Extraordinary Popular Delusions and the Madness of Crowds

by Charles Mackay

unknown adventurer, entitled “A company for carrying on an undertaking of great advantage, but nobody to know what it is.”

The intrigues of unworthy courtiers to gain the favour of still more unworthy kings, or the records of murderous battles and sieges, have been dilated on, and told over and over again, with all the eloquence of style and all the charms of fancy; while the circumstances which have most deeply affected the morals and welfare of the people have been passed over with but slight notice, as dry and dull, and capable of neither warmth nor colouring.

No man is so wise but that he may learn some wisdom from his past errors, either of thought or action; and no society has made such advances as to be capable of no improvement from the retrospect of its past folly and credulity.