Extraordinary Popular Delusions
This classic survey of crowd psychology offers an illuminating and entertaining look at three grand-scale swindles. Originally published in England in 1841, its remarkable tales of human folly reveal that the hysteria of the Wall Street Crash of 1929 and the junk-bonds frenzy of the 1980s were far from uniquely twentieth-century phenomena.
The first of the financial scandals discussed, "The Mississippi Scheme," concerns a disastrous eighteenth-century plan for the commercial exploitation of the Mississippi valley, where investors were lured by Louisiana's repute as a region of gold and silver mountains. During the same era, thousands of English investors were ruined by "The South-Sea Bubble," a stock exchange based on British trade with the islands of the South Seas and South America. The third episode involves Holland's seventeenth-century "Tulipomania," when people went into debt collecting tulip bulbs — until a sudden depreciation in the bulbs' value rendered them worthless (except as flowers).
Fired by greed and fed by naiveté, these historic investment strategies gone awry retain an irrefutable relevance for modern times. Extraordinary Popular Delusions is essential and enthralling reading for investors as well as students of history, psychology, and human nature.
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Extraordinary Popular Delusions
This classic survey of crowd psychology offers an illuminating and entertaining look at three grand-scale swindles. Originally published in England in 1841, its remarkable tales of human folly reveal that the hysteria of the Wall Street Crash of 1929 and the junk-bonds frenzy of the 1980s were far from uniquely twentieth-century phenomena.
The first of the financial scandals discussed, "The Mississippi Scheme," concerns a disastrous eighteenth-century plan for the commercial exploitation of the Mississippi valley, where investors were lured by Louisiana's repute as a region of gold and silver mountains. During the same era, thousands of English investors were ruined by "The South-Sea Bubble," a stock exchange based on British trade with the islands of the South Seas and South America. The third episode involves Holland's seventeenth-century "Tulipomania," when people went into debt collecting tulip bulbs — until a sudden depreciation in the bulbs' value rendered them worthless (except as flowers).
Fired by greed and fed by naiveté, these historic investment strategies gone awry retain an irrefutable relevance for modern times. Extraordinary Popular Delusions is essential and enthralling reading for investors as well as students of history, psychology, and human nature.
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Extraordinary Popular Delusions

Extraordinary Popular Delusions

by Charles Mackay
Extraordinary Popular Delusions

Extraordinary Popular Delusions

by Charles Mackay

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Overview

This classic survey of crowd psychology offers an illuminating and entertaining look at three grand-scale swindles. Originally published in England in 1841, its remarkable tales of human folly reveal that the hysteria of the Wall Street Crash of 1929 and the junk-bonds frenzy of the 1980s were far from uniquely twentieth-century phenomena.
The first of the financial scandals discussed, "The Mississippi Scheme," concerns a disastrous eighteenth-century plan for the commercial exploitation of the Mississippi valley, where investors were lured by Louisiana's repute as a region of gold and silver mountains. During the same era, thousands of English investors were ruined by "The South-Sea Bubble," a stock exchange based on British trade with the islands of the South Seas and South America. The third episode involves Holland's seventeenth-century "Tulipomania," when people went into debt collecting tulip bulbs — until a sudden depreciation in the bulbs' value rendered them worthless (except as flowers).
Fired by greed and fed by naiveté, these historic investment strategies gone awry retain an irrefutable relevance for modern times. Extraordinary Popular Delusions is essential and enthralling reading for investors as well as students of history, psychology, and human nature.

Product Details

ISBN-13: 9780486432236
Publisher: Dover Publications
Publication date: 08/27/2003
Series: Dover Value Editions Series
Pages: 112
Product dimensions: 5.00(w) x 8.00(h) x (d)

About the Author

Charles Mackay was a British poet, journalist, and songwriter. He was born in Perth, Scotland, educated at the Royal Caledonian Asylum, London, and Brussels, but spent much of his early life in France. Coming to London in 1834, he engaged in journalism, working for The Morning Chronical from 1835 to 1844, and then became editor of The Glasgow Argus. He moved to The Illustrated London News in 1848, becoming editor in 1852. He published Songs and Poems (1834), wrote a History of London, Extraordinary Popular Delusions and the Madness of Crowds, and a romance, Longbeard. He is also remembered for his Dictionary of Lowland Scotch.

His fame, however, chiefly rests upon his songs, some of which include "Cheer, Boys, Cheer," which were set to music in 1846 by Henry Russell and had an astonishing popularity. Mackay acted as a Times correspondent during the American Civil War and, in that capacity, discovered and disclosed the Fenian conspiracy. He earned an LLD degree from Glasgow in 1846 and was a member of the Percy Society.

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