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The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street by Justin Fox

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Epilogue: The Anatomy of a Financial Crisis

The Industrial Revolution got its start in England’s Midlands in the late eighteenth century, and Manchester, just to the North emerged as its throbbing, chaotic, dirty, stinky [1] heart. The small group of local businessmen and scholars who banded together in 1833 as the Manchester Statistical Society had what amounted to front-row seats at the creation of economic modernity. Thanks to that excellent view, the members of the Statistical Society were among the first to seriously examine some of the defining dilemmas of market capitalism. Among them was the question of what caused the business cycle—and in particular the periodic sharp downturns in financial markets that accompanied it.

William ...

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