My fevorite quotes from “Manias, Panics and Crashes”:
“Swindling increase in economic booms because greed appears to grow more rapidly than wealth: it’s as if the increase in wealth trigger an increase in greed”
“Money is a public good; as such, it lends itself to private exploitation.”
“To ultimately survive, it is also essential that you become aware of the signs of a bubble and avoid them at all costs. You will probably leave profits on the table but will also avoid the painful and debilitating financial collapse that follows along with those who were either too short-sighted or greedy to avoid entrapment in the Pollyanna Paradox.”
If you ever asked yourself how come we are going from an economic crisis to another, this is exactly the book you’re looking for. As many other aspects of our current reality, a proper explanation for our lives is coming long after we pass the first traumatic events. Globalization is in its middle steps of evolution in matters of social and political structure, nevertheless our economical system is global for many decades now.
In this 368 pages book, Robert Z. Aliber and Charles P Kindleberger has managed to describe in a fluent and simple vocabulary why we are already all connected and what is going on in our economic system. I truly enjoyed reading it. It gave me insights regarding the bubbles of the last decades, a deeper understanding of the net of investment moving it power around the world and equipped me with better tools to handle my personal investments.
In an era of digital and global investment, the need of the people to understand better how and why to invest, is a necessity for the purpose of promoting their wealth and their well being. If you’re not extremely familiar with economical terms but aware of the world around you and its recent evolution, or if you have anything to do with investments… I would recommend you to be added this book to your immediate reading list!
If you search to purchase the book:
Manias, Panics, and Crashes: A History of Financial Crises, Seventh Edition (The most fordable version I found online)
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