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| The Financial Crisis, 2008 | ||||
| John Lanchester | ||||
So:
a huge unregulated boom in which almost all the upside went directly
into private hands, followed by a gigantic bust in which the losses were
socialised. That is literally nobody’s idea of how the financial system
is supposed to work.
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| Black Monday, 1987 | ||||
| Deborah Friedell | ||||
When the stock market crashed on 19 October,
Donald Trump told the press that of course he’d seen it coming and had
made $200 million. He’d actually lost $22 million. It was a necessary
lie, since he’d just published The Art of the Deal.
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| The Wall Street Crash, 1929 | ||||
| Joseph Stiglitz | ||||
Keynes’s
great contribution was to save capitalism from the capitalists. The
regulations and reform adopted in the aftermath of the Great Depression
worked. Capitalism took on a more human face, and market economies
became more stable. But these lessons were forgotten.
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| Tulip Mania, 1637 | ||||
| Richard Rudgley | ||||
Orchidodelirium reached its zenith in Victorian England, where it echoed the outbreak of Dutch tulipomania in the 1630s.
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| The Dotcom Bubble, 2000 | ||||
| Robert Brenner | ||||
Despite
their infinitesimal contribution to GDP, the stock-market value of
Internet firms eventually reached 8 per cent of the total for all US
corporations. The reality was that most of these companies made only
losses.
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| The Panic, 1873 | ||||
| Jonathan Steinberg | ||||
It ushered in a new era, one which nobody had experienced before: an international crisis of capitalism.
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