Boom and Bust
By John David Turner & William Quinn
A Global History of Economic Bubbles. Cambridge University Press, 2020.
Summary of Boom and Bust book by John David Turner & William Quinn
An exploration by two economists of how economic bubbles form and burst, as well as their positive and negative consequences for societies, economies, and politics—ranging from the early Dutch tulip mania through to the 2008 financial crisis and beyond.
Chapters in Boom and Bust book summary
What do you get from this book? The stories of history’s economic bubbles and a theory about how they happened
What is an economic bubble? An asset price becoming unrealistically inflated due to the satisfaction of “bubble triangle” conditions
The first two major economic bubbles in eighteenth-century France and England demonstrate the different economic impacts they can have
A nineteenth-century bubble in Latin American investments brought England’s banking system to its knees
The Great Railway Mania was “arguably the greatest bubble of all time,” and it helped to build Britain’s railway system
The Wall Street Crash had its roots in a bubble built on First World War funding sought by the US government
1980s Japan rode deregulation and corruption to a land and stock price bubble, from which it took decades to recover
The Dotcom Bubble was a net good, bringing a huge injection of capital into a cutting-edge industry
The Subprime Mortgage Bubble created the biggest financial crisis and recession since the Wall Street Crash, with consequences still ongoing
China’s 2000s and 2010s bubbles were huge and deliberately engineered to clear government debt, much like the earliest bubbles
Predicting and managing economic bubbles requires governments to recognize the bubble triangle and the media to prioritize realism
Summary of the key insights
Selected critiques in brief
Final word
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Boom and Bust — Book Summary Snapshot
Who should read Boom and Bust book
- Amateur investors
- history buffs
- economics students
- people interested in global markets
- armchair political analysts
About the author of Boom and Bust
John David Turner
William Quinn is a lecturer in Finance at Queen’s University Belfast with a focus on the history of stock markets. John David Turner is also a professor of Finance and Financial History at Queen’s, and his previous books include Banking in Crisis (2014).
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