How apocalyptic thinking has infected modern capitalism and markets
By
The Economist
Looks the part, but the middle's still raw. Chew with caution.
Summary
The article draws a parallel between Charles Mackay's historical accounts of mass delusions (tulip mania, South Sea bubble) and modern apocalyptic thinking in business and markets. It suggests that millenarian thinking—the "epidemic terror of the end of the world"—now permeates contemporary capitalism, implying that today's business world is gripped by irrational fears and doom-laden narratives reminiscent of historical crowd panics.
Key quotes
· 3 pulledCharles Mackay's 'Extraordinary Popular Delusions and the Madness of Crowds' (1841) is reviled by historians and revered among traders.
Those wanting to understand business in the 21st should instead turn to Mackay's chapter on the 'epidemic terror of the end of the world'.
Millenarian thinking permeates business and markets
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