© 2015

Manias, Panics, and Crashes

A History of Financial Crises

  • Topical and newsworthy, this classic book continues to attract new audiences

  • The best-selling sixth edition was published in 2011, and since then the post-crash recovery, and sovereign debt crisis in Europe, economic crashes continue to create international headlines and debates

  • This seventh edition succeeds in bringing accounts up to date with most recent financial developments

  • Aliber provides a rich commentary of analysis and behaviour that will keep the reader informed and educated throughout these historic events


Table of contents

  1. Front Matter
    Pages i-ix
  2. Robert Z. Aliber
    Pages 1-4
  3. Robert Z. Aliber, Charles P. Kindleberger
    Pages 5-37
  4. Robert Z. Aliber, Charles P. Kindleberger
    Pages 38-52
  5. Robert Z. Aliber, Charles P. Kindleberger
    Pages 53-77
  6. Robert Z. Aliber, Charles P. Kindleberger
    Pages 78-103
  7. Robert Z. Aliber, Charles P. Kindleberger
    Pages 104-131
  8. Robert Z. Aliber, Charles P. Kindleberger
    Pages 132-142
  9. Robert Z. Aliber, Charles P. Kindleberger
    Pages 143-182
  10. Robert Z. Aliber, Charles P. Kindleberger
    Pages 183-199
  11. Robert Z. Aliber, Charles P. Kindleberger
    Pages 200-223
  12. Robert Z. Aliber, Charles P. Kindleberger
    Pages 224-234
  13. Robert Z. Aliber, Charles P. Kindleberger
    Pages 235-259
  14. Robert Z. Aliber, Charles P. Kindleberger
    Pages 260-278
  15. Robert Z. Aliber, Charles P. Kindleberger
    Pages 279-312
  16. Robert Z. Aliber, Charles P. Kindleberger
    Pages 313-339
  17. Robert Z. Aliber, Charles P. Kindleberger
    Pages 340-368
  18. Robert Z. Aliber, Charles P. Kindleberger
    Pages 369-378
  19. Back Matter
    Pages 379-426

About this book


This seventh edition of an investment classic has been thoroughly revised and expanded following the latest crises to hit international markets. Renowned economist Robert Z. Aliber introduces the concept that global financial crises in recent years are not independent events, but symptomatic of an inherent instability in the international system.


bank crisis Expansion investment economics

Authors and affiliations

  1. 1.Booth School of BusinessUniversity of ChicagoUSA
  2. 2.Massachusetts Institute of TechnologyUSA

About the authors

Robert Z. Aliber is Professor Emeritus of International Economics and Finance at the University of Chicago Booth School of Business, USA. He was director of the Center for Studies in International Finance; on the research staff for the Committee for Economic Development and Commission on Money and Credit; and senior economic advisor for the Agency for Economic Development, U.S. Department of State. Best-selling publications include The Reconstruction of International Monetary Arrangements (ed., Macmillan, 1986), The Handbook of International Financial Management (ed. Dow Jones Irwin, 1989), and Global Portfolios (co-editor, Business One Irwin, 1991). He is a co-author of Money, Banking, and the Economy (Norton, First Edition, 1981, Fourth Edition 1990), Manias, Panics, and Crashes: A History of Financial Crises (Palgrave MacMillan, 5th ed. 2005, 6th ed. 2011), and author of The International Money Game (Palgrave MacMillan, 2001).

Aliber has consulted to the Board of Governors of the Federal Reserve System and to other U.S. government agencies, the World Bank and the International Monetary Fund, testified before committees of the Congress, and lectured extensively in the United States and abroad.

The late Charles P. Kindleberger was the Ford Professor of Economics at MIT for 33 years and author of over 30 books. He was best known as a financial historian, whom the Economist referred to as 'the master of the genre' on financial crisis. He advanced the study of international finance and helped to devise the Marshall Plan, approved by Congress, for Europe's reconstruction after World War II. During his tenure at MIT, Kindleberger was a consultant to the federal government several times, most often for the Treasury and the Federal Reserve. In 1985, he was president of the American Economic Association.

Select key publications by Kindleberger include: International Short-Term Capital Movements (Columbia University Press, 1937), The Dollar Shortage (New York: Wiley and MIT Press, 1950), International Economics (Richard D. Irwin, 1953, 1958, 1963, 1968, 1973, (and with Peter H. Lindert) 1978, 1982), Economic Development (McGraw-Hill, 1958, 1965, (and with Bruce Herrick) 1977, 1983), The World In Depression, 1929-1939 (University of California Press, 1973, revised and enlarged, 1986), and Manias, Panics, and Crashes: A History of Financial Crises (Palgrave Macmillan, 1978, revised and enlarged, 1989, 3rd ed. 1996, 4th ed. 1996), The Life of an Economist: An Autobiography (Basil Blackwell, 1991).

Bibliographic information

Industry Sectors
Finance, Business & Banking


"The turmoil of 2007-8 reminded us only too painfully that financial crises are not confined to distant times and places. This latest edition of Charlie Kindleberger's classic study of man's serial financial follies, updated by Robert Aliber, brings the story right up to the present. A fount of wisdom not only for students of finance and economics, but also for central bankers and financial market practitioners." Professor Sir Charles Bean, The London School of Economics, UK

"Since its original publication, this has been one of my indispensable books. It served to help me grasp the gravity of financial crises that afflicted my country and guided me, hopefully, to recommend and take better policy decisions. It has also been an essential teaching tool. For example, on 15 September 2008 I asked my students to read at once several chapters so that they could better understand the events that started to unfold that morning. I welcome with enthusiasm this new edition!" - Ernesto Zedillo Ponce de León, Director Yale Center for the Study of Globalization; Former President of Mexico

"Underneath the hilarious anecdotes, the elegant epigrams, and the graceful turns of phrase, Kindleberger is deadly serious. The manner in which humans beings earn their livings is no laughing matter to him, especially when they attempt to do so at the expense of one another. As he so effectively demonstrates, manias, panics, and crashes are the consequence of an economic environment that cultivates cupidity, chicanery, and rapaciousness rather than a devout belief in the Golden Rule." - From the Foreword to the Fourth Edition by Peter L. Bernstein, author of The Power of Gold

"Alas, both the need for a book such as Manias, Panics and Crashes, and the coverage of its material, keep on increasing, almost exponentially. So much has happened in the last few years that this is now Bob Aliber's book, as much as, perhaps more, than Charles Kindleberger's. Aliber has enhanced the prior high standards that Kindleberger set. This is an easily accessible book, filled with fascinating historical vignettes, and one that everyone from the experts to newcomers to the field should read and would profit greatly by doing so." - Charles Goodhart, London School of Economics, UK