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.

Table of Contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Dedication
  5. Foreword
  6. Acknowledgments
  7. Prologue
  8. Introduction
  9. Chapter 1: A Buoyant Decade, a Fragile System, and Some Leaders at Its Apex
  10. Chapter 2: A Shock to the System
  11. Chapter 3: The “Silent” Crash
  12. Chapter 4: Credit Crunch
  13. Chapter 5: Copper King
  14. Chapter 6: The Corner and the Squeeze
  15. Chapter 7: Falling Dominoes
  16. Chapter 8: Clearing House
  17. Chapter 9: Knickerbocker
  18. Chapter 10: A Vote of No Confidence
  19. Chapter 11: A Classic Run
  20. Chapter 12: Such Assistance as May Be Necessary
  21. Chapter 13: Trust Company of America
  22. Chapter 14: Crisis on the Exchange
  23. Chapter 15: A City in Trouble
  24. Chapter 16: Modern Medici
  25. Chapter 17: Instant and Far‐Reaching Relief
  26. Chapter 18: Turning the Corner
  27. Chapter 19: Ripple Effects
  28. Chapter 20: Reckoning and a Split
  29. Chapter 21: Money Trust
  30. Chapter 22: A Central Bank
  31. Chapter 23: The Changing Order
  32. Chapter 24: Reflections and Lessons
  33. Technical Appendix: Analysis of Trust Company Diversity and Deposit Runs
  34. Bibliography
  35. About the Authors
  36. Index
  37. End User License Agreement