Manias, Panics and Crashes: A History of Financial Crises

In the eighth edition of Manias, Panics, and Crashes: A History of Financial Crises, Robert McCauley joins Robert Aliber to build on Charles P. Kindleberger’s renowned work. Since 1978, Manias, Panics and Crashes has tracked various financial crises through time, from ‘Tulipmania’ in the 17^th century to the more recent global financial crisis. The book, a hallmark of Kindleberger’s legacy as an esteemed economist, is the best known and most widely regarded resource for understanding financial crises.

McCauley draws on his central banking experience to introduce new chapters on cryptocurrency and the United States as the 21^st century global lender of last resort. He also updates the book’s coverage of the recent property bubble in China, as well as providing new perspectives on the US housing bubble of 2003-2006 and the Japanese bubble of the late 1980s. McCauley gives new attention to the social psychology that leads people to take the risk of investing in Ponzi schemes and asset price bubbles.

For the first time in this revised and updated edition, figures highlight key points to ensure that today’s generation of finance and economic researchers, students, practitioners and policymakers―as well as investors looking to avoid crashes―have access to the classic panoramic history of financial crisis.