Manias, Panics, And Crashes

Manias, Panics, And Crashes

A History Of Financial Crises

Book - 2005
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Manias, Panics, and Crashes, Fifth Edition is an engaging 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 puts the turbulence of the financial world in perspective. The updated fifth edition expands upon each chapter, and includes two new chapters focusing on significant financial crises of the last fifteen years.

Book News
The classic penned by Kindleberger, an economist and financial historian who died in 2003, receives a burnishing from Aliber, who has taught at the U. of Chicago since 1965. Their scholarly analysis describes how mismanagement of money and credit has led to financial explosions over the centuries. The latest edition adds two 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. The dot-com boom and bust also get their due. Annotation ©2006 Book News, Inc., Portland, OR (

Publisher: Hoboken, N.J. : John Wiley & Sons, c2005
Edition: 5th ed
ISBN: 9780471467144
Characteristics: viii, 355 p. : ill. ; 23 cm
Additional Contributors: Aliber, Robert Z.

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Feb 28, 2019

Reads like the ramblings by a changing committee of old academics editted haphazardly.

Anyone who has suffered through even one lecture by such a professor is better off doing his/her own research directly.


Jan 08, 2019

There is a lot of information to wade through in this book. Probably suited for persons with an undergrad degree with at least some economics/finance background. Kindleberger essentially says the bubbles and crashes are the result of enormous expansions of credit and the credit source is 'international' for the most part. He describes the existence of parallel banking as a means of skirting regulations imposed by governments to prevent the greedy and corrupt from repeating the same thing happening in the future. As a history book he covers at least 500 years of financial history so the reading can get a tad tedious at times. This book although more descriptive than prescriptive does in the last chapter opine as to whether or not this may happen again and when. You'll have to read the book to find out how that works out.


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