It seems that you're in Germany. We have a dedicated site for Germany. Authors: Kindleberger , C. Manias, Panics and Crashes , is a scholarly 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 has been hailed as 'a true classic 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.
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Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support? 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. 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? 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.
He is a financial historian and prolific writer who has published over thirty books. Manias, Panics, and Crashes is his most popular book.
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.
Read more Read less. Frequently bought together. Add both to Cart. These items are shipped from and sold by different sellers. Show details. Customers who viewed this item also viewed. Page 1 of 1 Start over Page 1 of 1. Previous page. Next page. From the Back Cover Finance "Underneath the hilarious anecdotes, the elegant epigrams, and the graceful turns of phrase, Kindleberger is deadly serious.
Charles P. Customers who bought this item also bought. Soros on Soros: Staying Ahead of the Curve. No customer reviews. How does Amazon calculate star ratings? The machine learned model takes into account factors including: the age of a review, helpfulness votes by customers and whether the reviews are from verified purchases. Review this product Share your thoughts with other customers. Write a customer review. Most helpful customer reviews on Amazon. Verified Purchase.
I bought this three years ago and it has shaped my investing greatly. My goal in investing is always to buy low and sell high. This book helps me understand how to do the first half--buying low.
I now buy after crashes. Interestingly, something somewhere is always crashing. And I have also used Kindleberger to size up what are obvious manias easy one: there are now more construction cranes in Toronto than any other city in North America.
I have proven that you can still lose money even buying after a big fall US Treasurys --so I am not touting Kindleberger as a panacea. But this book did a great job illuminating the crazy ways people can cause a good or a stock to part from reality both on its way up and on its way down. Using it, I succeed more often than I fail. And I succeed more often than if I had not read it.
I would place this book on the short list, with Taleb's, Lefevre's, and Malkiel's work if you invest for yourself.
This book was informative and gives a detailed history of financial crises going back to the 17th century. I would say that an understanding of the principles of macroeconomics will make this book a more digestible read as it refers to economic frameworks. Seemed a little long-winded at times and the book didn't seem to have the best chapter-to-chapter transitions. I would concur that this is a book that should be referred to every few years.
The foreword by Robert Solow warns you: "It was CPK's style as an economic historian to hunt for interesting things to learn, not to pursue a systematic agenda. Also, as reviewer Evelyn Uyemura notes, if you are not an economist, many of the older references draw a blank. This is a book written for economists, not for the general public. The new chapter 13 by Robert Aliber was especially hard for me to read, the sentence structure used being quite complex.
Still, the general message comes across clearly enough, when problems arise it is usually a lack of liquidity which can have a variety of causes. The solution is a lender of last resort, a solution that creates its own problems, moral hazard.
Kindleberger approaches the analysis as a classical economist, as if economics were a hard science like Newtonian physics. Imagine for a moment if Newton and the other astrophysicists had to analyze a universe where distance, time and the strength of the various forces changed from instant to instant like prices do. I believe it would be mission impossible. Over the past few decades a new way of looking at economics has been tried, as a Complex Science, not as a physical science.
The economy is created by the interaction of agents: buyers, sellers, producers and consumers. Being the creation of biological entities, it seems to make sense to look at it from a biologist's point of view. Stuart Kauffman has done some work in that direction. I think it is the more fruitful route to understanding economics. Buy it. Study it. This book will build your frame of reference with regard to economic history, which is of paramount necessity should you be making any investment decisions.
When you know history More broadly, as well as specifics of certain circumstances you become less susceptible to BS peddled by so many people today, and always.
Knowing the information in this book will enable you to think for yourself and remain clear headed when other people are being reactive or tying to convince you of something. You'll be able to simply thank people for their advice, without necessarily being governed by their opinions.
Having a solid education in the pedagogical practices of history, Kindleberger does for finance what most economists don't usually do he sites specific examples and references primary sources, using lots of footnotes. If you are in finance, absolutely buy the book.
Uncovering facts and citing sources is difficult work, and can be cumbersome to read. It is demanding of both the author and the reader.
However, this is what really smart and insightful writers do. I'm sure the classes he taught were difficult, but totally fascinating. Kindleberger's book is very insightful, heavily researched, and very well written.
Highly recommend to others interested in financial history. Go to Amazon. Back to top. Get to Know Us. Shopbop Designer Fashion Brands. Alexa Actionable Analytics for the Web. DPReview Digital Photography.
Manias, Panics and Crashes
Albert U. Romasco, Charles P. New York: Basic Books. Most users should sign in with their email address.
Manias, Panics, and Crashes: A History of Financial Crises
A slim volume, you might imagine, but Mr Dougherty reels off a long list of those who have put aside equations and supplied a well-turned phrase to explain the dismal science. Adam Smith wrote memorably sometimes, but he is a harder read than John Maynard Keynes or Milton Friedman, let alone John Kenneth Galbraith, so stylish a writer that he was once asked to join the English faculty at Berkeley. He believes there is more talent among economics writers now than ever, perhaps fittingly as a result of fiercer competition. Only a few years ago, his work would have been praised more for its readability than its insights. But he lived to see his best-known book become essential reading on Wall Street and be cited approvingly by younger, more mathematically inclined academics.