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

By Charles P. Kindleberger, Robert Z. Aliber

Economic historian Charles P. Kindleberger, with Robert Z. Aliber, offers an engaging account of how mismanagement of money and credit has led to financial crises over the centuries. The book traces the common pattern of speculative booms, euphoria, distress and panic, from the tulip mania and the South Sea Bubble to the crashes of modern times. It explains the role of lenders of last resort and international contagion in shaping how crises unfold.

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Shane Parrish: “…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”