"what will strike the reader is the book's remarkable relevance to current events"...(Sunday Times, 19 August 2001)
"?pretty well the last word on the subject?"(Financial Times, 12 October 2002)
From the Inside Flap
The best known and most highly regarded book on market crisis, Manias, Panics, and Crashes is thoroughly engaging. Since its introduction in 1978, it has charted a new landscape in the volatile world of financial markets. Charles Kindlebergers brilliant, panoramic history reveals how financial crises follow a nature-like rhythm: they peak and purge, swell and storm. Now in a newly revised and expanded fourth edition, Manias, Panics, and Crashes probes the most recent natural disasters of the marketsfrom Black Monday to the Japanese boom and bust, from the sterling crisis and peso devaluation to the explosion in todays technology stocks.
Captivating and colorful, Kindlebergers writing leads 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 to the crash of 1987, all the way up to the present day, 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 fools paradise in an explosive world? When the storm expands to dangerous proportions, who will calm the panic? Should a "lender of last resort" intervene to repair the wreckage?
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. 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, Kindlebergers book remains timelyfor better or for worse.
--This text refers to an out of print or unavailable edition of this title.