"Vintage Kindleberger: well-written, witty, and informative."
--Rondo Cameron, Emory University

"A fascinating and enlightening guide to economic history, maritime lore, and labor market analysis. Kindleberger develops a trenchant critique of the current tendency to interpret all labor market phenomena as optimal and efficient outcomes and he does so with his usual wit and insight."
--Daniel Mitchell, UCLA.

In this volume, eminent economist Charles Kindleberger sets out to challenge the widespread belief that the market for seafarers, in the days before steam, was efficient, conforming more or less to a strong prior belief in the neo-classical economic model of supply and demand.

Maritime history is traditionally strewn with references to crimping or shanghaiing, naval press-gangs, desertion, mutiny, marooning and shipwrecks due to drunkeness or negligence. In contrast, Kindleberger examines issues of recruitment and pay, the treatment of seamen, and the question of government intervention and its impact on efficiency, in the engaging narrative style that is his trademark.

Offering an original and informative account of the markets for seafarers in the age of sail, "Mariners and Markets" will be welcomed by economic and maritime historians alike.

In this magisterial account of the Great Depression, MIT economist Charles Kindleberger emphasizes three factors that continue to shape global financial markets: panic, the power of contagion, and importance of hegemony. Reissued on its fortieth anniversary with a new foreword by Barry J. Eichengreen and J. Bradford DeLong, this masterpiece of economic history shows why U.S. Treasury Secretary Lawrence Summers, during the darkest hours of the 2008 global financial crisis, turned to Kindleberger and his peers for guidance.