Summary:
The book analyzes the recurring patterns and psychology behind financial bubbles throughout history, illustrating how excessive optimism, herd behavior, and speculation lead to economic crises. It provides case studies of major financial euphoria events, such as the Tulip Mania and the 1929 stock market crash, to demonstrate the folly of investors who believe "this time is different."
Key points:
1. Financial Amnesia: Galbraith discusses how investors often forget past financial disasters, leading to irrational exuberance and crashes.
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