The work of Charles Kindleberger, who died on July 7th, has never been more In “Manias, Panics and Crashes”, Mr Kindleberger provided a. Manias, Panics, and Crashes has ratings and reviews. Charles Kindleberger’s brilliant, panoramic history revealed how financial crises follow a. Manias, Panics and Crashes, is a scholarly and entertaining account of the way that mismanagement of money and credit has Kindleberger, Charles P. (et al.).
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A great antidote to the famous phrase: The second third of the book describes the crash and shows that it feels remarkably similar whether it’s stock in the South Sea Company or a era Dotcom company. Anybody who was paying attention in the fall of knows what this looks like.
I have an MBA, and a couple of years of economics courses under my belt– and some of the discussion was definitely above my head. Treasury sec Paulson was called Mr.
Insiders notice this and cash out. For those who yearn for numbers, standard series on bank reserves, foreign trade, commodity prices, money supply, security prices, rate of interest, and the like are fairly readily available in the historical statistics.
Jan 03, Ecoute Sauvage rated it it was amazing. If there was only one book I could recommend on how to understand and navigate iindleberger crises, it would be klndleberger book. I still recommend the book, if you are very interested in the topic.
Manias, Panics, and Crashes: A History of Financial Crises by Charles P. Kindleberger
If you take the time to work your way through this book you will come away with a more sophisticated understanding of words such as “credit””liquidity” and “asset prices” and how they are interrelated.
That being said however, the book does contain a lot of information and obviously the author knows and has done a lot of historical research. Want to Read Currently Reading Read. Moreover, any trace of analysis, opinion and conclusions postponed till the very last chapter and Anyone who picks up this book hoping it may help make sense of what’s going on in the world and the economy would be bitterly disappointed.
Catastrophe mathematics, dealing with such events as falling off a height, is a new branch of the discipline, I am told, which has yet to demonstrate its rigor or usefulness. There have been many attempts to explain the GFC — greed, irrational behaviours, bell curve, derivatives, excessive leverage, failures by rating agencies, regulatory failure, etc, which all can be groups as a demand side shock.
The book is not written for a general audience and some of the econ jargon gave me trouble as a non-specialist but it’s not insurmountable. The idea that financial crises across the world are connected is repeated ad nauseam.
Manias, Panics, and Crashes: I gave him 4 stars because some of the historical stuff especially in chapter 8 got into plain list mode, without enough explanation, as if he felt he was part of a larger discussion the reader was not privy too. But sometimes the bubble is big chqrles, or has sensitive-enough investors, that it causes larger scale disruption. My friend was amazed at mainas power of this book, and you should be too. A thoroughly depressing script.
I think it would have been a lot more fun to sit down and talk with Kindleberger about his theories than to read this book.
May 20, J rated it really liked it. Related articles in Google Scholar. Crises are only to be expected. Baloney page claims CPA’s count the number of beans that firms claim. Email alerts New issue alert.
I think the book would be better if it had a few graphs and ignored corruption. Quotes from Manias, Panics, a To purchase short term access, please sign in to your Oxford Academic account above. Now this newly revised and expanded Fourth Edition probes the most recent “natural disasters” of the markets–from the difficulties in East Asia and the repercussions of the Mexican crisis to the Sterling crisis.
All of his conclusions are drawn from analysis of historical events dating back toand give a clear and consistent picture of how bubbles and crashes work. It often felt like the book is written for those who are already familiar with all the events told and is meant as just a synthesis or rather an interpretation?
Want to Read saving…. For those looking for detailed descriptions of charpes crises, something like Bagehot’s “Lombard Street” is more entertaining. A True Vegas Tale.
Manias, Panics, and Crashes: A History of Financial Crises
Instead of taking crises case by case, the author divides them on stages and gives a very detailed description of what happened on this or that stage, what are the similarities. Like Samuelson says on the cover, I read it and re-read it and thus had no need to kick myself during the Great Recession. I think that’s the reason the book has become such a classic– it’s probably assigned in economics classes all over the world.
This book ends up being crashws here nor there.