Manias, Panics, and Crashes: A History of Financial Crises, 5th Edition

by Charles P. Kindleberger; Robert Aliber; Foreword by: Robert Solow

• ISBN13: 9780471467144
• ISBN10: 0471467146
• Edition: 5th
• Format: Paperback
• Copyright: 2005-10-01
• Publisher: Wiley

Summary

"Underneath the hilarious anecdotes, the elegant epigrams,s and the graceful turns of phrase, Kindleberger is deadly serious. The manner in which human 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 Against the Gods and The Power of GoldPraise for previous editions of Manias, Panics, and Crashes"Classic....Manias, Panics, and Crashes is a durable guide to meditation: wise, witty, and practical. It is a template against which to measure the latest financial crisis-whatever and whenever that happens to be." - David Warsh, the Boston Globe"Definitive." - Floyd Norris, The New York Times[Manias, Panics, and Crashes] is a scholarly account of the way that mismanagement of money and credit has led to financial explosions over the centuries." - Richard Lambert, Financial Times"What long has been the best history of financial pathologies is now even better. The reader who absorbs Kindleberger's lessons will be prepared to foresee and navigate the financial crises that surely lie ahead. Like a true classic, Manias, Panics, and Crashes is both timely and timeless." - Richard Sylla, Kaufman Professor of Financial History, Stern School of Business, New York University

Author Biography

Charles P. Kindleberger was the Ford Professor of Economics at MIT for thirty-three years. He is a financial historian and prolific writer who has published over thirty books. Manias, Panics, and Crashes is his most popular book.

ROBERT ALIBER is a Professor of International Economics and Finance at the University of Chicago Graduate School of Business, where he has been a faculty member since 1965.

Table of Contents

Foreword by Robert M. Solow	vii
1 Financial Crisis: a Hardy Perennial	1	(20)
2 Anatomy of a Typical Crisis	21	(12)
3 Speculative Manias	33	(22)
4 Fueling the Flames: the Expansion of Credit	55	(22)
5 The Critical Stage	77	(20)
6 Euphoria and Economic Booms	97	(9)
7 International Contagion	106	(17)
8 Bubble Contagion: Tokyo to Bangkok to New York	123	(20)
9 Frauds, Swindles, and the Credit Cycle	143	(33)
10 Policy Responses: Letting it Burn Out, and Other Devices	176	(19)
11 The Domestic Lender of Last Resort	195	(16)
12 The International Lender of Last Resort	211	(28)
13 The Lessons of History and the Most Tumultuous Decades Ever	239	(17)
Appendix	256	(10)
Notes	266	(30)
Index	296