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In this book, Charles Mackay discusses the irrational behaviors of crowds in the economy, war and magic. He gives several different examples of market bubbles such as the Mississippi Scheme and the infamous Tulip Mania in the Netherlands. Ever since it was written, Investors have used it as a guide to help identify boom and bust cycles. Extraordinary Popular Delusions and The Madness of Crowds has had an important influence on economists in understanding of crowd psychology and feedback loops.
The subjects of Mackay's debunking include alchemy, crusades, duels, economic bubbles, fortune-telling, haunted houses, the influence of politics and religion on the shapes of beards and hair, magnetisers (influence of imagination in curing disease), murder through poisoning, prophecies, popular admiration of great thieves, popular follies of great cities, and relics. Present-day writers on economics, such as Michael Lewis and Andrew Tobias, laud the three chapters on economic bubbles. Scientist and astronomer Carl Sagan mentioned the book in his own discussion about pseudoscience, popular delusions, and hoaxes.
In later editions Mackay added a footnote referencing the Railway Mania of the 1840s as another "popular delusion", of importance at least comparable with the South Sea Bubble. Mathematician Andrew Odlyzko has pointed out, in a published lecture, that Mackay himself played a role in this economic bubble; as leader writer in the Glasgow Argus, Mackay wrote on 2 October 1845: "There is no reason whatever to fear a crash".
Note: This is an illustrated edition of the book for an engaging read.
Extraordinary Popular Delusions and the Madness of Crowds
Complete and Unabridged
All Three Volumes
Extraordinary Popular Delusions and the Madness of Crowds is an early study of crowd psychology by Scottish journalist Charles Mackay, first published in 1841. The book was published in three volumes: "National Delusions", "Peculiar Follies", and "Philosophical Delusions". Mackay was an accomplished teller of stories, though he wrote in a journalistic and somewhat sensational style.
Volume 1: National Delusions:
The Mississippi Scheme
The South Sea Bubble
Popular Admiration for Great Thieves
Influence of Politics and Religion on the Hair and Beard
Duels and Ordeals
The Love of the Marvellous and the Disbelief of the True
Popular Follies in Great Cities
Old Price Riots
The Thugs, or Phansigars
Volume 2: Peculiar Follies:
The Witch Mania
The Slow Poisoners
Volume 3: Philosophical Delusions :
• Unique illustrations relevant to the book.
Exploring the sometimes hilarious, sometimes devastating impact ofcrowd behavior and trading trickery on the financial markets, thisbook brilliantly combines two all-time investment classics.Extraordinary Popular Delusions and Confusión de Confusionestake us from Tulipmania in 1634-when tulips actually traded at ahigher price than gold-to the South Sea "bubble" of 1720, andbeyond. Securities analyst and author Martin Fridson guides you ona quirky, entertaining, and intriguing journey back throughtime.
Chosen by the Financial Times as Two of the Ten Best Books EverWritten on Investment
Critical Praise . . .
"This is the most important book ever written about crowdpsychology and, by extension, about financial markets. A seriousstudent of the markets and even anyone interested in the extremesof human behavior should read this book!" -Ron Insana, CNBC
"In combining 'Extraordinary' with 'Confusion,' the result is notextraordinary confusion. Instead, with clarity, the book sears intomodern investor minds the dangers of following the crowd." -GregHeberlein, The Seattle Times
"You will see between its staid lines (written in ye olde Englishand as ponderable as Buddha's navel) that, despite what the mediasays, nothing really important has changed in the financial marketsin centuries." -Kenneth L. Fisher, Forbes
is an early study of crowd psychology by Scottish journalist Charles Mackay
The subjects of Mackay's debunking include alchemy, crusades, duels, economic bubbles,
fortune-telling, haunted houses, the Drummer of Tedworth, the influence of politics and religion
on the shapes of beards and hair, magnetisers (influence of imagination in curing disease),
murder through poisoning, prophecies, popular admiration of great thieves,
popular follies of great cities, and relics.
this book contain 293 pages ,8x10 inch , englich language
A revealing depiction of life in Birmingham, the manufacturing metropolis of Victorian England—with personal accounts from the people.
On the ground reporting and interviews with the people in their homes, workplaces and on the streets make up the extraordinary and unsurpassed “Labour and the Poor” investigation into the poor of England and Wales, as printed in The Morning Chronicle newspaper between 1849 and 1851. This series is a faithful, complete and unabridged edition of the investigation, available in its entirety for the very first time.
In this volume Charles Mackay takes us to Birmingham, a manufacturing powerhouse with thousands of workshops turning out a vast range of goods, supplying the nation and the world. Everything from massive steam engines to minute buttons were made here and it was almost a given that if it was made in metal, then it was made in Birmingham.
From the makers of swords, matchetts and bayonets to the manufacture of fire-arms. From pin-heads to pens, from workers in glass to workers in brass. From the factory women to the ragged schools for their children and the amusements of the people—all this and much more is covered.
This epic “Labour and the Poor” investigation provides a wonderful insight into the people of the period, their living and working conditions, their feelings, their language, their sufferings and their struggles for survival amidst the poverty and destitution of early Victorian Britain.In this series:
- Volume I: The Metropolitan Districts. Henry Mayhew.
- Volume II: The Metropolitan Districts. Henry Mayhew.
- Volume III: The Metropolitan Districts. Henry Mayhew.
- Volume IV: The Metropolitan Districts. Henry Mayhew.
- Volume V: The Manufacturing Districts. Angus B. Reach.
- Volume VI: The Rural Districts. Alexander Mackay and Shirley Brooks.
- Volume VII: The Rural Districts. Alexander Mackay and Shirley Brooks.
- Volume VIII: Wales. Author Unknown.
- Volume IX: Birmingham. Charles Mackay.
- Volume X: Liverpool. Charles Mackay.
“No one who has even casually glanced over the admirable series of letters on the state of ‘Labour and the Poor in the Metropolitan, Rural, and Manufacturing Districts of England and Wales,’ which have for several weeks past appeared in the columns of The Morning Chronicle, can resist the conviction that a more complete exposition of the real condition of the labouring population throughout the kingdom has never been given to the world.”—The Sunday Times, February 3, 1850.