Description

Book Synopsis

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 entert

    Table of Contents

    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

The Panic of 1907

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    A Hardback by Robert F. Bruner, Sean D. Carr

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      Book details

      Publisher John Wiley & Sons Inc
      Published 16 March 2023
      ISBN-13 9781394180271
      978-1394180271
      ISBN-10 1394180276
      Also in:
      Business, Finance & Law Finance and accounting

      Description

      Book Synopsis

      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 entert

        Table of Contents

        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

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