In:
Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, Walter de Gruyter GmbH, Vol. 52, No. 1 ( 2011-6-1), p. 139-160
Abstract:
Contrary to the presumed perfect markets of the Efficient Market Hypothesis, the very concept of which seems logically flawed, numerous economic crises have been observed in the economic development of the last four hundred years. The following paper seeks to shed light on a specific type of crisis the speculative crisis and in particular its general pattern, from its starting point as an innovative business idea, to Boom and Crash, to exploring consequences, making use of examples from selected historical crises. This paper also seeks to demonstrate that speculations of this sort were also often associated with long term positive effects on economic growth. A complete prevention of dynamic processes of this sort, therefore, by means of comprehensive regulation, appears not only illusory, but also anti-progressive, although measures to limit the negative effects of crises as far as possible must, of course, be taken.
Type of Medium:
Online Resource
ISSN:
2196-6842
,
0075-2800
DOI:
10.1524/jbwg.2011.52.1.139
Language:
English
Publisher:
Walter de Gruyter GmbH
Publication Date:
2011
detail.hit.zdb_id:
2464394-4
detail.hit.zdb_id:
220561-0
detail.hit.zdb_id:
2512544-8
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