Extraordinary Popular Delusions & the Madness of Crowds Paperback – Jul 25 1995
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Why do otherwise intelligent individuals form seething masses of idiocy when they engage in collective action? Why do financially sensible people jump lemming-like into hare-brained speculative frenzies--only to jump broker-like out of windows when their fantasies dissolve? We may think that the Great Crash of 1929, junk bonds of the '80s, and over-valued high-tech stocks of the '90s are peculiarly 20th century aberrations, but Mackay's classic--first published in 1841--shows that the madness and confusion of crowds knows no limits, and has no temporal bounds. These are extraordinarily illuminating,and, unfortunately, entertaining tales of chicanery, greed and naivete. Essential reading for any student of human nature or the transmission of ideas.
In fact, cases such as Tulipomania in 1624--when Tulip bulbs traded at a higher price than gold--suggest the existence of what I would dub "Mackay's Law of Mass Action:" when it comes to the effect of social behavior on the intelligence of individuals, 1+1 is often less than 2, and sometimes considerably less than 0. --This text refers to an out of print or unavailable edition of this title.
About the Author
Charles Mackay (1841-1889) was born in Perth, Scotland. His mother died shortly after his birth, and his father, who had been in turn a Lieutenant on a Royal Navy sloop (captured and imprisoned for four years in France) and then an Ensign in the 47th foot taking part in the ill-fated Walcheren Expedition where he contracted malaria, sent young Charles to live with a nurse in Woolwich in 1822. After a couple of years' education in Brussels from 1828-1830, he became a journalist and songwriter in London. He worked on The Morning Chronicle from 1835-1844, when he was appointed Editor of The Glasgow Argus. His song The Good Time Coming sold 400,000 copies in 1846, the year that he was awarded his Doctorate of Literature by Glasgow University. He was a friend of influential figures such as Charles Dickens and Henry Russell, and moved to London to work on The Illustrated London News in 1848, and he became Editor of it in 1852. He was a correspondent for The Times during the American Civil War, but thereafter concentrated on writing books. Apart from Extraordinary Popular Delusions and the Madness of Crowds, he is best remembered for his songs and his Dictionary of Lowland Scotch. --This text refers to an alternate Paperback edition.
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Top Customer Reviews
The rest of the book provides some very good historical information about various other manias. It was interesting, and I read most of the other chapters which were very interesting, but it is a 740 page book and I found myself skipping over portions of some of the later chapters.
I really liked that this book was written over 160 years ago. It focused on parts of world history I did not know enough about and I am glad I own this now.
If you are like most of us, you probably had a cube-mate who fashioned him/herself as a "Wall Street wizard" at some point in 1998; you probably had a good laugh as you watched an E*Trade commercial from around that era where the TV-addled couch potato chooses his stock picks based on what's being marketed to him on TV. Personally, I recall one example where a co-worker invested the entire contents of his children's college fund on a single stock purchase, bragging about his profits from said transaction to everyone! Never mind the fact that he could have very well left Johnny and Jenny putting themselves through the local community college and living at home; this was 1998, after all - the "New Economy" was going to transcend all of the limits that 'unprogressive' thinkers had ascribed to all earlier versions of the economy. The question is: are you going to believe the mucky-muck hack/establishment economist at _Barron's_, or learn lessons from history? This book is for those who prefer the latter.
This book is really a classic in critical thinking. Having read this around age 19, I couldn't help but think that the "New Economy" was mostly a bunch of balderdash and that nothing can permanently transcend fundamental economic principles. In fact, the .Read more ›
I particularly liked the chapter on witchcraft and witch hunts since it told me everything I'll ever need to know on why seemingly intelligent groups of people band together to banish or murder innocent members of society - just because they are different. Another engaging chapter deals with millennialism - the fear and dread that grips society at the end of each millennium. If you thought the end of the last one brought turbulence, you should read what happened a thousand years ago.
This book is often quoted by stock market pundits and talking heads as if it were a treatise on irrational behaviour in the financial markets. In fact, it is much more than that. It deals with irrational behaviour and mass stupidity in all walks of life. Five Stars.
Most recent customer reviews
A book of this title has come to me through the mail.
I was expecting it.
All is well.
The financial manias discussed in the book, are the areas most often referred too. The South Sea Bubble, The Mississippi Bubble, and the Tulip Mania, are financial episodes that... Read morePublished on June 24 2009 by Patrick Sullivan
This is a very good book, and it serves as a reminder to all that humans are in general , taken as a whole.. quite stupid.The chapters are amusing,terrible and apt. Read it now!!! Read morePublished on Sept. 15 2006 by Dangerous Dave
I read a lot of history books and I am a big fan of books dealing with the history of science and economics. Yet, I could not bring myself to finish this gargantuan book. Read morePublished on April 26 2004 by RV
Although the Bible teaches that where more than one person gathers, (supposedly in His name), the recognition of the more likely result is that where more than two persons is a... Read morePublished on March 2 2004 by Patricia B. Ross
Project gutenberg's free ebook versions are wonderful too.Published on Feb. 29 2004 by Mark Guzowski
An interesting book for history buffs.
For those interested in the history of financial manias, only the first three chapters are of interest. Read more
This is a famed work. The reprint comes with a forward by Bernard Baruch.
John Law was born in 1671. Read more
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