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An authoritative "biography" of one of history's great financial crises with enduring lessons about contemporary finance
In this newly-revised second edition, offering 50% entirely new material, The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy, delivers a groundbreaking examination of one of the most consequential crises in financial history. Deftly weaving historical evidence, insightful analysis, and compelling narrative, The Panic of 1907 explains how and why a financial panic unfolds, with lessons that can be applied to our understanding of present-day financial and monetary systems. In the book, you'll find:
* The reasons why, despite today's stronger monetary regime and risk-mitigation tools, our modern institutions are not immune to future crises
* Explanations about the development of the United States' Federal Reserve System, which was created in 1913 in direct response to the Panic of 1907
* An engaging and entertaining account of an innately fascinating period in financial and economic history, with remarkable leaders and a gallery of rogues
An indispensable tale that belongs on the shelves of anyone with an interest in American or financial history, The Panic of 1907 is an expert retelling of one of the most important, but least well-known crises of the last 200 years.
Inhaltsverzeichnis
Foreword ix
Acknowledgments xiii
Prologue xv
Introduction 1
Chapter 1 A Buoyant Decade, a Fragile System, and Some Leaders at Its Apex 15
Chapter 2 A Shock to the System 31
Chapter 3 The "Silent" Crash 39
Chapter 4 Credit Crunch 53
Chapter 5 Copper King 65
Chapter 6 The Corner and the Squeeze 73
Chapter 7 Falling Dominoes 83
Chapter 8 Clearing House 91
Chapter 9 Knickerbocker 103
Chapter 10 A Vote of No Confidence 115
Chapter 11 A Classic Run 127
Chapter 12 Such Assistance as May Be Necessary 135
Chapter 13 Trust Company of America 145
Chapter 14 Crisis on the Exchange 155
Chapter 15 A City in Trouble 169
Chapter 16 Modern Medici 185
Chapter 17 Instant and Far- Reaching Relief 195
Chapter 18 Turning the Corner 209
Chapter 19 Ripple Effects 215
Chapter 20 Reckoning and a Split 229
Chapter 21 Money Trust 241
Chapter 22 A Central Bank 257
Chapter 23 The Changing Order 273
Chapter 24 Reflections and Lessons 297
Technical Appendix: Analysis of Trust Company Diversity and Deposit Runs 313
Notes 329
Bibliography 375
About the Authors 399
Index 401
Über den Autor / die Autorin
ROBERT F. BRUNER, DBA, is University Professor, Distinguished Professor, and Dean Emeritus at the University of Virginia's Darden Graduate School of Business Administration. His research is focused on corporate finance, mergers and acquisitions, emerging market investment, financial crises, leadership, and general management.
SEAN D. CARR, PHD, is the Executive Director and CEO of the Global Innovation Exchange at the University of Washington. He is an affiliate Associate Professor at the University of Washington's Foster School of Business. His research is focused on new ventures, entrepreneurial finance, technology strategy, and innovation leadership.
Zusammenfassung
An authoritative "biography" of one of history's great financial crises with enduring lessons about contemporary finance
In this newly-revised second edition, offering 50% entirely new material, The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy, delivers a groundbreaking examination of one of the most consequential crises in financial history. Deftly weaving historical evidence, insightful analysis, and compelling narrative, The Panic of 1907 explains how and why a financial panic unfolds, with lessons that can be applied to our understanding of present-day financial and monetary systems. In the book, you'll find:
* The reasons why, despite today's stronger monetary regime and risk-mitigation tools, our modern institutions are not immune to future crises
* Explanations about the development of the United States' Federal Reserve System, which was created in 1913 in direct response to the Panic of 1907
* An engaging and entertaining account of an innately fascinating period in financial and economic history, with remarkable leaders and a gallery of rogues
An indispensable tale that belongs on the shelves of anyone with an interest in American or financial history, The Panic of 1907 is an expert retelling of one of the most important, but least well-known crises of the last 200 years.
