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This seventh edition of an investment classic has been thoroughly revised and expanded following the latest crises to hit international markets. Renowned economist Robert Z. Aliber introduces the concept that global financial crises in recent years are not independent events, but symptomatic of an inherent instability in the international system.
Manias, Panics, and Crashes The best known and most highly regarded book on market crisis, Manias, Panics, and Crashes is entertaining, exhaustive, and thoroughly engaging. Since its introduction in 1978, it has charted a new landscape in the volatile world of financial markets. Charles Kindleberger's brilliant, panoramic history revealed how financial crises follow a nature-like rhythm: they peak and purge, swell and storm. Now in a newly revised and expanded third edition, Manias, Panics, and Crashes probes the most recent "natural disasters" of the markets-from Black Monday to the Japanese boom and bust, from the Sterling crisis and Peso devaluation to the potential "bubble" of today's technology stocks. Kindleberger's writing is both captivating and colorful, leading the reader through a myriad of financial free falls. From the currency devaluation in the Holy Roman Empire in 1618, through the California gold rush of the 1840s and '50s, all the way up to the crash of 1987 and last year's Peso devaluation, his sharply drawn history confronts a host of key questions: In the ups and downs of market behavior, where is the line between rational and irrational? Are the markets a fool's paradise in an explosive world? When the storm expands to dangerous proportions, who will calm the panic amid the thundering squall? Should a "lender of last resort" intervene to repair the wreckage and bury the carnage? Along with scores of casualties and criminals, a revealing common thread emerges from this rich history of manias, panics, and crashes: market crises are associated with greed and avarice. Just as money evolved from coins to include bank notes, bills of exchange, bank deposits, and checks, greed likewise took on many different forms. Lightning will strike an economic environment in strife, and Kindleberger explores what happens to the markets when conflicting interests arise. Manias, Panics, and Crashes can be regarded as a warning or a proposition, reminding readers, in many ways, that what goes around comes around. Like all true classics, Kindleberger's book remains timely-for better or for worse. "One never picks up a work by Charles Kindleberger without anticipating a feast of entertainment. But underneath the hilarious anecdotes, the elegant epigrams, and the graceful turns of phrase, Kindleberger is deadly serious." -from the Foreword by Peter L. Bernstein, author of Capital Ideas: The Improbable Origins of Modern Wall Street Originally written in 1978, Manias, Panics, and Crashes is still the best known and most highly regarded book on financial crises. From the currency devaluation in the Holy Roman Empire in 1618, through the California gold rush of the 1840s and '50s, all the way up to the crash of 1987 and last year's Peso devaluation, Manias, Panics, and Crashes reminds us that with regard to excess, greed, crisis, and money-what goes around still comes around. Acclaim for Manias, Panics, and Crashes "[Manias, Panics, and Crashes] is a scholarly account of the way that mismanagement of money and credit has led to financial explosions over the centuries." -Richard Lambert, Financial Times "Manias, Panics, and Crashes is a durable guide to meditation: wise, witty, and practical. It is a template against which to measure the latest financial crisis-whatever and whenever that happens to be." -David Warsh, The Boston Globe "Manias, Panics, and Crashes glistens among the classic books on economics and finance." -S. Jay Levy, Chairman, The Jerome Levy Economics Institute of Bard College "This book sparkles with the best of Kindleberger's wit, insight, and passion for financial history. A real delight." -Robert Z. Aliber, Professor of International Economics and Finance, University of Chicago, Graduate School of Business
Manias, Panics and Crashes , is a scholarly and entertaining account of the way that mismanagement of money and credit has led to financial explosions over the centuries. Covering such topics as the history and anatomy of crises, speculative manias, and the lender of last resort, this book has been hailed as 'a true classic...both timely and timeless.' In this new, updated fifth edition, Kindleberger and Aliber expand upon the ideas presented in the previous edition, and include two new chapters on the real estate price bubble that occurred in Norway, Sweden and Finland at the end of the 1980s, and the three asset price bubbles that occurred between 1985 and 2000 in Japan and other Asian countries. Selected as one of the best investment books of all time by the Financial Times, Manias, Panics and Crashes puts the turbulence of the financial world in perspective.
Economists mostly believe that financial markets are ruled by rationality after intelligent investors digest all the relevant information. Economic historians concede that this is generally the case but that, on occasion, these markets get caught up in herd behaviour, possibly irrational enough to be called manias, overdo bidding asset prices up, leading to consequent and subsequent collapse.
Perhaps the most peculiar feature of a financial bubble – one that Charles Kindleberger's classic work Manias, Panics and Crashes draws particular attention to – is the inability of those trapped inside it to grasp the seriousness of their predicament. They know in principle that bubbles exist, and they know that the financial crashes that result from them are capable of destroying individuals' wealth and entire economies. Yet whenever and wherever a bubble begins to form, we're told that this time things are different, that there are sound reasons to continue to invest and to presume that prices will continue to rise steadily forever. Kindleberger's achievement is to use the critical thinking skill of evaluation to examine this strange mindset and the arguments advanced in support of it. He harshly judges the acceptability of the reasons used to create such arguments, and highlights the issues of relevance and adequacy that give us every reason to doubt them. Kindleberger also uses his powers of reasoning to effect an unusual achievement – writing a work soundly rooted in economics that nonetheless engages and convinces a non-specialist audience of the correctness of his arguments.
From ancient Rome to the Great Meltdown of 2008, this account of financial crises throughout history reveals the common human foibles that drive economic booms and busts.
"The World in Depression is the best book on the subject, and the subject, in turn, is the economically decisive decade of the century so far."--John Kenneth Galbraith
Manias, Panics, and Crashes The best known and most highly regarded book on market crisis, Manias, Panics, and Crashes is entertaining, exhaustive, and thoroughly engaging. Since its introduction in 1978, it has charted a new landscape in the volatile world of financial markets. Charles Kindleberger's brilliant, panoramic history revealed how financial crises follow a nature-like rhythm: they peak and purge, swell and storm. Now in a newly revised and expanded third edition, Manias, Panics, and Crashes probes the most recent "natural disasters" of the markets-from Black Monday to the Japanese boom and bust, from the Sterling crisis and Peso devaluation to the potential "bubble" of today's technology stocks. Kindleberger's writing is both captivating and colorful, leading the reader through a myriad of financial free falls. From the currency devaluation in the Holy Roman Empire in 1618, through the California gold rush of the 1840s and '50s, all the way up to the crash of 1987 and last year's Peso devaluation, his sharply drawn history confronts a host of key questions: In the ups and downs of market behavior, where is the line between rational and irrational? Are the markets a fool's paradise in an explosive world? When the storm expands to dangerous proportions, who will calm the panic amid the thundering squall? Should a "lender of last resort" intervene to repair the wreckage and bury the carnage? Along with scores of casualties and criminals, a revealing common thread emerges from this rich history of manias, panics, and crashes: market crises are associated with greed and avarice. Just as money evolved from coins to include bank notes, bills of exchange, bank deposits, and checks, greed likewise took on many different forms. Lightning will strike an economic environment in strife, and Kindleberger explores what happens to the markets when conflicting interests arise. Manias, Panics, and Crashes can be regarded as a warning or a proposition, reminding readers, in many ways, that what goes around comes around. Like all true classics, Kindleberger's book remains timely-for better or for worse. "One never picks up a work by Charles Kindleberger without anticipating a feast of entertainment. But underneath the hilarious anecdotes, the elegant epigrams, and the graceful turns of phrase, Kindleberger is deadly serious." -from the Foreword by Peter L. Bernstein, author of Capital Ideas: The Improbable Origins of Modern Wall Street Originally written in 1978, Manias, Panics, and Crashes is still the best known and most highly regarded book on financial crises. From the currency devaluation in the Holy Roman Empire in 1618, through the California gold rush of the 1840s and '50s, all the way up to the crash of 1987 and last year's Peso devaluation, Manias, Panics, and Crashes reminds us that with regard to excess, greed, crisis, and money-what goes around still comes around. Acclaim for Manias, Panics, and Crashes "[Manias, Panics, and Crashes] is a scholarly account of the way that mismanagement of money and credit has led to financial explosions over the centuries." -Richard Lambert, Financial Times "Manias, Panics, and Crashes is a durable guide to meditation: wise, witty, and practical. It is a template against which to measure the latest financial crisis-whatever and whenever that happens to be." -David Warsh, The Boston Globe "Manias, Panics, and Crashes glistens among the classic books on economics and finance." -S. Jay Levy, Chairman, The Jerome Levy Economics Institute of Bard College "This book sparkles with the best of Kindleberger's wit, insight, and passion for financial history. A real delight." -Robert Z. Aliber, Professor of International Economics and Finance, University of Chicago, Graduate School of Business
The jargon of economics and finance contains numerous colorful terms for market-asset prices at odds with any reasonable economic explanation. Examples include "bubble," "tulipmania," "chain letter," "Ponzi scheme," "panic," "crash," "herding," and "irrational exuberance." Although such a term suggests that an event is inexplicably crowd-driven, what it really means, claims Peter Garber, is that we have grasped a near-empty explanation rather than expend the effort to understand the event. In this book Garber offers market-fundamental explanations for the three most famous bubbles: the Dutch Tulipmania (1634-1637), the Mississippi Bubble (1719-1720), and the closely connected South Sea Bubble (1720). He focuses most closely on the Tulipmania because it is the event that most modern observers view as clearly crazy. Comparing the pattern of price declines for initially rare eighteenth-century bulbs to that of seventeenth-century bulbs, he concludes that the extremely high prices for rare bulbs and their rapid decline reflects normal pricing behavior. In the cases of the Mississippi and South Sea Bubbles, he describes the asset markets and financial manipulations involved in these episodes and casts them as market fundamentals.