Transcription of Manias, Panics, and Crashes
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Manias, Panics, and Crashes
FM JWBK120/Kindleberger February 13, 2008 14:53 Char Count=Manias, Panics, andCrashesA History of Financial CrisesFifth EditionCharles P. KindlebergerandRobert Z. AliberJohn Wiley & Sons, JWBK120/Kindleberger February 13, 2008 14:53 Char Count=iiFM JWBK120/Kindleberger February 13, 2008 14:53 Char Count=Manias, Panics, and CrashesFifth EditioniFM JWBK120/Kindleberger February 13, 2008 14:53 Char Count=iiFM JWBK120/Kindleberger February 13, 2008 14:53 Char Count=Manias, Panics, andCrashesA History of Financial CrisesFifth EditionCharles P.
rationality, though CPK would have been charmed by what a German friend of ours called ‘Das Gesetz der Verschlechtigung aller Dinge’ (the Law of the Deterioration of Everything). Increasing wealth, faster and cheaper communication, and the evolution of national and interna-tional financial systems also played an indispensable role, as sketched
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