A revierw and analysis of "Manias, Panics, and Crashes: A History of Financial Crises" by Charles P. Kindleberger.
Written in 2009; 3,015 words; 5 sources; APA; $ 88.95
Paper Summary:
The paper offers a summary of ""Manias, Panics, and Crashes: A History of Financial Crises" by Charles P. Kindleberger, which is about the way that mismanagement of money and credit has led to financial crashes. The paper outlines the main ideas in the book's twelve chapters and then provides an in-depth analysis of this work. The paper also compares Kindleberger's views about the financial crisis to other economists' views and then concludes by showing how this book illustrates the pathology of the stock market, our economic system and the mentality of exploiting knowledge to turn a profit at another's expense.
Outline:
Summary
Analysis
Comparing of Author's Views about the Financial Crisis to Other Economists' Views
Conclusion
From the Paper:
"Kindleberger explains technically what that meaning is, and how it affects the financial markets. It is really just excessive expectation, according to Kindleberger. It is based on the herd mentality and the copycat mentality: we are very predictable and routine creatures: frankly speaking, if we see someone engaged in a behavior that makes them money, we will follow their behavior. Mania specifically is movement of cash or money into illiquid assets, with the prevailing hope that these illiquified assets will increase in value and grow faster than would have according to current interest rates of liquid assets. When the herd follows this mentality, then there is a disproportionate illiquidation of assets, of course all following the behavior of the individual who got rich through that particular form of illiquidation behavior thereof."
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