Extraordinary Popular Delusions And The Madness of Crowds by Charles MacKay

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The Madness of Crowds: Financial Manias and Human Folly through History

In this episode, we delve into Charles McKay's 'Extraordinary Popular Delusions and the Madness of Crowds,' exploring historical financial manias like the Mississippi Scheme and the South Sea Bubble. We examine McKay's central thesis that human irrationality in crowds is a timeless phenomenon, driven by collective belief and desire for quick wealth. From alchemists' quests for gold to modern-day parallels, we uncover the forces behind these manias and discuss how they continue to resonate today.

00:00 Introduction to McKay's Timeless Insights
02:16 The Mississippi Scheme: France's Financial Frenzy
07:41 The South Sea Bubble: Britain's Greatest Speculative Mania
10:39 Tulip Mania: Holland's Floral Frenzy
12:55 Alchemists and the Quest for Gold
15:16 Broader Themes: Prophecies, Witch Mania, and More
16:38 Modern Parallels and Final Thoughts