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The Panic of 1907 takes a historical look at the third worst market crash in history and defines how it relates to the financial markets even now. In a detailed and well-written narrative, authors Bruner and Carr take the reader through the story of the crash, beginning with the dramatic story of Charles T. Barney's death (Barney was the deposed president of the Knickerbocker Trust Company, one of the first financial institutions to collapse, who killed himself) and ending with the establishment of the Federal Reserve System (due to calls for government reform). disaster". By fully updating the book to incorporate the newest research, Bruner and Carr have added considerable to the original edition of this book and establish in bedrock its authority as a must-read on the early modern financial system. By focusing again on 1907, they sharpen the lessons of this crisis going forward in time, given the inherent difficulty of maintaining a stable financial system. The Panic of 1907 presents the history and economics of this singular event with depth, and conveys its causes, consequences, and drama unlike any other book in the field.
The Panic of 1907 Heralding a New Era of Finance, Capitalism, and Democracy
by Bruner, Robert F.; Carr, Sean D.Edition: 2nd
Format: Hardcover
Pub. Date: 2023-03-08
Publisher(s): Wiley
List Price: $32.00
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Summary
Author Biography
ROBERT F. BRUNER, DBA, is University Professor, Distinguished Professor, and Dean Emeritus at the University of Virginia’s Darden Graduate School of Business Administration. His research is focused on corporate finance, mergers and acquisitions, emerging market investment, financial crises, leadership, and general management.
SEAN D. CARR, PHD, is the Executive Director and CEO of the Global Innovation Exchange at the University of Washington. He is an affiliate Associate Professor at the University of Washington’s Foster School of Business. His research is focused on new ventures, entrepreneurial finance, technology strategy, and innovation leadership.
Table of Contents
Acknowledgments ix
Prologue xi
Introduction 1
Chapter 1 A Buoyant Decade, a Fragile System, and Some Leaders at Its Apex 15
Chapter 2 A Shock to the System 31
Chapter 3 The “Silent” Crash 39
Chapter 4 Credit Crunch 53
Chapter 5 Copper King 65
Chapter 6 The Corner and the Squeeze 73
Chapter 7 Falling Dominoes 83
Chapter 8 Clearing House 91
Chapter 9 Knickerbocker 103
Chapter 10 A Vote of No Confidence 115
Chapter 11 A Classic Run 127
Chapter 12 Such Assistance as May Be Necessary 135
Chapter 13 Trust Company of America 145
Chapter 14 Crisis on the Exchange 155
Chapter 15 A City in Trouble 169
Chapter 16 Modern Medici 185
Chapter 17 Instant and Far-Reaching Relief 195
Chapter 18 Turning the Corner 209
Chapter 19 Ripple Effects 215
Chapter 20 Reckoning and a Split 229
Chapter 21 Money Trust 241
Chapter 22 A Central Bank 257
Chapter 23 Epilogue 273
Chapter 24 Reflections and Lessons 297
Technical Appendix: Analysis of Trust Company
Diversity and Deposit Runs 313
Notes 329
Bibliography 375
About the Authors 399
Index 401
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