• Harold L. Vogel


Circumstantial and anecdotal evidence of speculative bubbles and subsequent crashes can be traced as far back as ancient Rome and Greece and Babylon (Mesopotamia). The presence of mere speculation alone, which was clearly an aspect of trade in the ancient world, is not however sufficient to make an asset price “bubble.” Throughout history, bubbles and crashes have been common and complex events that always involve money, credit, trust, psychology, and emotions. This chapter introduces readers to these elements.


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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Harold L. Vogel
    • 1
  1. 1.New YorkUSA

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