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Flat White

Political and corporate defeatism

26 May 2023

4:00 AM

26 May 2023

4:00 AM

Charles Mackay’s 1841, titled Extraordinary Popular Delusions and the Madness of Crowds has enduringly served to refute claims of collective wisdom. He described events like Dutch tulip mania and the 1711-22 South Sea Bubble as frenzies of collective investment hysteria.

In the modern era, every decade or so we have seen more such investment delirium, including the build-up to the 1929 Wall Street crash with lesser events like the 1970s Poseidon mining boom/bust and the 2007 collapse of US leveraged housing funds.

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