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Manias, Panics, and Crashes: A History of Financial Crises, Seventh Edition 7th ed. 2015 Edition
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"The turmoil of 2007-8 reminded us only too painfully that financial crises are not confined to distant times and places. This latest edition of Charlie Kindleberger's classic study of man's serial financial follies, updated by Robert Aliber, brings the story right up to the present. A fount of wisdom not only for students of finance and economics, but also for central bankers and financial market practitioners." Professor Sir Charles Bean, The London School of Economics, UK
"Since its original publication, this has been one of my indispensable books. It served to help me grasp the gravity of financial crises that afflicted my country and guided me, hopefully, to recommend and take better policy decisions. It has also been an essential teaching tool. For example, on 15 September 2008 I asked my students to read at once several chapters so that they could better understand the events that started to unfold that morning. I welcome with enthusiasm this new edition!" - Ernesto Zedillo Ponce de León, Director Yale Center for the Study of Globalization; Former President of Mexico
"Underneath the hilarious anecdotes, the elegant epigrams, and the graceful turns of phrase, Kindleberger is deadly serious. The manner in which humans beings earn their livings is no laughing matter to him, especially when they attempt to do so at the expense of one another. As he so effectively demonstrates, manias, panics, and crashes are the consequence of an economic environment that cultivates cupidity, chicanery, and rapaciousness rather than a devout belief in the Golden Rule." - From the Foreword to the Fourth Edition by Peter L. Bernstein, author of The Power of Gold
"Alas, both the need for a book such as Manias, Panics and Crashes, and the coverage of its material, keep on increasing, almost exponentially. So much has happened in the last few years that this is now Bob Aliber's book, as much as, perhaps more, than Charles Kindleberger's. Aliber has enhanced the prior high standards that Kindleberger set. This is an easily accessible book, filled with fascinating historical vignettes, and one that everyone from the experts to newcomers to the field should read and would profit greatly by doing so." - Charles Goodhart, London School of Economics, UK
About the Author
Aliber has consulted to the Board of Governors of the Federal Reserve System and to other U.S. government agencies, the World Bank and the International Monetary Fund, testified before committees of the Congress, and lectured extensively in the United States and abroad.
The late Charles P. Kindleberger was the Ford Professor of Economics at MIT for 33 years and author of over 30 books. He was best known as a financial historian, whom the Economist referred to as 'the master of the genre' on financial crisis. He advanced the study of international finance and helped to devise the Marshall Plan, approved by Congress, for Europe's reconstruction after World War II. During his tenure at MIT, Kindleberger was a consultant to the federal government several times, most often for the Treasury and the Federal Reserve. In 1985, he was president of the American Economic Association.
Select key publications by Kindleberger include: International Short-Term Capital Movements (Columbia University Press, 1937), The Dollar Shortage (New York: Wiley and MIT Press, 1950), International Economics (Richard D. Irwin, 1953, 1958, 1963, 1968, 1973, (and with Peter H. Lindert) 1978, 1982), Economic Development (McGraw-Hill, 1958, 1965, (and with Bruce Herrick) 1977, 1983), The World In Depression, 1929-1939 (University of California Press, 1973, revised and enlarged, 1986), and Manias, Panics, and Crashes: A History of Financial Crises (Palgrave Macmillan, 1978, revised and enlarged, 1989, 3rd ed. 1996, 4th ed. 1996), The Life of an Economist: An Autobiography (Basil Blackwell, 1991).
- Item Weight : 14.58 pounds
- Paperback : 435 pages
- ISBN-10 : 1137525754
- ISBN-13 : 978-1137525758
- Dimensions : 6.1 x 1 x 9.25 inches
- Publisher : Palgrave Macmillan; 7th ed. 2015 edition (October 13, 2015)
- Language: : English
- Best Sellers Rank: #60,953 in Books (See Top 100 in Books)
- Customer Reviews:
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Reading this book is very much like life: it comes at you in random bits, and fits and starts, very much unlike a book.
And there are LOTS of things to be dealt with here. There are thousands of stories and illustrations simply strung together, but the authors don't seem to have read their own writing. One example stands out in memory. On Page 143 we read that "Madoff differed from Ponzi in one important way -- his investors earned rates of return of ten to twelve percent a year." On Page 144, there's a mention of Madoff's strategy, followed by "Madoff's scheme differed from Ponzi's in one other important dimension -- the rate of return on the funds entrusted to Madoff was in the range of 10 to 12 percent a year...." Was there one important way in which the schemes differed, or more than one? Contradictions abound in the book.
Perhaps the book has the unconscious mission of convincing us that we should never trust financial information, or even information about financial information, because it won't be presented in a neutral and comprehensible way. The authors' goal may be to inform, but we're left thinkgin it's simply to sell books... and financiers have the mission of thinning your wallet. We are left to try to squeeze the nectar out of this stone.