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

3.97  ·  Rating Details ·  2,697 Ratings  ·  111 Reviews
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, ...more
Paperback, 6th edition, 368 pages
Published September 27th 2011 by Palgrave Macmillan (first published 1978)
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Community Reviews

(showing 1-30)
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Jake
Mar 02, 2009 Jake rated it liked it  ·  review of another edition
Shelves: economics
If you're looking for a colorful, narrative history of financial bubbles, this book is not for you. Kindleberger is bone dry, and his goal is mainly to analyze common features of bubble cycles. Towards that end, he tends to pick a feature, then run through ten or twenty examples of how that feature worked during past bubbles. That leads to a lot of repetition, but by the end of the book, you definitely get a clear sense of how the Minsky model views bubbles. I think that's the reason the book ha ...more
Nick Klagge
Nov 14, 2013 Nick Klagge rated it liked it  ·  review of another edition
Shelves: economics
This is a classic book in the financial world, but I was somewhat disappointed with it. Kindleberger uses Hyman Minsky's "anatomy" of financial crises to discuss commonalities between a number of different financial panics from different countries at different times in history. I had been hoping for more of a straightforward narrative description of each crisis, many of which, after all, occurred in unfamiliar settings. But in fact, Kindleberger uses the generic "crisis anatomy" as the structure ...more
Martin
Oct 13, 2014 Martin rated it liked it
Shelves: history, economics
This book was referred to by another book I've been reading. This copy as gifted to me by my alma mater at an event where Professor Aliber, the co-author of this edition, spoke.

One of the most dense and therefore challenging books I've read. Every paragraph is jammed with facts. I think the book would be better if it had a few graphs and ignored corruption. There's plenty to digest here without getting into Ponzi, Madoff, or Enron. I also think some more perspective on why credit bubbles get in
...more
Doğukan Doğu
Jan 23, 2013 Doğukan Doğu rated it really liked it  ·  review of another edition
Ad Majorem Gloriam Dei,

Bir Keynesyen olan Kindleberger bu kitabında nihai olarak piyasanın zor koşullarında (ki o bunu şu 3 basamak altında inceliyor: Cinnet,Panik,Çöküş) bir karar mercii olup olmaması gerektiğine cevap arıyor. 1620'den Asya krizine değin geniş bir zaman diliminde Kriz analizleri yapan yazar akademik nitelikte doyurucu bir eser sunuyor.

İyi Okumalar.
Brad Pendleton
Feb 21, 2016 Brad Pendleton rated it did not like it  ·  review of another edition
Highly disappointing read. I read the book based on its reputation as the definitive work on extreme economic valuations.

I found a disconcertingly disjointed presentation. The book reads like a random sampling of the author's thoughts. There was not a linear/cohesive presentation of any of the historical bubbles.
J
May 20, 2017 J rated it really liked it  ·  review of another edition
Interesting book, I would have been able to appreciate it more if I had a better grounding in economic and monetary theory
James
Jan 06, 2015 James rated it it was ok  ·  review of another edition
Shelves: finance
Was a bit disappointing,
most of the book is about events that happened more than 100 years ago,
short coverage of the last 80 years.

The book reads like 10 different people wrote parts of it
and didn't know what others were writing.

Some events are covered multiple times,
the south sea bubble has 16 entries, often saying the same thing.

Treasury sec Paulson was called Mr. Bailout in 2 separate parts that read the same.

I totally disagree that Lehmann bro should have been bailed out.
They piled on billio
...more
Dale Johnson
Aug 02, 2013 Dale Johnson rated it really liked it  ·  review of another edition
I read the 1st edition written in 1977, published 1978. I understand that the book has been updated in later editions, the 6th written in 2006. It was written during the height of the California housing bubble which saw Bay-area studio apartment rent go as high as $1000 per month when 3-bedroom home mortgages elsewhere were running in the $400-$500 range. It is an eerie foreshadowing of the true mania that seized the country in 2004 when the government communicated its intent to effectively free ...more
Lewis Johnson
Kindleberger's "Manias, Panics and Crashes" is a must read for anyone active in the markets. If you want to learn how to identify downcycles early, and to understand their progression and eventual end, look no further than Kindleberger's work.

While other worthy tomes, such as "History of Financial Disasters in 3 Volumes" cover much of the same material, the original organization of Kindleberger's work is what commends it. He disentangles the narrative of many financial disasters into their compo
...more
Anthony
Nov 30, 2015 Anthony rated it it was amazing  ·  review of another edition
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.
This book artfully presents (or had presented) another factor, excess capital floating around in the world built by the current account surpluses from the economic imbalance since 60’s. This is more of a supply side shock, which no one has control over after the collapse
...more
Francisco
Jan 30, 2015 Francisco rated it liked it  ·  review of another edition
Shelves: economics
A good introductory book to the history of financial cycles, but only for people with some background in economics.
I didn't like the style. Many times it felt like an endless list of historical examples that illustrate an idea. The idea that financial crises across the world are connected is repeated ad nauseam. Lehman Brothers didn't deserve its own chapter.
It doesn't read as a treatise on the economics causes and consequences of financial cycles, panics, etc., and it doesn't read as an econom
...more
Ernie Lavagetto
Feb 13, 2014 Ernie Lavagetto rated it it was amazing  ·  review of another edition
This is not the easiest book to read without some prior knowledge of economic history. That said it is probably the most complete book on the history and causes of economic upheavals from the 17th century to 2010 available to the non-economist.

In particular the authors have identified what they call the 4 waves of international financial disaster in the last 40 years. Perhaps the most striking conclusion one can draw from their study is how similar the causes of each wave has been. If you take t
...more
Jenn M
Jun 01, 2015 Jenn M rated it liked it  ·  review of another edition
I enjoyed this book first as an economics student in my undergraduate college course of study. It was read back then as a means to achieving a passing grade on a section test in the economics class. I recently had cause to re-read this book, and was surprised to be able to observe the connections between historical financial crises and economic events in our current economy. With all of the talk about stock market manipulation, derivative fraud, and the imminent collapse of the global economic s ...more
Dylan
May 23, 2015 Dylan rated it really liked it  ·  review of another edition
The 2000 edition reads like a playbook for the collapse and bailout of of 2008. Both the descriptions and proscriptions of this book, especially its focus on the lender of last resort, seem to be amazingly prescient though it probably just that this iconic text was on the bookshelf of every major player in the fed at the time.
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. It is a historical and non-quan
...more
Jim Rossi
Apr 19, 2015 Jim Rossi rated it it was amazing  ·  review of another edition
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 eschewed real estate and stocks and had my my money in CDs earning 4 to 5.5%. Thank you, Mr. Kindleberger! This is not a page-turner so much as a tome of wisdom: to paraphrase Judge Reinhold in "Fast Times at Ridgemont High:" Learn it, know it, live it. A major inspiration for my own first book, the upcoming "The Case of the Cleantech Con Artist: A True Vegas Tale."
Gary Daly
Aug 13, 2014 Gary Daly rated it really liked it  ·  review of another edition
I read this book as background research for my economics dissertation. As a history of the causes of, and minutia behind, the many financial crashes and scares the financial services industry has served up during its long and torrid history, it is very good. While the subject matter may not appeal to everyone, a book like this provides essential support for the truism that those who ignore history are condemned to repeat it. So, read it.
Jennifer
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. He clearly knew a lot on the subject, and I generally agreed with his ideas, but I found the way the book was organized hard to follow. A case of, "I'd have done it differently if I was writing it."
Oleksandr Zholud
Mar 30, 2016 Oleksandr Zholud rated it really liked it  ·  review of another edition
Quite an unusual book. 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. This is a rare example of literary economics. It can be a very nice reference book but reading it is a bit hard
Ecoute Sauvage
Jan 03, 2015 Ecoute Sauvage rated it it was amazing  ·  review of another edition
I was in the last class taught by CPK at Tech and count myself very fortunate - the late professor had an insight we have had to relearn painfully in this last financial crisis: there is no "normal distribution" in economic affairs. Crises are only to be expected.
Rúben
Dec 26, 2014 Rúben rated it really liked it  ·  review of another edition
Everyone that opens this books has an opportunity to learn something new. While the author's writing style can be boring sometimes, one cannot but praise his efforts to be systematic in his historical description of financial manias and panics.
Ed
Mar 07, 2015 Ed rated it it was amazing  ·  review of another edition
The classic economic history of capitalisms record of booms and busts. A great antidote to the famous phrase: this time it's different. When you hear this phrase of a boom, sell your shares. Anyway a steady walk through the madness of markets and why free unregulated markets are an insane idea.
Valters Bondars
Dec 19, 2014 Valters Bondars rated it really liked it  ·  review of another edition
Shelves: aaa_read_finance
7/10
George Jankovic
May 07, 2016 George Jankovic rated it it was amazing  ·  review of another edition
Booms, bubbles and crashes of various asset markets starting with the tullips in Holland. Humans never change and never learn.
Jim Angstadt
Jul 02, 2014 Jim Angstadt rated it it was ok  ·  review of another edition
Shelves: dnf
Bailed early; just could not get into the topic, and the sentence structure and phrasing felt odd.

keywords: bubble finance recession
Adam McNamara
Important material delivered in a dry, difficult to follow narrative.
Michelle Bastian
Aug 25, 2014 Michelle Bastian rated it really liked it  ·  review of another edition
Cant do it - waaaaaaaaaaaaaaaaaaay too hard for mi!
Raghu
Nov 03, 2010 Raghu rated it really liked it  ·  review of another edition
Prof.Kindleberger's book is very topical to read at any time in the past or future. Newcomers to stock investing like me have been looking at the boom of the late 1990s, the crash of 2001 and the current massive crash in 2008 as something which is unique in the era of globalization. All sorts of reasons are given by the pundits to explain each one of them. Prof. K shows that it is absurd to say that 'this time it is different' because it has always happened this way. He cites evidence from the p ...more
Tubs
Apr 27, 2011 Tubs is currently reading it  ·  review of another edition
it's not my book, so i can't underline stuff, so i'll just have to type my quotes here for now. first of all, omg, i hear this all so loudly. i HEAR this. most of my econ classes were just math. i could talk so much about that, and whether it was a good thing.

This book is an essay in what is derogatorily called "literary economics," as opposed to mathematical economics, econometrics, or (embracing them both) the "new economic history." A man does what he can, and in the more elegant - one is tem
...more
Void lon iXaarii
The data in this book is very rich indeed, but the read was however rather confusing, in my opinion because of the way the author keeps jumping through history and countries without establishing contexts or a timeline for reasons which seemed to me to be meant to justify categories and groupings that to me seemed not very obvious or at least only useful with the perfect 20/20 hindsight vision of the past.

As to his conclusions I have read different views by other authors on some of the panics me
...more
Kate
Feb 20, 2017 Kate marked it as to-buy  ·  review of another edition
Recommended by Larry Summers former US treasury secretary and Harvard professor on 5books.com

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“Money is a public good; as such, it lends itself to private exploitation.” 3 likes
“This book is an essay in what is derogatorily called "literary economics," as opposed to mathematical economics, econometrics, or (embracing them both) the "new economic history." A man does what he can, and in the more elegant - one is tempted to say "fancier" - techniques I am, as one who received his formation in the 1930s, untutored. A colleague has offered to provide a mathematical model to decorate the work. It might be useful to some readers, but not to me. 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. I had better wait. Econometricians among my friends tell me that rare events such as panics cannot be dealt with by the normal techniques of regression, but have to be introduced exogenously as "dummy variables." The real choice open to me was whether to follow relatively simple statistical procedures, with an abundance of charts and tables, or not. In the event, I decided against it. 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.” 2 likes
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