The Panic of 1907 (2nd Edition)

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; and an engaging and entertaining account of an inna