations to which a man's eyes should be open when engaging in such operations, and it cannot therefore be accused of encouraging mere gambling. National morality must not consider itself attacked. 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.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.