Manias, Panics, and Crashes
A History of Financial Crises
The classic anatomy of how financial bubbles form and burst.
Manias, Panics, and Crashes lays out a recurring pattern behind financial crises: a wave of speculation, a credit-fueled mania, a sudden panic, and a crash. Charles Kindleberger draws on centuries of history to show how euphoria and excess credit lead investors into the same traps again and again. It remains a foundational text for understanding bubbles.
Founders living through funding booms and busts benefit from seeing the universal arc of mania and panic laid bare. The book inoculates against the seductive belief that the current boom is unlike any before it.
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