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Boom and Bust
A Global History of Financial Bubbles

$24.95 (T)

  • Date Published: August 2020
  • availability: In stock
  • format: Hardback
  • isbn: 9781108421256
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About the Authors
  • Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.

    • Ranges across three hundred years of bubbles from the South Sea Bubble of 1720 to the sub-prime crisis and Chinese stock market crash
    • Provides tangible approaches that investors and governments can take to predict and address bubbles
    • Shows that not all bubbles are economically destructive and that some have actually benefited society
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    Reviews & endorsements

    '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

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    Customer reviews

    27th Nov 2020 by UName-1050429

    Financial crises have come back to the forefront. Is there a common thread running through them? Is it the institutional setup? What are the factors linking the crisis of the financial system to developments in the economy and in society? Is it possible to foretell a crisis? Or, it it all just 'uncertain'. These are some the questions that come up time and again on the occasion of a crisis. We have entered a turbulent period, so answers will be sought, given, challenged and revisited. The Boom&Bust publication is a valuable addition to this literature and the search for answers. In this sense, it needs to be read by all students of real-world economics

    Review was not posted due to profanity

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    Product details

    • Date Published: August 2020
    • format: Hardback
    • isbn: 9781108421256
    • length: 296 pages
    • dimensions: 235 x 162 x 22 mm
    • weight: 0.56kg
    • contains: 27 b/w illus. 13 tables
    • availability: In stock
  • Table of Contents

    List of figures
    List of tables
    1. The bubble triangle
    2. 1720 and the invention of the bubble
    3. Marketability revived: the first emerging market bubble
    4. Democratising speculation: the great railway mania
    5. Other people's money: the Australian land boom
    6. Wheeler-dealers: the British bicycle mania
    7. The roaring twenties and the Wall Street Crash
    8. Blowing bubbles for political purposes: Japan in the 1980s
    9. The dot-com bubble
    10. 'No more boom and bust': the subprime bubble
    11. Casino capitalism with Chinese characteristics
    12. Predicting bubbles
    Acknowledgements
    Endnotes
    Bibliography
    Index.

  • Authors

    William Quinn, Queen's University Belfast
    William Quinn is a Lecturer in Finance at Queen's University Belfast, where he conducts research on market manipulation, stock markets and, above all, bubbles.

    John D. Turner, Queen's University Belfast
    John D. Turner is a Professor of Finance and Financial History at Queen's University Belfast. He is a Fellow of the Academy of Social Sciences and an editor of The Economic History Review. His book Banking in Crisis (2014) won the Wadsworth Prize in 2015.

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