| Extraordinary popular delusions and the madness of crowds (Noonday N239) |  | Author: Charles Mackay
Publisher: Noonday Press
Buy Used: $5.88
as of 3/18/2010 01:57 CDT details
Used (2) from $5.88
Seller: endgamebooks
Rating:  70 reviews
Sales Rank: 1162065
Media: Paperback
Pages: 724
ASIN: B000872Y2W
Publication Date: 1974
Availability: Usually ships in 1-2 business days
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Amazon.com Review
Why do otherwise intelligent individuals form seething masses of idiocy when they engage in collective action? Why do financially sensible people jump lemming-like into hare-brained speculative frenzies--only to jump broker-like out of windows when their fantasies dissolve? We may think that the Great Crash of 1929, junk bonds of the '80s, and over-valued high-tech stocks of the '90s are peculiarly 20th century aberrations, but Mackay's classic--first published in 1841--shows that the madness and confusion of crowds knows no limits, and has no temporal bounds. These are extraordinarily illuminating,and, unfortunately, entertaining tales of chicanery, greed and naivete. Essential reading for any student of human nature or the transmission of ideas. In fact, cases such as Tulipomania in 1624--when Tulip bulbs traded at a higher price than gold--suggest the existence of what I would dub "Mackay's Law of Mass Action:" when it comes to the effect of social behavior on the intelligence of individuals, 1+1 is often less than 2, and sometimes considerably less than 0.
Product Description
A complete repackaging of the classic work about grand-scale madness, major schemes, and bamboozlement--and the universal human susceptibility to all three. This informative, funny collection encompasses a broad range of manias and deceptions, from witch burnings to the Great Crusades to the prophecies of Nostradamus.
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| Customer Reviews:
Showing reviews 1-5 of 70
 Enlightening December 26, 2009
Jeff (Rhode Island)
People take for granted where we are in the span of time and become lackadaisical about life and think things are going to be great for life and that we've learned everything from history so nothing bad or crazy can happen again. This book shows you that throughout time crazy things happen and when you look back on them you think it's silly, but the funny thing is they keep happening. I read the book crash proof 2.0 by the economist Peter Schiff who explains we are currently living through one of those periods (ie. government bailouts etc) where we will look back and say how crazy things are. If you read this book and his book it will send shivers down your spine.
The Best Book On Global Warming Ever Written! November 24, 2009
Patrick Sullivan (Kingston, Ont. Canada)
1 out of 2 found this review helpful
This book is a game changer. MacKay attempts to explain to people that human beings are inclined towards silly manias. He lists some of histories greatest episodes of total stupidity.
The financial manias of the South Sea Bubble, The Tulip Mania, and The Mississippi Scheme, are a must read for any would be investor. The lessons of any financial mania are timeless, as we all witnessed in the Dot Com bubble.
Humans will always be drawn to manias and silly trends. Sometimes these trends stay small and localized. At other times they explode into a world wide craze. MacKay lists some of the bigger manias, and outlines clear lessons to be learned. MacKay stresses that the group will whip itself into a frenzy, and only the individual has the brain power to identify the madness.
Once the reader is able to identify a wild craze, looking at world events will never be the same.
Do you remember hearing about the return of the Ice Age, in the late 1960s and early 70s? How about running out of oil, wheat, rice, and everything, in the 1970s. Acid rain killing the planet, back in the 1980s. Gee, I almost forgot about that one.
And of course the current Global Warming religious movement, is a truly world wild mania. It really is fun to laugh at these sort of events.
Mackay`s writing style is very old and rather boring. However, the message he delivers will live forever.
The Crowds Are Still Mad & Delusional September 5, 2009
Larry Underwood (Scottsdale, AZ)
Charles MacKay's Old English treatise on how seemingly rational individuals somehow manage to turn into totally irrational crowds is a maddenly fascinating piece of work. It's safe to say mankind hasn't progressed all that much in dealing with hype & hysteria since this was first published in the 1840s.
From Hitler mania in Nazi Germany to the perplexing disco fever in the '70s, society---or certain segments of society---continues to behave in strange & most bewildering ways; and I suppose it always will.
The conclusion I've drawn from all this is, people are easily drawn to beliefs or ideologies based on momentum. Momentum pays little or no attention to common sense or justice. It's fueled by human beings' inate desire to do what everybody else seems to be doing. This phenomenom is frequently called the "Bandwagon effect"; and once this wagon gets rolling, it's hard to stop.
Trying to understand the madness is a difficult task; usually, it's best performed after the movement or fad has ceased to exist. Hindsight will always be 20-20; those who are able to anticipate our delusional behavior before the fun begins will stand a chance of thriving in society better than the average lemming.
We are no different from our ancestors August 15, 2009
Mariusz Skonieczny (ClassicValueInvestors . com)
1 out of 1 found this review helpful
I wanted to read this book to learn more about our current financial crisis. And I learned that if you think that the current financial crisis is an extraordinary event and our government will place proper regulations to prevent this from happening again, then you can keep on dreaming, or read this book instead. You will learn that manias such as what we experienced in the housing market and during the internet bubble are nothing new.
In this book, the author takes readers through the history all types of manias such as The Mississippi Scheme, The South Sea Bubble, and The Tulipomania. I found it amazing that we are no different from people 300 years ago. We are greedy and irrational and looking for quick ways to get rich. And unfortunately, we do not learn very well from history. This book is fabulous and I found it very interesting.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
The Definitive History of Manias (Abridged) July 9, 2009
Mark Hughes (USA)
Why do otherwise intelligent individuals form seething masses of idiocy when they engage in collective action?
First published in 1841, this Informative and entertaining book is the definitive history of manias. From ancient alchemy, to the crusades at the turn of the first century, witch-hunts during the 1400s to 1600s, tulip mania in 1624, and the Mississippi scheme and South Sea bubble of the 1700s, Mackay provides insights into human behavior which help explain the Great Crash of 1929, the Dot-Com bubble of the 1990s, and the recent global economic meltdown.
"Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.", Charles Mackay.
Showing reviews 1-5 of 70
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