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The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy
| Title | The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy |
| Writer | |
| Date | 2024-10-17 23:15:23 |
| Type | |
| Link | Listen Read |
Desciption
An authoritative "biography" of one of history's great financial crises with enduring lessons about contemporary finance In this newly-revised second edition, offering 50% entirely new material, The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy, delivers a groundbreaking examination of one of the most consequential crises in financial history. Deftly weaving historical evidence, insightful analysis, and compelling narrative, The Panic of 1907 explains how and why a financial panic unfolds, with lessons that can be applied to our understanding of present-day financial and monetary systems. In the book, you'll An indispensable tale that belongs on the shelves of anyone with an interest in American or financial history, The Panic of 1907 is an expert retelling of one of the most important, but least well-known crises of the last 200 years.
Review
This book begins with a great narrative account of the events of the panic, largely focussing on the elderly J.P. Morgan and his heroic efforts to stem the disaster. The last few chapters then step back to analyze the causes of financial panics and demonstrate some parallels between 1907 and the current economic crisis.It reads as if, in light of current events, the publisher decided to glue an academic paper to the end of a finished pop-history book. A more skillful account might have woven this analysis seamlessly into the narrative, or better yet, dispensed with the economics-light lesson entirely. While parallels to our economy one hundred years later certainly exist (e.g. disaster after a period of great economic growth and an abundance of credit) they stand out only in the most coarse analysis of events & causes.
