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Manias, Panics, and Crashes: A History of Financial Crises, Seventh Edition
PDF Ebook Manias, Panics, and Crashes: A History of Financial Crises, Seventh Edition
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Review
"The turmoil of 2007-8 reminded us only too painfully that financial crises are not confined to distant times and places. This latest edition of Charlie Kindleberger's classic study of man's serial financial follies, updated by Robert Aliber, brings the story right up to the present. A fount of wisdom not only for students of finance and economics, but also for central bankers and financial market practitioners." – Professor Sir Charles Bean, The London School of Economics, UK"Since its original publication, this has been one of my indispensable books. It served to help me grasp the gravity of financial crises that afflicted my country and guided me, hopefully, to recommend and take better policy decisions. It has also been an essential teaching tool. For example, on 15 September 2008 I asked my students to read at once several chapters so that they could better understand the events that started to unfold that morning. I welcome with enthusiasm this new edition!" - Ernesto Zedillo Ponce de León, Director Yale Center for the Study of Globalization; Former President of Mexico"Underneath the hilarious anecdotes, the elegant epigrams, and the graceful turns of phrase, Kindleberger is deadly serious. The manner in which humans beings earn their livings is no laughing matter to him, especially when they attempt to do so at the expense of one another. As he so effectively demonstrates, manias, panics, and crashes are the consequence of an economic environment that cultivates cupidity, chicanery, and rapaciousness rather than a devout belief in the Golden Rule." - From the Foreword to the Fourth Edition by Peter L. Bernstein, author of The Power of Gold "Alas, both the need for a book such as Manias, Panics and Crashes, and the coverage of its material, keep on increasing, almost exponentially. So much has happened in the last few years that this is now Bob Aliber's book, as much as, perhaps more, than Charles Kindleberger's. Aliber has enhanced the prior high standards that Kindleberger set. This is an easily accessible book, filled with fascinating historical vignettes, and one that everyone from the experts to newcomers to the field should read and would profit greatly by doing so." - Charles Goodhart, London School of Economics, UK
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About the Author
Robert Z. Aliber is Professor Emeritus of International Economics and Finance at the University of Chicago Booth School of Business, USA. He was director of the Center for Studies in International Finance; on the research staff for the Committee for Economic Development and Commission on Money and Credit; and senior economic advisor for the Agency for Economic Development, U.S. Department of State. Best-selling publications include The Reconstruction of International Monetary Arrangements (ed., Macmillan, 1986), The Handbook of International Financial Management (ed. Dow Jones Irwin, 1989), and Global Portfolios (co-editor, Business One Irwin, 1991). He is a co-author of Money, Banking, and the Economy (Norton, First Edition, 1981, Fourth Edition 1990), Manias, Panics, and Crashes: A History of Financial Crises (Palgrave MacMillan, 5th ed. 2005, 6th ed. 2011), and author of The International Money Game (Palgrave MacMillan, 2001). Aliber has consulted to the Board of Governors of the Federal Reserve System and to other U.S. government agencies, the World Bank and the International Monetary Fund, testified before committees of the Congress, and lectured extensively in the United States and abroad. The late Charles P. Kindleberger was the Ford Professor of Economics at MIT for 33 years and author of over 30 books. He was best known as a financial historian, whom the Economist referred to as 'the master of the genre' on financial crisis. He advanced the study of international finance and helped to devise the Marshall Plan, approved by Congress, for Europe's reconstruction after World War II. During his tenure at MIT, Kindleberger was a consultant to the federal government several times, most often for the Treasury and the Federal Reserve. In 1985, he was president of the American Economic Association. Select key publications by Kindleberger include: International Short-Term Capital Movements (Columbia University Press, 1937), The Dollar Shortage (New York: Wiley and MIT Press, 1950), International Economics (Richard D. Irwin, 1953, 1958, 1963, 1968, 1973, (and with Peter H. Lindert) 1978, 1982), Economic Development (McGraw-Hill, 1958, 1965, (and with Bruce Herrick) 1977, 1983), The World In Depression, 1929-1939 (University of California Press, 1973, revised and enlarged, 1986), and Manias, Panics, and Crashes: A History of Financial Crises (Palgrave Macmillan, 1978, revised and enlarged, 1989, 3rd ed. 1996, 4th ed. 1996), The Life of an Economist: An Autobiography (Basil Blackwell, 1991).
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Product details
Paperback: 460 pages
Publisher: Palgrave Macmillan; 7 edition (October 13, 2015)
Language: English
ISBN-10: 1137525754
ISBN-13: 978-1137525758
Product Dimensions:
6.1 x 1.1 x 9.1 inches
Shipping Weight: 1.7 pounds (View shipping rates and policies)
Average Customer Review:
3.8 out of 5 stars
140 customer reviews
Amazon Best Sellers Rank:
#64,580 in Books (See Top 100 in Books)
I bought this three years ago and it has shaped my investing greatly. My goal in investing is always to buy low and sell high. This book helps me understand how to do the first half--buying low. I now buy after crashes.Interestingly, something somewhere is always crashing. And I have also used Kindleberger to size up what are obvious manias (easy one: there are now more construction cranes in Toronto than any other city in North America). Places where I have bought after crashes are Greek shipping companies in January 2013 (42% gain in 12 months even including a stock that went from $70/share to $0.11/share) and Indian small caps in August of 2013 (up ~30% gain in 5 months), the US housing market in 2012, and a small bank whose shares went from $300, to $1, to $11 (counting reverse splits).I have proven that you can still lose money even buying after a big fall (US Treasurys)--so I am not touting Kindleberger as a panacea. it is far from clear how to get the timing right during or after a crash. But this book did a great job illuminating the crazy ways people can cause a good or a stock to part from reality both on its way up and on its way down. Using it, I succeed more often than I fail. And I succeed more often than if I had not read it.I would place this book on the short list, with Taleb's, Lefevre's, and Malkiel's work if you invest for yourself.
This book was informative and gives a detailed history of financial crises going back to the 17th century. I would say that an understanding of the principles of macroeconomics will make this book a more digestible read as it refers to economic frameworks. Seemed a little long-winded at times and the book didn't seem to have the best chapter-to-chapter transitions.I would concur that this is a book that should be referred to every few years. For example, speculative investing & expansion of credit gave way to the Housing Bubble; these topics are covered extensively in the book (albeit written before the pop of the Housing Bubble). It will be interesting to come back to this book as the next couple of economic cycles play out given our nations leverage levels and the implications of expansionary monetary policy (Kindleberger highlighted that Debt/GDP levels should be healthily around <60-70%).
I bough this sixth edition right after it came out and then read a but and then put it back on my shelf for some reason. I though when I bought it would be more a sequential history and not a larger arc looking at crashes and their causes, but I was rewarded coming back to it. I'm just glad that we have the problem of crashes solved after 2008 and there's no worry or possibility of another one (unless crashes are inherent in the economic system, and as explored here even more likely in the current incarnation of capitalism).
Buy it. Study it. This book will build your frame of reference with regard to economic history, which is of paramount necessity should you be making any investment decisions. When you know history More broadly, as well as specifics of certain circumstances you become less susceptible to BS peddled by so many people today, and always. whether they are good people who only Know enough to spout off a few buzz words, or con men who are trying to swindle you etc. Knowing the information in this book will enable you to think for yourself and remain clear headed when other people are being reactive or tying to convince you of something. You'll be able to simply thank people for their advice, without necessarily being governed by their opinions.
This book has some good concepts and discussion, but it is poorly organized, often lacking in logical coherency. The book seems to jump around among various topics and stories, and is hard to follow at times. For example, a heading is often followed by a short discussion of subject matter related to the heading, but then devolves into various tangents. It is almost as if the author wrote the book in a stream of consciousness without much effort in organizing the material being discussed. This is a shame due to the importance of the subject matter being covered. IMO this book could be rewritten to produce a much better product.
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