Extraordinary Popular Delusions and the Madness of Crowds | 
| Author: Charles Mackay
Publisher: Wilder Publications
Category: Book
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Avg. Customer Rating:  59 reviews
Sales Rank: 17408
Media: Paperback
Number Of Items: 1
Pages: 440
Shipping Weight (lbs): 1.4
Dimensions (in): 8.9 x 5.8 x 1.3
ISBN: 1604594411
Dewey Decimal Number: 302
EAN: 9781604594416
Publication Date: August 1, 2008
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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
Extraordinary Popular Delusions and the Madness of Crowds is a history of popular folly by Charles Mackay. The book chronicles its targets in three parts: "National Delusions," "Peculiar Follies," and "Philosophical Delusions." Learn why intelligent people do amazingly stupid things when caught up in speculative edevorse. The subjects of Mackay's debunking include alchemy, beards (influence of politics and religion on), witch-hunts, crusades and duels. Present day writers on economics, such as Andrew Tobias, laud the three chapters on economic bubbles.
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| Customer Reviews: Read 54 more reviews...
 A classic, well worth reading November 23, 2008
For a long time, I have wanted to read this 1852 classic, "Extraordinary Popular Delusions and the Madness of Crowds", but why I decided to do so recently, was because I was hoping to get some insights into understanding our recent Housing bubble and 2007-8 financial meltdown. I am glad I read it, because I did indeed come away with some 'extraordinary' insights.
Sure, this book goes into some historic financial bubbles, like Tulipmania, the South Sea Bubble, and the Mississippi land scheme. But, when it got into other manias involving witches, the Crusades, alchemy, popularity of certain phrases/expressions, fortune tellers, slow poisoners, duels, admiration of thieves, haunted houses, etc., it awakened me that our financial meltdown wasn't simply a repeat of other financial bubbles. We had the Internet bubble only a few years prior to what was happening with Housing, so most of us should have not been so blinded as Housing got out of hand. But, it is clear that we were also suffering from an overload of all kinds of manias, which I think, because of the depth of this book, appeared to condition so many in our society to find an even greater safety in 'crowds'. In particular, words like liberal and socialist were not just argued against, but actually successfully demonized, along with targeted uses of words like 'traitor' for anyone not supporting a US war, even trying to affix the term, 'terrorist' to Barrack Obama. Witness the success of Ann Coulter books, Fox News, etc. It is like if you just wanted to be a renter, there must have been something wrong with you, even anti-American, not wanting to participate in 'the ownership society', another term feeding into a financial mania. Plus, was anyone warning that this 'ownership society' was based almost entirely on debt, hardly real ownership? Heck, we were told after 9-11, the patriotic thing to do was shop, never mind sacrificing for the war. Also, our almost maniacal adoration of celebrities, outrageous salaries for athletes and CEOs, long lines for new introductions of new Apple products, Harry Potter books, etc, etc. We were a society primed with all kinds of 'extraordinary popular delusions', especially susceptible to a meltdown of generational proportions. Will we change? It does look like many are looking for some deeper societal transformation. But, as this book seems to show, transformation will be difficult, and we probably need to worry about transforming to just another mania, just as bad. We have a big task ahead. Too bad Mr. Mackay isn't around to write about our current manias.
Though the book is about 700 pages long, unless you are particularly interested in every detail of each mania, you can skim over lots of the details and complete the book in just a few days and still come away with a thorough understanding.
Informative and entertaining - it earns its status as a classic November 19, 2008
1 out of 1 found this review helpful
In the weeks before the election, as the financial crisis spun ever farther out of control and the pundits' shrieks grew ever more shrill, I browsed through "Popular Delusions.." and found solace. Charles Mackay's extraordinary survey of the various manifestations of mass hysteria throughout history cannot help but offer perspective. He reminds us that, no matter how battily crazy a particular fad might seem, it's already been done by our ancestors. There is truly nothing new under the sun; the catalog of human daftness, though entertainingly long and varied, is nonetheless finite.
It's all here in Mackay's book, laid out with a kind of detached amusement that leaves no doubt as to where the author stands.
Market craziness got you down? It may cheer you up to read about the Mississippi scheme that wrought such havoc on the French treasury in the 18th century, while the South Sea Bubble engulfed the English, or to refresh your memory on Holland's infamous Tulipomanic excesses.
Three of the longer sections of the book are devoted to alchemy, the crusades, and witch-hunting. By the accumulation of examples and anecdotes across the geographical and historical spectrum (i.e. from different times and places), Mackay demonstrates that human folly remains a constant down the ages. He doesn't beat us over the head with this message - he simply assembles the data, with no overt analysis, and leaves us to draw the inevitable conclusion.
Most of your favorite targets are discussed in the book: eschatological prophets, fortune tellers, spiritualists, mediums, and the good Dr Mesmer and his imitators. The anecdotes are often hilarious, even more so because of Mackay's tone of dry amusement. But he knows when to administer the coup de grace, as for example, when he shows how easy it is to attribute post hoc meaning to the notoriously vague quatrains of Nostradamus. One can only wish that the folks at The History Channel would read these sections and take them to heart.
Shorter chapters are interspersed on topics as diverse as the wave of spouse-poisoning that swept through the courts of Europe in the 17th century, the influence of politics and religion on men's hair and beard styles, haunted houses, popular admiration of great thieves, duels, relics, and the sudden rise and fall of certain catchphrases or songs in big cities. (Yadda yadda yadda, anyone?)
This book is ideal for browsing. It's all pretty interesting stuff, presented clearly and wittily. You can learn quite a bit and enjoy yourself doing so - what's not to like?
Its classic status is well-deserved.
Charles Mackay Extraordinary Popular Delusuions and the Madness of Crowds November 16, 2008
Thank you for sending me this book. In fact, because of an administrative mixup, I received two, but I shall be giving the second one to one of my friends. I had never suspected that any person writing as early as 1852 had viewed the large scale adoption of religeous or financial convictions in terms of a moral epidemic. When these convictions are misleading the results can be disastrous. What seems extraordinary at the time is that the general opinion is blind to the mistaken perceptions, even though one would think that a moment's rational thought would reveal their absurdity. The mistaken perceptions can be viewed as an illness,which can only be cured when the effects become evident. The vast financial bubbles that are bursting all over the world are a symptom of such madness.The fact that the madness has been global in extent is extraordinary.Therefore I believe that this book should be required reading for everyone, even though it is now too late to avoid the consequences of ten years of global madness.Please read this book.
A fun and easy read on the stupidity of people July 29, 2008
1 out of 1 found this review helpful
I really enjoyed this book. Often, people seem to think the problems of the modern world are new and insurmountable issues. This book shows the cycle of life is just that, a cycle. Working on the stock market, I'm constantly assailed with the negative news of the day. This book cites examples of the same issues we now face... only these examples come from roughly 300 years ago.
I am amazed that, as a species, we still cannot seem to learn from our past. This book shows that unregulated markets are rife with corruption, and the ignorant often suffer. Looking at our current housing market crisis, I see many similarities with the corruption and suffering of generations past. Within these pages, unscrupulous people will learn to profit. Of course, those same unscrupulous people will also be the ones crying for deregulation. There is a lesson to be learned here. Pick up the book and enjoy.
A classic must-read! Very, very insightful! June 25, 2008
This book identifies and describes phenomena that most would assume to be foreseable and evident when observed as historical event.
However such manic human behavior keeps occuring over and over again, which inevitably (as history observes) have destructive consequences.
As many others have noted, this book is hard to read and it could certainly be written using much simpler vocabulary and probably in a fraction of its length.
However one must keep in mind that this book was initially written almost 200 years ago!
Personally, I value this book for the insights it offers into the history of crowd's delusions.
Consequently, the reader will hopefully be able to identify such manias in the future and act accordingly - assuming that he can remain detached enough from the mania itself.
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