Anatomy of a Bubble: Four Centuries of Financial Manias and Why Smart People Always Believe This Time Is Different
M. Muñoz
M. Muñoz
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126
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About this ebook
On a February morning in 1637, in a tavern in Haarlem, an auctioneer called out a price for a single tulip bulb and heard nothing back. Days earlier, that same bulb might have sold for the price of a house. The silence in that room is one of the most important sounds in financial history: the sound of a bubble bursting. This book tells the full story of what happened before and after that silence, and why the same five-act script has repeated for four hundred years, from the South Sea Company and the Mississippi scheme to the railway mania of Victorian Britain, the Roaring Twenties crash, the dot-com collapse, the 2008 housing crisis, and the boom-and-bust cycles of cryptocurrency. Drawing on the pioneering work of economists Hyman Minsky and Charles Kindleberger, it identifies the five recurring phases of every mania and explains why brilliant people, including Isaac Newton himself, keep falling for the same story. Written for the curious general reader, this is a rigorous, fact-based field guide to recognizing a bubble while it is still inflating, without predicting where any market goes next.
On a February morning in 1637, in a tavern in Haarlem, an auctioneer called out a price for a single tulip bulb and heard nothing back. Days earlier, that same bulb might have sold for the price of a house. The silence in that room is one of the most important sounds in financial history: the sou...
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