Speculation and the Chicago Board of Trade

Originally published in 1920, James Ernest Boyle’s study emerged during a period of intense public and legislative scrutiny regarding the role of futures markets in the American agricultural economy. As a professor of rural economy at Cornell University, Boyle sought to demystify the complex operations of the Chicago Board of Trade for the general public and policymakers alike. His work provides a detailed examination of the mechanics of speculation, intended to defend the exchange against widespread accusations that it artificially inflated food prices during the post-World War I era.

The book stands as a primary academic contribution to the discourse on 20th-century market regulation and institutional finance. Boyle’s approach was rooted in his belief that the grain exchange was a vital, misunderstood mechanism of economic efficiency rather than a site of mere gambling. The 2018 edition by Creative Media Partners is a modern reprint, designed to make this historical record accessible to contemporary historians and scholars interested in the evolution of commodity trading and the long-standing tension between market volatility and government oversight.