"Manias, Panics, and Crashes probes the most recent natural disasters of
the markets - from Black Monday to the Japanese boom and bust, from the
sterling crisis and peso devaluation to the explosion in today's technology
stocks." "Kindleberger's writing leads the reader through a myriad of
financial free falls. From the currency devaluation in the Holy Roman Empire
in 1618, through the California gold rush of the 1840s and '50s to the crash
of 1987, all the way up to the present day, his sharply drawn history
confronts a host of key questions: In the ups and downs of market behavior,
where is the line between rational and irrational? Are the markets a fool's
paradise in an explosive world? When the storm expands to dangerous
proportions, who will calm the panic? Should a "lender of last resort"
intervene to repair the wreckage?" "Manias, Panics, and Crashes can be
regarded as a warning or a proposition, reminding readers, in many ways, that
what goes around comes around. Like all true classics, Kindleberger's book
remains timely - for better or for worse."

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