Extensively revised to reflect the dramatic changes and concentration of financial markets, the seventh edition of this highly esteemed book provides a clear and concise guide to a complex world that often remains difficult to understand even for those working within it.

With chapters on markets dealing with money, foreign exchange, stocks, bonds, commodities, financial contracts, options, and other derivatives, it examines why these markets exist, how they function, who trades in them, and the factors influencing prices and interest rates.

Business history is full of disasters that occurred as people engaged with financial instruments they did not fully understand. If they had this book, they might have avoided their mistakes. For anyone wishing to understand financial markets, there is no better guide.