Manias, Panics and Crashes: A History of Financial Crises

Manias, Panics and Crashes: A History of Financial Crises

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By (author) Charles Poor Kindleberger, By (author) Robert Z. Aliber

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  • Publisher: Palgrave MacMillan
  • Format: Paperback | 368 pages
  • Dimensions: 155mm x 231mm x 20mm | 544g
  • Publication date: 28 October 2011
  • Publication City/Country: Basingstoke
  • ISBN 10: 0230365353
  • ISBN 13: 9780230365353
  • Edition: 6, Revised
  • Edition statement: 6th Revised edition
  • Illustrations note: black & white illustrations, black & white tables
  • Sales rank: 18,503

Product description

This sixth edition has been revised and expanded to bring the history of financial crisis up to date, covering such topics as speculative manias, the lender of last resort and the case of Lehman Brothers. This highly anticipated volume has been hailed as 'a true classic...both timely and timeless.'

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Author information

CHARLES P. KINDLEBERGER was the Ford Professor of Economics at MIT for 33 years. He was a financial historian and prolific writer who published 30 books. ROBERT Z. ALIBER Professor of International Economics and Finance Emeritus at the University of Chicago Booth School of Business, USA. He writes extensively about currencies and international monetary issues.

Review quote

'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 'Deep knowledge and a pragmatic approach to financial history qualifies Robert Aliber to provide this desperately needed sixth edition of Charles Kindleberger's classic study of financial manias and crashes. It comes in the immediate aftermath of the biggest and most dangerous global financial crisis since the 1930s. But that, alas, was no isolated event. It was, instead, the culmination of four waves of crisis over 40 years. The latest crisis is most unlikely to be the last. It may even be the precursor of a still bigger crisis in the years ahead. Read. Learn. Weep.' -Martin Wolf, Financial Times '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 'Every so often financial markets fly off the rails of rationality. Manias, Panics and Crashes brilliantly explains these crises and warns us that as each one fades into the past, the lessons are eventually lost, and investors again come to believe that trees grow to the sky.' - David Laibson, Harvard University, USA

Table of contents

Foreword; R.M. Solow Financial Crisis: A Hardy Perennial Anatomy of a Typical Crisis Speculative Manias Fuelling the Flames: The Expansion of Credit The Critical Stage Euphoria and Economic Booms Bernie Madoff: Frauds and Swindles, and the Credit Cycle International Contagion 1618-1930 Bubble Contagion: Tokyo to Bangkok to New York Policy Responses: Benign Neglect, Exhortation, and Bank Holidays The Domestic Lender of Last Resort The International Lender of Last Resort The Lehman Panic - An Avoidable Crash The Lessons of History Epilogue 2010-2020 Notes Index