Boom and Bust
A Global History of Financial Bubbles
John D Turner author William Quinn author
Format:Paperback
Publisher:Cambridge University Press
Published:21st Oct '21
Should be back in stock very soon
This paperback is available in another edition too:
- Hardback£25.00(9781108421256)
This book explores the phenomenon of financial bubbles, examining historical instances across various regions. It analyzes why some bubbles lead to severe consequences while others yield societal benefits, emphasizing the role of investor reactions.
"Boom and Bust" explores the intriguing phenomenon of financial bubbles in stock and housing markets, delving into the reasons behind their dramatic rises and subsequent falls. Authors William Quinn and John D. Turner investigate the increasing frequency of these cycles, seeking to understand the underlying causes and consequences. Through a historical lens, they examine notable financial events across various locations and time periods, including Paris and London in 1720, Latin America in the 1820s, and Silicon Valley in the 1990s, among others.
The authors argue that bubbles often emerge when investors respond to new technologies or political changes, igniting speculative behavior. This interaction between innovation and market psychology is critical to understanding the dynamics of financial markets. By tracing the evolution of these bubbles, Quinn and Turner highlight how some have led to devastating economic, social, and political fallout, while others have surprisingly yielded benefits for society.
Ultimately, "Boom and Bust" emphasizes the importance of recognizing the sparks that ignite these bubbles to better predict future occurrences. The book provides valuable insights into the complexities of financial markets, encouraging readers to reflect on the lessons learned from history. By examining both the destructive and constructive potential of bubbles, the authors shed light on a crucial aspect of economic behavior that continues to shape our world today.
'Where do financial bubbles come from? Can – and should – policy makers always try to stop them? Can investors avoid them? Quinn and Turner take us on an informative, engaging tour of the last three hundred years of bubbles and, using history as their guide, provide intriguing answers.' Richard S. Grossman, author of WRONG: Nine Economic Policy Disasters and What We Can Learn from Them.
'Quinn and Turner argue that the essential elements of capital markets: money, credit and speculation are also the necessary ingredients of financial bubbles. Can we have one without the other?' William Goetzmann, author of Money Changes Everything: How Finance Made Civilization Possible
'Quinn and Turner have made a major contribution to the literature on financial speculation and the bubbles to which they contribute. Not only do they provide an analytical dissection of ten salient episodes over some 300 years, they embed these narratives in an explanatory framework – the 'bubble triangle' – that links the relative marketability of financial assets and the supply of credit to speculative excess. Thus, Boom and Bust shows how to mine history for meaning, with lessons relevant today for investors and policy-makers alike.' Bill Janeway, author of Doing Capitalism in the Innovation Economy: Reconfiguring the Three-Player Game between Markets, Speculators and the State
'For anyone interested in financial history, Boom and Bust is essential reading.' John Plender, Financial Times
'An action-packed romp through ten of the biggest bubbles and busts of the past three centuries … Some (most) finance books are arid and hard-going; this one I couldn't put down.' Alistair Haimes, The Critic
'A lovely book. It describes and draws lessons from ten financial manias, from the South Sea Bubble to 'Casino Capitalism with Chinese Characteristics'. It also explains bubbles with what the authors call 'the bubble triangle'. Its three sides consists of oxygen, which is the 'marketability' of assets, fuel, which is 'money and credit' and heat, which is 'speculation'. This combination recurs repeatedly and so do bubbles. Just like fires, financial manias and crashes are destructive, but they can also be useful, by clearing out dead wood.' Martin Wolf, Financial Times, Best Books of 2020
'A readable and impressively researched title to be enjoyed by the generalist or specialist.' Niall McGarrigle, Irish Times
'Written with exquisite concision and packing a wealth of detail and citation into each chapter, Boom and Bust is an instant classic.' Rebecca L. Spang, Times Literary Supplement
'This wonderful book is interesting, informative, and insightful … Highly recommended.' R. M. Whaples, Choice
ISBN: 9781108431651
Dimensions: 196mm x 129mm x 21mm
Weight: 410g
374 pages