| "Everybody who is anybody in U.S. investmentknows Adam Smith, " wrote Newsweek fouryears ago. That was even before the receptionof The Money Game, which extended AdamSmith to a far broader audience. The MoneyGame was the number-one best-seller in theU.S. for a year; it brought new definitions tosuchphrases as "performance," "go-go," and"gunslinger," and was widely read abroad.Professor Paul A. Samuelson, America s firstNobel Prize winner in economics, called it "amodern classic."Though it had an economic subject, TheMoney Game was really a study in individualbehavior. Supermoney, still concerned withmarkets, moves that focus to social behaviorand institutions. "The green stuff in your wal-let is not the real money," writes Smith. There is a superior currency which Smithchristens "Supercurrency"--income that hasbeen sent through the prism of the markets.Between the earners of income and theholders of the Supercurrency is a tremendousgap--one that leads people instinctively tothe market. All stockholders and mutual-fundholders must learn the nature of the Super-currency. Its power has bent the course ofAmerican business and even the seeminglyprecise numbers of accounting.Even so, the stock market, the mechanism ofthe Supercurrency, came very close--perhapscloser than anyone realizes--to disintegrationonly two years ago. Supermoney recounts thecrisis weekends in 1970 when the mechanismbarely survived. Some of the basic questionsfaced by professionals are still debated: Canmoney really be managed? Can funds per- |
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