Manias, Panics, and Crashes

Review Manias, Panics, and Crashes: A History of Financial Crises

by ROBERT Z. ALIBER, CHARLES P. KINDLEBERGER

Description

Author Robert Z. Aliber’s “Manias, Panics, and Crashes” documents the financial failure states and pitfalls of the financial industries around the world. With its 7^th edition including a foreword and afterword from Robert Solow and Lord Robert Skidelsky respectively, Aliber expounds upon the hows and whys of market crashes, the avoidable ones, and also upon market paranoia and how they sprouted from rumors into fruition. In addition “Mania, Panics, and Crashes” investigates in full detail the 4 main global market crises that had reeled more than 40 countries in its pit, documenting all the decisions and actions taken before, during, after it had taken place, and observed symptoms of monetary systems that led it to one.

“Manias, Panics, and Crashes” is a collection of deep insight and analysis of some of the world’s biggest financial impact, collected under the notion that history unlearned would be doomed to repeat itself.

About the Authors

Robert Aliber is Professor Emeritus of International Economics and Finance at the University of Chicago Booth School of Business, USA. He was director of the Center for Studies in International Finance; on the research staff for the Committee for Economic Development and Commission on Money and Credit; and senior economic advisor for the Agency for Economic Development, U.S. Department of State. 

Charles Kindleberger was an economic and financial historian to which the majority of his published works center on the narration of the overall financial system history. He published 30 books, and one of the most commendable contributions to financial literature is his 1978 Manias, Panics, and Crashes. Kindleberger is also a popular proponent of the hegemonic stability theory and has been regarded as the “Master of the Genre” on the financial crises.

Table of Contents

• List of Tables
  • Foreword – Robert M. Solow
• Introduction
  • Financial Crises: a Hardy Perennial
  • The Anatomy of a Typical Crisis
  • Speculative Manias
  • Fueling the Flames: the Expansion of Credit
  • The Critical Stage – When the Bubbles Is About to Pop
  • Euphoria and Paper Wealth
  • Bernie Madoff: Frauds, Swindles, and the Credit Cycle
  • International Contagion 1618 – 1930
  • Bubble Contagion: Mexico City to Tokyo to Bangkok to New York, London, and Reykjavik
  • Euromania and Eurocrash
  • 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
• Notes
  • Afterword – Lord Robert Skidelsky
• Index