This classic survey of crowd psychology offers an illuminating and entertaining look at three grand-scale swindles. Originally published in England in 1841, its remarkable tales of human folly reveal that the hysteria of the Wall Street Crash of 1929 and the junk-bonds frenzy of the 1980s were far from uniquely twentieth-century phenomena.The first of the financial scandalThis classic survey of crowd psychology offers an illuminating and entertaining look at three grand-scale swindles. Originally published in England in 1841, its remarkable tales of human folly reveal that the hysteria of the Wall Street Crash of 1929 and the junk-bonds frenzy of the 1980s were far from uniquely twentieth-century phenomena.The first of the financial scandals discussed, "The Mississippi Scheme," concerns a disastrous eighteenth-century plan for the commercial exploitation of the Mississippi valley, where investors were lured by Louisiana's repute as a region of gold and silver mountains. During the same era, thousands of English investors were ruined by "The South-Sea Bubble," a stock exchange based on British trade with the islands of the South Seas and South America. The third episode involves Holland's seventeenth-century "Tulipomania," when people went into debt collecting tulip bulbs — until a sudden depreciation in the bulbs' value rendered them worthless (except as flowers).Fired by greed and fed by naiveté, these historic investment strategies gone awry retain an irrefutable relevance for modern times. Extraordinary Popular Delusions is essential and enthralling reading for investors as well as students of history, psychology, and human nature....
|Title||:||Extraordinary Popular Delusions|
|Number of Pages||:||112 Pages|
|Status||:||Available For Download|
|Last checked||:||21 Minutes ago!|
Extraordinary Popular Delusions Reviews
I understand completely why this text was reissued: the parallels to contemporary events (like the dot-com bubble, the housing bubble, the crash of 2007 and frenzied investment in Iraqi infrastructure and petroleum projects) are so striking as to almost seem contrived. It's like history has conspired to bear out MacKay's thesis to perfection: you could hardly hope for better validation outisde of a laboratory!The illumination cast by his thesis itself is probably worthy of a five-star rating, but I found the first section on Paris to be excessively detailed and frankly tedious. While the book is a must-read for anyone who wants to see maxims about the value of historical knowledge played out, the actual reading of it might be a bit of a chore.
Good stuff throughout.
Excerpted from the original: four exceedingly-readable chapters on the follies of the multitude. Including one of the best accounts there is of the idiocies of an economic bubble.
It seems the lack of copyright for this publication has left readers several dozen editions, each radically different from the last. Beware the Dover edition, it is about 400 pages short of the original, and includes only three chapters, the last of which it includes only 6 pages of, ending abruptly in the middle. The chapters I did read were interesting enough, if not for Mackay's knack for storytelling then for their shocking resemblance to modern market frenzies. I will say he does at times get bogged down in excruciating detail, including precise dollar amounts and financial details that simply do not move the story along and can bore the reader to tears (example: three or four pages of the "South-Sea Bubble" chapter are simply a numbered list of some 80 or more petitions for incorporation declined by the British government in the wake of the South-Sea Company scandal. I skimmed it and moved on.)
Mackay debunks and pokes fun at pseudoscience, popular delusions, and hoaxes (here he examines economic bubbles, popular follies of great cities and murder through poisoning).Popular Follies of Great CitiesThe South-Sea Bubble The TulipomaniaThe Slow Poisoners
Un libro muy jugoso para el interesado en la economía y sus historias más vergonzosas. Tiene unos toques amarillos deliciosos y está muy bien traducido. Un capricho culpable muy recomendable.
This book focuses on three bubbles: the Mississippi Company bubble, the South Sea bubble, and the Dutch tulip mania bubble.It is fascinating on two levels: one, the mechanics of how a bubble is formed and expanded are interesting on their own; two, reading about them is a little bit like watching a car crash in slow motion.