Икономическа политика

Manias, Panics and Crashes: A History of Financial Crises

Sixth Edition

Автор(и) : Charles P. Kindleberger , Robert Z. Aliber

Издател : Palgrave Macmillian

Място на издаване : New York, USA

Година на издаване : 2011

ISBN : 978-0-230-36535-3

Брой страници : 356

Език : английски


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This is the sixth edition of Charles Kindleberger's classic history of financial crises since the dawn of capitalism. As the title of the opening chapter puts it, financial crisis is a "hardy perennial", and there has been no shortage of material for the purposes of updating. The new edition incorporates events such as the collapse of Lehman Brothers and the Bernie Madoff fraud into its analysis, which brings a welcome freshness. On the other hand, the updating - by Robert Aliber of the University of Chicago, following Kindleberger's death in 2003 - has turned it into a less cohesive and pacy read compared to, say, the third edition (1996).
Nevertheless, even though it would be worth rereading the original version, the living text does a good job of using the whole long history of financial crises to illustrate the tendency to boom and bust that is inherent in the markets. The argument is that there are exaggerated cycles in the supply of credit, causing alternating manias and crashes - a claim that is all too plausible at the moment.

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