Extraordinary Popular Delusions & the Madness of Crowds [Paperback]

Andrew Tobias (Foreword), Charles Mackay (Author)

Book Description

Release date: July 25, 1995

A complete repackaging of the classic work about grand-scale madness, major schemes, and bamboozlement--and the universal human susceptibility to all three. This informative, funny collection encompasses a broad range of manias and deceptions, from witch burnings to the Great Crusades to the prophecies of Nostradamus.

Editorial Reviews

Amazon.com Review

Why do otherwise intelligent individuals form seething masses of idiocy when they engage in collective action? Why do financially sensible people jump lemming-like into hare-brained speculative frenzies--only to jump broker-like out of windows when their fantasies dissolve? We may think that the Great Crash of 1929, junk bonds of the '80s, and over-valued high-tech stocks of the '90s are peculiarly 20th century aberrations, but Mackay's classic--first published in 1841--shows that the madness and confusion of crowds knows no limits, and has no temporal bounds. These are extraordinarily illuminating,and, unfortunately, entertaining tales of chicanery, greed and naivete. Essential reading for any student of human nature or the transmission of ideas.

In fact, cases such as Tulipomania in 1624--when Tulip bulbs traded at a higher price than gold--suggest the existence of what I would dub "Mackay's Law of Mass Action:" when it comes to the effect of social behavior on the intelligence of individuals, 1+1 is often less than 2, and sometimes considerably less than 0. --This text refers to an out of print or unavailable edition of this title.

Review

As with any true classic, once it is read it is hard to imagine not having known of it--and there is the compulsion to recommend it to others. --<A HREF=/exec/obidos/Author=Tobias%2C%20Andrew/${0}>Andrew Tobias --This text refers to an alternate Paperback edition.

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Product Details

• Paperback: 768 pages
• Publisher: Broadway; Reprint edition (July 25, 1995)
• Language: English
• ISBN-10: 051788433X
• ISBN-13: 978-0517884331
• Product Dimensions: 6.1 x 1.3 x 8.9 inches
• Shipping Weight: 1.6 pounds
• Average Customer Review: 4.1 out of 5 stars  See all reviews (98 customer reviews)
• Amazon Best Sellers Rank: #325,408 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

410 of 431 people found the following review helpful

1.0 out of 5 stars Severely abridged edition December 15, 2004

By nothingt5 VINE™ VOICE

Format:Hardcover|Amazon Verified Purchase

Be aware that the edition published by Harriman House ONLY contains the chapters relating to economics, so you only get probably 1/7 of the original book...

176 of 183 people found the following review helpful

4.0 out of 5 stars Truly a classic! August 16, 1999

By A Customer

Format:Paperback

If you're into investing, sooner or later an investment columnist will mention Extraordinary Delusions as required reading. It's that and more...

Charles Mackay first details France's Mississippi Scheme & England's South Sea Bubble (from the early 1700's). Then he covers the famous Dutch "tulipomania" of the 1600's. These are all enjoyable reports of financial manias and their aftermaths (though the South Sea Bubble chapter dragged on a bit). But the financial reader will be surprised when she realizes she's still only 100 pages into a 700 page book! Mackay proceeds to cover:

Alchemy - 150 pages of exhaustive (& exhausting) detail of hobbyists & serious investors who were convinced they could turn base metals into gold, if only they could find the right ancient recipe & stoke their workshop cauldrons just a little bit hotter.

The Crusades - 100 pages that prove that modern Islamic fundamentalists did not invent the idea of a "holy war". I had no idea the Crusades came out of official harassment of Y1K religious pilgrims! Remember this: If your country is being inundated with religious pilgrims, just try to think of them as a tourist opportunity. You don't want to get them angry!

The Witch Mania - 100pp. This section was unexpectedly chilling. As I read about European witch trials of the 1400s-1600s, I kept thinking of our recent satanic child abuse trials. It's all been done before: The wild unprovable accusations, including eating dead babies; trusting unreliable witnesses specifically BECAUSE of the severity of the charges; False Memory Syndrome. At least the rack & Trial by Ordeal are no longer recognized as valid forensic techniques.

The Slow Poisoners - Murder isn't really murder if you poison the victim slowly enough, is it?

Also covered: Animal Magnetism, Prophecies, Fortune-Telling, Hair & beard fashions in men, catch phrases & slang, Relics, Duels & Ordeals, Haunted Houses, & Popular Admiration of Great Thieves.

At times the book dragged, especially in the chapters I wasn't interested in. (But hey, that's what skimming is for.) So with that caveat, go ahead & get the book. It'll be a great investment of 12 bucks!

51 of 53 people found the following review helpful

5.0 out of 5 stars An important, engaging, shrewd historical treatise. April 7, 2000

By Midwest Book Review

Format:Paperback

Charles Mackay's highly recommended Extraordinary Popular Delusions And The Madness Of Crowds was first published in 1841 and studies the psychology of crowds and mass mania throughout history. Mackay included accounts of classic scams, grand-scale madness, and deceptions. Some of these include the Mississippi scheme that swept France in 1720, the South Sea bubble that ruined thousands in England at the same time, and the tulip mania of Holland when fortunes were made and lost on single tulip bulbs. Other chapters deal with fads and delusions that often sprang from valid ideas and causes -- many of which still have their followers today: alchemy and the philosopher's stone, the prophecies of Nostradamus, the coming of comets and judgment day, the Rosicrucians, and astrology. Extraordinary Popular Delusions And The Madness Of Crowds is an important historical treatise that modern readers will find fascinating, engaging, and shrewd as they see how history repeats itself, but that disastrous pitfalls can be avoided by understanding the cycles and patterns of greed based ignorance plays in promoting and perpetuating group hysteria in the fields of business and finance, politics and superstitions.