Financial crises

Crises in finance have recurred for centuries, yet no two look exactly alike. Brenda Spotton Visano traces how these upheavals have changed over time and takes on the puzzle at their core: why they resemble one another across eras while still differing in important ways. The book is aimed at readers interested in economic history and the theory behind market collapses.

To account for the repeated features of crises, the author looks at the economic, psychological and social forces tied to the drive for profit, capital build-up and new financial ideas. Her argument is that these forces help explain why similar patterns keep returning in different historical periods.

The book also examines how shifting financial and economic arrangements shape the particular character of each crisis. It considers where a crisis first hits, how it travels, and how far its effects reach, including into parts of the economy that seem unconnected to the initial shock.