Selected as one of the best investment
books of all time by the Financial Times, Manias, Panics and Crashes puts the turbulence
of the financial world in perspective.
Here is a vivid and entertaining
account of how reckless decisions and a poor handling of money have led to financial
explosions over the centuries. Covering topics such as the history and anatomy of crises,
speculative manias, and the lender of last resort, this book has been hailed as "a
true classic . . . both timely and timeless." In this new, updated sixth
edition, Kindleberger and Aliber expand upon the ideas presented in the previous edition
to bring the history of the financial crisis up-to-date. It now includes two new
chapters that provide an in-depth analysis of the causes, consequences and policy
responses to the first global crisis of the 21st century, the Financial Crisis of
2007-2008. In addition, these new chapters also cover significant crises of the last
fifteen years. The authors offer valuable lessons that will allow the reader to
successfully navigate the financial crises of today and ones that lie ahead.
An update of his classic 1978 history of financial
crises to include the October 1987 New York Stock Exchange meltdown and the continuing
debt crisis.
(1910 – 2003) was the Ford Professor of
Economics at MIT for 33 years. He was a financial historian and prolific writer who has
published 30 books.
Robert Aliber is Professor
Emeritus of International Economics and Finance at the University of Chicago Graduate
School of Business, where he has been a faculty member since 1965. His books include The
New International Money Game, (Palgrave Macmillan) now in its seventh edition, as well as
the book Your Money and Your Life.
Table of Contents
Financial Crisis: A Hardy Perennial
• Anatomy of a Typical Crisis
• Speculative Manias
• Fuelling the Flames: The Expansion of
Credit
• The Critical Stage: Pricking the Bubble
• Euphoria and Economic Booms
• International Contagion
• Bubble Contagion: Tokyo to Bangkok to
New York
• Swindles and Theft and Bad Manners
• Policy Responses: Letting it Burn Out
• Lenders of Last Resort: The Domestic
Responses
• The International Lender of Last Resort
• Conclusion: The Lessons of History
368 pages, Paperback