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Summary

When Charles P. Kindleberger's Manias, Panics, and Crashes: A History of Financial Crises was first published in 1978, the world was entering a new period of global economic turbulence. Established economists based their analyses on the assumption that investors act rationally, and these economists often communicated their ideas with dry, technical language. Kindleberger rebelled against convention.

Using a more literary and descriptive style, he came up with a new view. He argued that markets are unstable precisely because investors act irrationally when they get swept along on a tide of optimism or despair. This makes the financial markets susceptible to crises, and at times they are in need of radical intervention. Kindleberger's historical examples of financial crashes worldwide show a distinct pattern, leading him to the conclusion that the world needs a single, central body to stabilize global markets at their most fragile moments.

The fact that Kindleberger's book is now in its seventh edition shows just how popular his ideas have become, and how they are still relevant today. Manias, Panics, and Crashes is essential listening for anyone who wants to understand the market cycle of boom and bust.

©2016 Macat Inc (P)2016 Macat Inc

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  • Overall
    1 out of 5 stars
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    1 out of 5 stars
  • C. Tanner
  • 12-10-17

This is a "cliff notes' version of the book

repetitive, doesn't give much information. does give you the highlights, somewhat, but there's not enough information to even have a short coffee talk about the subject.

  • Overall
    2 out of 5 stars
  • M. Rutkowski
  • 23-03-17

very repetitive, little content

very repetitive, little content, read the book instead, every five minutes you'll hear the same shot over again

  • Overall
    3 out of 5 stars
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    3 out of 5 stars
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    4 out of 5 stars
  • Troy
  • 25-10-16

Doesn't go into analysis

The audiobook is very broad in scope and doesn't cover crashes in detail as the book probably does