The Emergence of Swindles

Charles P. Kindleberger and Peter L. Bernstein

Chapter 5 in Manias, Panics and Crashes, 2000, pp 73-90 from Palgrave Macmillan

Abstract: Abstract Excursion into swindles and other white-collar crimes perhaps takes us away from economic analysis of manis, panics, and the role of the lender of last resort. Nevertheless, it is inescapable. Commercial and financial crises are intimately bound up with transactions that overstep the confines of law and morality, shadowy though those confines be. The propensities to swindle and be swindled run parallel to the propensity to speculate during a boom. Crash and panic, with their motto of sauve qui peut, induce still more to cheat in order to save themselves. And the signal for panic is often the revelation of some swindle, theft, embezzlement, or fraud.

Date: 2000
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DOI: 10.1057/9780230536753_5

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