Extraordinary Popular Delusions & the Madness of Crowds (Wordsworth Reference) (Wordsworth Reference)
by Charles MacKay
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Book Summary Information
Author: Charles MacKayIntroduction: Norman Stone
Edition: Paperback
Published: 1999-12-05
ISBN: 1853263494
Number of pages: 624
Publisher: Wordsworth Edition Ltd
Book Reviews of Extraordinary Popular Delusions & the Madness of Crowds (Wordsworth Reference) (Wordsworth Reference)
Book Review: A fun and easy read on the stupidity of people
Summary: 4 Stars
I really enjoyed this book. Often, people seem to think the problems of the modern world are new and insurmountable issues. This book shows the cycle of life is just that, a cycle. Working on the stock market, I'm constantly assailed with the negative news of the day. This book cites examples of the same issues we now face... only these examples come from roughly 300 years ago.
I am amazed that, as a species, we still cannot seem to learn from our past. This book shows that unregulated markets are rife with corruption, and the ignorant often suffer. Looking at our current housing market crisis, I see many similarities with the corruption and suffering of generations past. Within these pages, unscrupulous people will learn to profit. Of course, those same unscrupulous people will also be the ones crying for deregulation. There is a lesson to be learned here. Pick up the book and enjoy.
Summary of Extraordinary Popular Delusions & the Madness of Crowds (Wordsworth Reference) (Wordsworth Reference)
Why do otherwise intelligent individuals form seething masses of idiocy when they engage in collective action? Why do financially sensible people jump lemming-like into hare-brained speculative frenzies--only to jump broker-like out of windows when their fantasies dissolve? We may think that the Great Crash of 1929, junk bonds of the '80s, and over-valued high-tech stocks of the '90s are peculiarly 20th century aberrations, but Mackay's classic--first published in 1841--shows that the madness and confusion of crowds knows no limits, and has no temporal bounds. These are extraordinarily illuminating,and, unfortunately, entertaining tales of chicanery, greed and naivete. Essential reading for any student of human nature or the transmission of ideas.
In fact, cases such as Tulipomania in 1624--when Tulip bulbs traded at a higher price than gold--suggest the existence of what I would dub "Mackay's Law of Mass Action:" when it comes to the effect of social behavior on the intelligence of individuals, 1+1 is often less than 2, and sometimes considerably less than 0.
Whenever struck by campaigns, fads, cults and fashions, the reader may take some comfort that Charles Mackay can demonstrate historical parallels for almost every neurosis of our times. The South Sea Bubble, Witch Mania, Alchemy, the Crusades, Fortune-telling, Haunted Houses, and even 'Tulipomania' are only some of the subjects covered in this book, which is given a contemporary perspective through Professor Norman Stone's lively new Introduction.
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