"Once-in-a-lifetime" financial crises have been a recurrent part of
life in the last three decades. It is no longer possible to dismiss
or ignore them as aberrations in an otherwise well-functioning
system. Nor are they peculiar to recent times. Going back in
history, asset price bubbles and bank-runs have been an endemic
feature of the capitalist system over the last four centuries. The
historical record offers a treasure trove of experience that may
shed light on how and why financial crises happen and what can be
done to avoid them - provided we are willing to learn from history.
This book interweaves historical accounts with competing economic
crisis theories and reveals why commentaries are often
contradictory. First, it presents a series of episodes from tulip
mania in the 17th century to the subprime mortgage meltdown. In
order to tease out their commonalities and differences, it
describes political, economic, and social backgrounds, identifies
the primary actors and institutions, and explores the mechanisms
behind the asset price bubbles, crashes, and bank-runs. Second, it
starts with basic economic concepts and builds five competing
theoretical approaches to understanding financial crises. Competing
theoretical standpoints offer different interpretations of the same
event, and draw dissimilar policy implications. This book analyses
divergent interpretations of the historical record in relation to
how markets function, the significance of market imperfections,
economic decision-making process, the role of the government, and
evolutionary dynamics of the capitalist system. Its diverse
theoretical and historical content of this book complements
economics, history and political science curriculum.
General
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