Late 1636 - 'Tulipomania' in Holland, led to classic market collapse; prices of Switsers bulbs (one example) rose 12-fold January 1, 1637 to February 3 peak at 1,500 guilders a pound (about four years’ income for a master carpenter; modest house in Haarlem cost about 1,000 guilders); February 1637 - prices fell by about 90 per cent.

August 24, 1857 (-1859) - Failure of New York branch of the Ohio Life Insurance and Trust Company (had loaned $5 million to railroad builders, had been swindled out of millions by the manager of its New York branch, unable to pay extensive debt to Eastern bankers) = catalyst for Panic of 1857: European demand for American grain crops fell drastically (end of the Crimean War reopened Western European markets to Russian grains); bumper crops produced glut of agricultural goods (lower prices, less profit for American farmers, inability to pay debt to Eastern merchants and bankers); United States ran a trade imbalance with foreign nations (gold was being drained from the country); banks raised interest rates (desperately sought to build up their gold reserves - fell by $20 million by mid-September, worsened when the steamer Central America, with $1.6 million in gold and 400 passengers, was lost at sea in a hurricane); much of the investment in railroads and land was speculative (credit-based, not expected to be profitable for years); by December - 4,923 businesses closed, loss from business failures in New York City alone was $120 million; economic repercussions spread to Europe and South America, immigration to the United States dropped substantially; low tariffs sustained South's cotton trade with Europe and its overall economy ( widened existing gap between the economic interests of the North and South).

September 18, 1873 - Panic of 1873 began with closing of Jay Cooke and Co., one of the country's most reputable brokerage houses (formed January 1, 1861, known as the "financier of the Civil War", raised more than $3 billion dollars for the federal government's war effort through various loans and sale of government bonds; following the war, Cooke invested in numerous additional industries - coal and iron mining, life insurance, railroads; played a major role in financing expansion of the Northern Pacific Company to build a transcontinental railroad). Decision to fund a second transcontinental railroad line proved disastrous, resulted in bankruptcy - 37 banks and two brokerage houses closed their doors on this day.

May 5, 1893 - Panic hit the New York Stock Exchange and the stock market crashed; by year's end, the country was in a severe depression.

(Compagnie des Indes), Translated and edited by Frank S. Fiske (1969). The Mississippi Bubble: A Memoir of John Law; to Which Are Added Authentic Accounts of the Darien Expedition, and the South Sea Scheme. (New York, NY: Greenwood Press, 338 p. [orig. pub. 1859]). Law, John, 1671-1729; Compagnie des Indes; South Sea Company; New Caledonia (Colony).

(South Sea Company), Virginia Cowles (1960). The Great Swindle; The Story of the South Sea Bubble. (New York, NY: Harper, 191 p.). South Sea Company.

(South Sea Company), John Carswell (1960). The South Sea Bubble. (Stanford, CA: Stanford University Press, 314 p.). South Sea Company.

(South Sea Company), Lewis Melville (1968). The South Sea Bubble. (New York, NY: B. Franklin, 265 p. [orig. pub. 1921]). South Sea Company; South Sea Bubble, Great Britain, 1720.

(South Sea Company), Viscount Erleigh (1978). The South Sea Bubble. (Westport, CT: Greenwood Press, 172 p. [orig. pub. 1933]). South Sea Company; South Sea Bubble, Great Britain, 1720.

(South Sea Company), Malcolm Balen (2004). The King, the Crook, and the Gambler: The True Story of the South Sea Bubble and the Greatest Financial Scandal in History. (New York, NY: Fourth Estate, 246 p. [orig. pub. 2002 under title: A Very English Deceit]). Former Executive Editor (BBC television), Head of News (ITV). South Sea Company--History; Finance--Great Britain--History--18th century; Financial crises--Great Britain--History--18th century; South Sea Bubble, Great Britain, 1720.

(South Sea Company), Richard Dale (2004). The First Crash: Lessons from the South Sea Bubble. (Princeton, NJ: Princeton University Press, 192 p.). Emeritus Professor of International Banking (Southampton University). South Sea Company--History; South Sea Bubble, Great Britain, 1720; Financial crises--Great Britain--History--18th century; Capital market--Great Britain--History--18th century; Stocks--Prices--Great Britain--History--18th century. 

(Tulip Mania), Mike Dash (1999). Tulipomania: The Story of the World's Most Coveted Flower and the Extraordinary Passions It Aroused. (New York, NY: Crown Publishers, 273 p.). Tulip mania, 17th century; Netherlands--History--17th century; Netherlands--Economic conditions--17th century. 

(Tulip Mania), Anne Goldgar (2007). Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age. (Chicago, IL: University of Chicago Press, 446 p.). Reader in Early Modern History (King’s College, London). Tulip mania, 17th century; Social values--Netherlands--History--17th century; Netherlands--Social life and customs--17th century.; Netherlands--Economic conditions--17th century; Netherlands--Social conditions--17th century. Cultural crisis: tulipmania; reflected deep anxieties about transformation of Dutch society in Golden Age; concerns of capitalism, loss of trust among individuals in rapidly changing society.

Kenneth D. Ackerman (1988). The Gold Ring: Jim Fisk, Jay Gould, and Black Friday, 1869. (New York, NY: Dodd, Mead, 340 p.). Fisk, James, 1835-1872; Gould, Jay, 1836-1892; Gold--Prices--United States--History--19th century; Speculation--History--19th century; Commodity exchanges--United States--History--19th century.

Stefan Altorfer, Benedikt Koehler, Mark Duckenfield (2006). History of Financial Disasters 1763-1995. (London, UK: Pickering & Chatto, 1200 p.). Economic History Department (London School of Economics). Financial disasters; financial crises; economic history. Volume 1: 1763-1840s, edited by Stefan Altorfer (European Financial Crisis of 1763; European Crisis of 1772-3; Assignat Inflation during the French Revolution, 1789-97; Crisis of The Second Bank of the United States, 1818-19; London Crisis of 1825; Panic in the US of 1837; Railway Mania in the 1840s); Volume 2: 1850-1925, edited by Benedikt Koehler (Ohio Life Crisis of 1857; Overend & Gurney, 1867-9; New York's Black Friday of 1869; Vienna Crash of 1873; Crisis of 1907 that spawned the Federal Reserve Bank; German Hyperinflation of the 1920s); Volume 3: 1929-1995, edited by Mark Duckenfield (New York Stock Exchange Crash of 1929; European Collapse and World Depression of 1931; Devaluation of Sterling in 1967; US Stock Market Crash of 1987; Black Wednesday, 1992; Mexican Peso Crisis, 1994). Key economic and financial turning points that have shaped the western world. 

Avner Arbel and Albert E. Kaff (1989). Crash : Ten Days in October-- Will It Strike Again? (Chicago, IL: Longman Financial Services, 212 p.). Stock Market Crash, 1987; Stocks--Prices.

Robert J. Barro et al. (1989). Black Monday and the Future of Financial Markets. (Homewood, IL: Dow Jones-Irwin, 396 p.). Stock Market Crash, 1987; Stocks--Prices.

Bernice Cohen (1997). The Edge of Chaos: Financial Booms, Bubbles, Crashes and Chaos (New York, NY: John Wiley & Sons, 392 p.). Financial Crises

Charles A. Collman (1968). Our Mysterious Panics, 1830-1930; A Story of Events and the Men Involved. (New York, NY: Greenwood Press, 310 p. [Reprint 1930 ed.]). Depressions; Depressions--1929--United States; Curiosities and wonders; Speculation; Wall Street.

Cedric B. Cowing (1965). Populists, Plungers, and Progressives; A Social History of Stock and Commodity Speculation, 1890-1936. (Princeton, NJ: Princeton University Press, 299 p.). Stock exchanges--United States; Investments--United States; Speculation.

Ruben J. Dunn and John H. Morris (1988). The Crash Put Simply: October 1987. (New York, NY: Praeger, 179 p.). Business cycles -- United States; Stock exchanges -- United States. Translation of: Le Krach Demystifie.

ed. Ross B. Emmett (2000). Great Bubbles. (Brookfield, Vt.: Pickering & Chatto, 3 Volumes). South Sea Company--History; Compagnie des Indes--History; Speculation--History; Finance--Great Britain--History--18th century; South Sea Bubble, Great Britain, 1720; Tulip mania, 17th century.

Lawrance Lee Evans, Jr. (2003). Why the Bubble Burst: US Stock Market Performance Since 1982. (Northampton, MA: Edward Elgar, 237 p.). Stock exchanges -- United States -- History; Stocks -- United States -- History.

William W. Fowler (1968). Twenty Years of Inside Life in Wall Street; or, Revelations of the Personal Experience of a Speculator, Including Sketches of the Leading Operators and Money Kings, the Great Rises and Panics, the Mysteries of the Rings, Pools, and Corners, and How Fortunes are Made and Lost on Change. (New York, NY: Greenwood Press, 576 p. [Reprint 1880 ed.]). Wall Street.

John Kenneth Galbraith  (1979). The Great Crash, 1929. (Boston, MA: Houghton Mifflin, 206 p.). Depressions--1929--United States; Stock Market Crash, 1929.

--- (1993). A Short History of Financial Euphoria. (New York, NY: Whittle Books in association with Viking, 113 p.). Academic. Speculation--Case studies.

Peter M. Garber (2000). Famous First Bubbles: The Fundamentals of Early Manias. (Cambridge, MA: MIT Press, 163 p.). Law, John, 1671-1729; Compagnie des Indes--History; Speculation--History; Tulip mania, 17th century; South Sea Bubble, Great Britain, 1720.

Garet Garrett (1998). Where the Money Grows and Anatomy of the Bubble. (New York, NY: Wiley, 95 p. [orig. pub. 1911]). Wall Street; Speculation.

Charles R. Geisst (2002). Wheels of Fortune: The History of Speculation from Scandal to Respectability. (Hoboken, NJ: Wiley, 368 p.). Professor of Finance (Manhattan College School of Business). Financial futures--United States--History; Speculation--United States--History; Investments--United States--History.

Daniel Gross (2007). Pop!: Why Bubbles Are Great for the Economy. (New York, NY: Collins, 240 p.). "Moneybox" Columnist for Slate. Investments; Stocks; Bull markets; Bear markets; Speculation; Business cycles. Bubbles, once generally seen as disastrous, have helped build commercial infrastructures that have jump-started American growth.

Robert L. Heilbroner (1978). Beyond Boom and Crash. (New York, NY: Norton, 111 p.). Economic history--1945-; Capitalism; Business cycles; Depressions.

Charles P. Kindleberger (2001). Manias, Panics and Crashes: A History of Financial Crises. (New York, NY: Wiley, 302 p. [4th ed.]). Financial crises; Business cycles; Depressions.

compiled by J.R. Levien (1966). Anatomy of a Crash, 1929. (New York, NY: Traders Press, 121 p.). New York Stock Exchange; Depressions--1929--U.S.; Stock Market Crash, 1929.

Roger Lowenstein (2004). Origins of the Crash: The Great Bubble and Its Undoing. (New York, NY: Penguin Press, 288 p.). Business cycles--United States--History--20th century; Stock exchanges--United States--History--20th century; Bankruptcy--United States--History--20th century; Stock Market Bubble, 1995-2000; United States--Economic conditions--1971-1981; United States--Economic conditions--1981-2001. 

Charles Mackay (2000). Extraordinary Popular Delusions and the Madness of Crowds. (Amherst, NY: Prometheus Books, 724 p. [orig. pub. 1852]). Impostors and imposture; Swindlers and swindling; Occultism--Early works to 1900; Delusions; Social psychology; Investments--Psychological aspects; Stock exchanges--Psychological aspects. 

Maggie Mahar (2003). Bull!: A History of the Boom, 1982-1999: What Drove the Breakneck Market--and What Every Investor Needs To Know about Financial Cycles. (New York, NY: HarperBusiness, 486 p.). Former Reporter (Barron's and Bloomberg). Wall Street--History--20th century; Stock exchanges--United States--History--20th century; Business cycles; Stock Market Bubble, 1995-2000.  

Michael J. Mandel (2000). The Coming Internet Depression: Why the High-Tech Boom Will Go Bust, Why the Crash Will Be Worse Than You Think, and How To Prosper Afterwards. (New York, NY: Basic Books, 167 p.). Economics Editor of 'Business Week'. Internet industry -- United States; Depressions; Business forecasting -- United States; United States -- Economic conditions -- 1981-. 

Malcolm Ronald Laing Meason (1865). The Bubbles of Finance. (London, UK: S. Low, Son, and Marston, 261 p.). Speculation; London--Commerce.

--- (1866). The Profits of Panics; Showing How Financial Storms Arise, Who Make Money by Them, Who Are the Losers, and Other Revelations of a City Man. (London, UK: S. Low, son, and Marston, 108 p.). Panics.

Robert Menschel; foreword by William Safire (2002). Markets, Mobs & Mayhem: A Modern Look at the Madness of Crowds. (Hoboken, NJ: Wiley, 226 p.). Former Partner (Goldman, Sachs & Co.). Risk; Risk--Sociological aspects; Collective behavior; Financial crises.

Tim Metz (1988). Black Monday: The Catastrophe of October 19, 1987 and Beyond. (New York, NY: Morrow, 264 p.). New York Stock Exchange; Wall Street; Speculation; Business cycles--United States; United States--Economic conditions--1981-. The Crash of '87.

Charles R. Morris (1999). Money, Greed and Risk: Why Financial Crashes and Crises Happen. (New York, NY: Times Books, 297 p.). Financial crises--United States--History; Stock exchanges--United States--History; International finance.

R. H. Mottram (1929). History of Financial Speculation. (Boston, MA: Little, Brown, 317 p.). Speculation--History.

Alex Murray (1985). Great Financial Disasters. (London, UK: Arthur Barker, 127 p.). Speculation--Case studies; Default (Finance)--Case studies; Depression--Case studies.

Ellis Paxson Oberholtzer (1907). Jay Cooke: Financier of the Civil War. (New York, NY: B. Franklin, 2 vols. [Orig. pub. in 1907]). Panic of 1873. Definitive biography of Jay Cooke (1821-1905).

Anthony B. Perkins and Michael C. Perkins (1999). The Internet Bubble: Inside the Overvalued World of High-Tech Stocks--And What You Need To Know To Avoid the Coming Shakeout. (New York, NY: HarperBusiness, 283 p.). Founding editors of The Red Herring. Internet industry -- Finance; Online information services industry -- Finance.

Robert J. Shiller (2000). Irrational Exuberance. (Princeton, NJ: Princeton University Press, 296 p.). Stocks--United States; Stock exchanges--United States; Stocks--Prices--United States; Risk; Dow Jones industrial average. 

Matthew Hale Smith (1972). Bulls and Bears of New York: With the Crisis of 1873, and the Cause. (Freeport, NY: Books for Libraries Press, 572 p. [orig. pub. 1873]). Panic of 1873.

Robert Sobel (1974). The Money Manias; The Eras of Great Speculation in America, 1770-1970. (New York, NY: Weybright & Talley, 397 p.). Speculation--History; Investments--United States--History.

--- (1988). Panic on Wall Street : A Classic History of America's Financial Disasters with a New Exploration of the Crash of 1987. (New York, NY: Dutton, 531 p.). New York Stock Exchange--History; Financial crises--United States--History; Stock Market Crash, 1987.

Didier Sornette (2002). Why Stock Markets Crash: Critical Events in Complex Financial Systems. (Princeton, NJ: Princeton University Press, 421 p.). Professor of Geophysics (UCLA) - Specializes in the Scientific Prediction of Catastrophes. Financial crises--History; Stocks--Prices--History; Financial crises--United States--History; Stock exchanges--United States--History; Critical phenomena (Physics); Complexity (Philosophy).

John Train (1985). Famous Financial Fiascos. (New Yofrk, NY: C.N. Potter, 112 p.). Speculation--History; Finance--History; Swindlers and swindling--History.

Stephen Vines (2003). Market Panic: Wild Gyrations, Risk and Opportunity in Stock Markets. (London, UK: Profile, 266 p.). Deputy Business Editor of The Observer. Financial crises.

John M. Waggoner (1991). Money Madness: Strange Manias and Extraordinary Schemes on and off Wall Street. (Homewood, IL: Business One Irwin, 177 p.). Investments -- United States -- History; Speculation -- History.

Robert Irving Warshow (1932). Bet-a-Million Gates, The Story of a Plunger. (New York, NY: Greenberg, 187 p.). Gates, John Warne, 1855-1911.

ed. Eugene N. White (1990). Crashes and Panics: The Lessons from History. (Homewood, IL: Dow Jones-Irwin, 260 p.). Depressions -- History -- Congresses; Business cycles -- History -- Congresses. 

Eugene N. White (1996). Stock Market Crashes and Speculative Manias. (Brookfield, VT: Edward Elgar Pub., 564 p.). Stocks--Prices--History; Financial crises--History; Financial crises--United States--History.

Barrie A. Wigmore (1985). The Crash and Its Aftermath: A History of Securities Markets in the United States, 1929-1933. (Westport, CT: Greenwood Press, 731 p.). Stock exchanges--United States--History--20th century; Depressions--1929--United States; Stock Market Crash, 1929.

Christopher Wood (1989). Boom and Bust: The Rise and Fall of the World's Financial Markets. (New York, NY: Atheneum, 197 p.). Business cycles--History--20th century; Economic history--1971-1990; Finance--History--20th century; Stock Market Crash, 1987.

--- (1992). The Bubble Economy: Japan's Extraordinary Speculative Boom of the '80s and the Dramatic Bust of the '90s. (New York, NY: Atlantic Monthly Press, 210 p.). Stocks--Prices--Japan; Speculation; Stock exchanges--Japan; Financial crises--Japan; International finance; Japan--Economic conditions--1945-1989; Japan--Economic conditions--1989-.

________________________________________________________

Business History Links

Looking Back at the Crash of '29 http://www.nytimes.com/library/financial/index-1929-crash.html                 Special feature from 1999 recounting the history of the U.S. stock market crash in October 1929. Provides images of The New York Times front page and archived articles from the time period. From the website for The New York Times.

Sunk in Lucre's Sordid Charms: South Sea Bubble Resources in the Kress (Collection at Baker Library)                     http://www.library.hbs.edu/hc/ssb/                                                                       The very name "South Sea Bubble" conjures an image of a marauding marine monster seeking to prey on unsuspecting spice traders and thieving pirates. Actually, the South Sea Bubble refers to a "complex network of intersecting financial, legal, political, and cultural factors" which contributed to the "bubble" in question. This bubble led to the total collapse of the South Sea Company in 1720, which led to a massive series of financial catastrophes. Visitors can click on the "What is the South Sea Bubble?" to learn a bit more about the basic outline of the history of this financial collapse and then move to the actual collection of items: topical lists divide into headings such as "Commerce and Trade", "Government and Politics", "Crime and Law", and "Finance". Each contains complete bibliographical information, and visitors can also click on the "List All Digital Content" link to find the items that are currently available directly through this site. A "Project Overview" provides a brief sketch of how this collection was created.

Stock Market Crash [1929] http://www.pbs.org/fmc/timeline/estockmktcrash.htm                                Concise summary of the U.S. stock market crash of 1929, including the events leading up to the crash and the effect of the crash on the economy. Also includes links to interviews with two history professors about the 1929 crash and related topics. From the Public Broadcasting Service (PBS) special program "The First Measured Century."

Charles Mackay                                                  http://www.bibliomania.com/                                                                   Popular Delusions

Tulipmania                                         http://www.bulb.com/tulips/tulipmania.asp                                                      The Great Commodity Crash of 1637