Foreword: What Went Wrong with Capitalism?
It was more than 150 years ago that the poet and journalist Charles Mackay coined the phrase “the extraordinary popular delusions and the madness of crowds.” Today, as global investors ponder the painful lessons of the stock market boom and bust, Mackay’s phrase rings truer than ever. Every age, he argued in his classic study of 1841, had its peculiar folly, scheme, or fantasy into which even otherwise rational investors plunge, “spurred on by the love of gain, the necessity of excitement, or the mere force of imitation.”
Predators and Profits catalogues those very follies and examines just what went wrong with capitalism during the classic bubble we have just witnessed—a bubble that is right up there ...
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