Extraordinary Popular Delusions and the Madness of Crowds

Engelstalig boek van Charles Mackay: Extraordinary Popular Delusions and the Madness of Crowds. 404 paginas.


An early study of crowd psychology by Scottish journalist Charles Mackay
The subjects of Mackay's debunking include alchemy, crusades, duels, economic bubbles, fortune-telling, haunted houses, the Drummer of Tedworth, the influence of politics and religion on the shapes of beards and hair, magnetisers (influence of imagination in curing disease), murder through poisoning, prophecies, popular admiration of great thieves, popular follies of great cities, and relics. Present-day writers on economics, such as Michael Lewis and Andrew Tobias, laud the three chapters on economic bubbles.
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First published in 1841, Extraordinary Popular Delusions and the Madness of Crowds is often cited as the best book ever written about market psychology. This Harriman House edition includes Charles Mackay's account of the three infamous financial manias - John Law's Mississipi Scheme, the South Sea Bubble, and Tulipomania.
Between the three of them, these historic episodes confirm that greed and fear have always been the driving forces of financial markets, and, furthermore, that being sensible and clever is no defence against the mesmeric allure of a popular craze with the wind behind it.

In writing the history of the great financial manias, Charles Mackay proved himself a master chronicler of social as well as financial history. Blessed with a cast of characters that covered all the vices, gifted a passage of events which was inevitably heading for disaster, and with the benefit of hindsight, he produced a record that is at once a riveting thriller and absorbing historical document. A century and a half later, it is as vibrant and lurid as the day it was written.

For modern-day investors, still reeling from the dotcom crash, the moral of the popular manias scarcely needs spelling out. When the next stock market bubble comes along, as it surely will, you are advised to recall the plight of some of the unfortunates on these pages, and avoid getting dragged under the wheels of the careering bandwagon yourself.

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Charles Mackay was a Scottish poet, journalist, author, anthologist, novelist, and songwriter, remembered mainly for his book Extraordinary Popular Delusions and the Madness of Crowds.

Mackay became a journalist in London: in 1834 he was an occasional contributor to The Sun. From the spring of 1835 till 1844 he was assistant sub-editor of the Morning Chronicle. In the autumn of 1839 he spent a month's holiday in Scotland, witnessing the Eglintoun Tournament, which he described in the Chronicle, and making acquaintances in Edinburgh. In the autumn of 1844, he moved to Scotland, and became editor of the Glasgow Argus, resigning in 1847. He worked for the Illustrated London News in 1848, becoming editor in 1852.