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Title: Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay ISBN: 1-58663-558-1 Publisher: Metro Books Pub. Date: 31 December, 2003 Format: Hardcover Volumes: 1 List Price(USD): $9.98 |
Average Customer Rating: 4.16 (37 reviews)
Rating: 4
Summary: Truly a classic!
Comment: If you're into investing, sooner or later an investment columnist will mention Extraordinary Delusions as required reading. It's that and more...
Charles Mackay first details France's Mississippi Scheme & England's South Sea Bubble (from the early 1700's). Then he covers the famous Dutch "tulipomania" of the 1600's. These are all enjoyable reports of financial manias and their aftermaths (though the South Sea Bubble chapter dragged on a bit). But the financial reader will be surprised when she realizes she's still only 100 pages into a 700 page book! Mackay proceeds to cover:
Alchemy - 150 pages of exhaustive (& exhausting) detail of hobbyists & serious investors who were convinced they could turn base metals into gold, if only they could find the right ancient recipe & stoke their workshop cauldrons just a little bit hotter.
The Crusades - 100 pages that prove that modern Islamic fundamentalists did not invent the idea of a "holy war". I had no idea the Crusades came out of official harassment of Y1K religious pilgrims! Remember this: If your country is being inundated with religious pilgrims, just try to think of them as a tourist opportunity. You don't want to get them angry!
The Witch Mania - 100pp. This section was unexpectedly chilling. As I read about European witch trials of the 1400s-1600s, I kept thinking of our recent satanic child abuse trials. It's all been done before: The wild unprovable accusations, including eating dead babies; trusting unreliable witnesses specifically BECAUSE of the severity of the charges; False Memory Syndrome. At least the rack & Trial by Ordeal are no longer recognized as valid forensic techniques.
The Slow Poisoners - Murder isn't really murder if you poison the victim slowly enough, is it?
Also covered: Animal Magnetism, Prophecies, Fortune-Telling, Hair & beard fashions in men, catch phrases & slang, Relics, Duels & Ordeals, Haunted Houses, & Popular Admiration of Great Thieves.
At times the book dragged, especially in the chapters I wasn't interested in. (But hey, that's what skimming is for.) So with that caveat, go ahead & get the book. It'll be a great investment of 12 bucks!
Rating: 5
Summary: The definitive book of manias
Comment: This is it. If you want to know how many times the world has been gripped by madness then look no farther than the reprinted edition of MacKay's classic. Written in that wonderful Olde English style of the early 19th century, MacKay takes us on a tour of the world's most horrifying manias - up to about 1840 anyway.
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.
Rating: 2
Summary: Not for the Average Reader
Comment: 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. Before you buy this book be aware that it was written in 1841, and in my opinion it did not age very well. If you are a casual reader of history books, this book is probably not for you.
Of the book's 740 pages, the first 100 or so deal with economic bubbles - these initial chapters are relatively engaging and easy to read. In comparison, the following 150 page are simply a LIST of famous alchemists, with a few brief anecdotes about each one. The other subjects covered later on, prophecies, fortunes telling etc. suffer from the same problem. The book contains no analysis, it merely offers a collection of anecdotes, some amusing some not.
The book is written in archaic language, with Latin and French phrases interspersed throughout it. Occasionally, entire Latin paragraphs are used with no English translation. I read a lot, and this is the first book in many years that I was not able to finish.
There is one positive thing I can say about this book: it is a fascinating example of 19th century writing. The approach to the subject matter, the narrative tone and the language used were very instructive and interesting for me. Nevertheless, I was only able to make it to page 323 before giving up. For the casual reader I would suggest more modern books on the topics covered. For example: Tulipomania by Mike Dash is a great book about the Tulip trade Bubble of 1636.
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Title: Manias, Panics, and Crashes: A History of Financial Crises (Wiley Investment Classics) by Charles P. Kindleberger ISBN: 0471389455 Publisher: Wiley Pub. Date: 12 January, 2001 List Price(USD): $19.95 |
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Title: Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein ISBN: 0471295639 Publisher: Wiley Pub. Date: 31 August, 1998 List Price(USD): $19.95 |
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Title: Reminiscences of a Stock Operator (A Marketplace Book) by Edwin Lefèvre, Marketplace Books ISBN: 0471059706 Publisher: Wiley Pub. Date: 11 May, 1994 List Price(USD): $19.95 |
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Title: Devil Take the Hindmost: A History of Financial Speculation by Edward Chancellor ISBN: 0452281806 Publisher: Plume Books Pub. Date: 05 June, 2000 List Price(USD): $15.00 |
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Title: Money Game by ADAM SMITH ISBN: 0394721039 Publisher: Vintage Pub. Date: 12 August, 1976 |
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