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1. Shard Calculation

Query:

Response:

Calculated Shard: 152 (from laksa192)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa152.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Stock_market_bubble\')), getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Stock_market_bubble\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble","crawl_time":1774263107,"first_indexed_time":1376301024,"http_code":200,"src_unparsed":"org,wikipedia!en,\/wiki\/Stock_market_bubble s443","src_root_hash":"17790707453426894952","history_drop_reason":null,"meta_title":"Stock market bubble - Wikipedia","meta_descriptions":[],"attrs_boilerpipe_text":"From Wikipedia, the free encyclopedia\nA\nstock market bubble\nis a type of\neconomic bubble\ntaking place in\nstock markets\nwhen market participants drive\nstock\nprices above their value in relation to some system of\nstock valuation\n.\nBehavioral finance\ntheory attributes stock market bubbles to\ncognitive biases\nthat lead to\ngroupthink\nand\nherd behavior\n. Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets.\n[\n1\n]\nOther theoretical explanations of stock market bubbles have suggested that they are rational,\n[\n2\n]\nintrinsic,\n[\n3\n]\nand contagious.\n[\n4\n]\nCourtyard of the Amsterdam Stock Exchange (\nBeurs van Hendrick de Keyser\n) by\nEmanuel de Witte\n, 1653.\nHistorically, early stock market bubbles and\ncrashes\nhave their roots in\nfinancial activities of the 17th-century Dutch Republic\n, the birthplace of the first formal (official)\nstock exchange\nand\nmarket\nin history.\n[\n5\n]\n[\n6\n]\n[\n7\n]\n[\n8\n]\n[\n9\n]\nThe\nDutch tulip mania\n, of the 1630s, is generally considered the world's first recorded\nspeculative bubble\n(or\neconomic bubble\n).\n[\n10\n]\nTwo famous early stock market bubbles were the\nMississippi Scheme\nin France and the\nSouth Sea bubble\nin England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors.  Those stories, and many others, are recounted in\nCharles Mackay\n's 1841 popular account,\n\"\nExtraordinary Popular Delusions and the Madness of Crowds\n\".\nThe\nNASDAQ Composite\nindex spiked in the late 90s and then fell sharply as a result of the\ndot-com bubble\n.\nThe\nNikkei 225\nThe two most famous bubbles of the twentieth century, the bubble in American stocks in the 1920s just before the\nWall Street crash of 1929\nand the following\nGreat Depression\n, and the\nDot-com bubble\nof the late 1990s, were based on speculative activity surrounding the development of new technologies.  The 1920s saw the widespread introduction of a range of technological innovations including\nradio\n,\nautomobiles\n,\naviation\nand the deployment of\nelectrical power grids\n. The 1990s was the decade when Internet and e-commerce technologies emerged—many of which had minimal sales and earnings profiles.\nOther stock market bubbles of note include the\nEncilhamento\noccurred in Brazil during the late 1880s and early 1890s, the\nNifty Fifty\nstocks in the early 1970s,\nTaiwanese\nstocks in 1987–89 and\nJapanese stocks in the late 1980s\n.\nStock market bubbles frequently produce hot markets in\ninitial public offerings\n, since investment bankers and their clients see opportunities to float new stock issues at inflated prices.  These hot IPO markets misallocate investment funds to areas dictated by speculative trends, rather than to enterprises generating longstanding economic value.  Typically when there is an over abundance of IPOs in a bubble market, a large portion of the IPO companies fail completely, never achieve what is promised to the investors, or can even be vehicles for fraud.\nWhether rational or irrational\n[\nedit\n]\nEmotional and cognitive biases (see\nbehavioral finance\n) seem to be the causes of bubbles, but often, when the phenomenon appears, pundits try to find a rationale, so as not to be against the crowd. Thus, sometimes, people will dismiss concerns about overpriced markets by citing a\nnew economy\nwhere the old stock valuation rules may no longer apply. This type of thinking helps to further propagate the bubble whereby everyone is investing with the intent of finding a\ngreater fool\n.  Still, some analysts cite the wisdom of crowds and say that price movements really do reflect\nrational expectations\nof fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles.\n[\n11\n]\nTo sort out the competing claims between behavioral finance and efficient markets theorists, observers need to find bubbles that occur when a readily available measure of fundamental value is also observable.  The bubble in closed-end country funds in the late 1980s is instructive here, as are the bubbles that occur in experimental asset markets.  According to the\nefficient-market hypothesis\n, this doesn't happen, and so any data is wrong.\n[\n12\n]\nFor closed-end country funds, observers can compare the stock prices to the net asset value per share (the net value of the fund's total holdings divided by the number of shares outstanding).  For experimental asset markets, observers can compare the stock prices to the expected returns from holding the stock (which the experimenter determines and communicates to the traders).\nIn both instances, closed-end country funds and experimental markets, stock prices clearly diverge from fundamental values.  Nobel laureate Dr.\nVernon Smith\nhas illustrated the closed-end country fund phenomenon with a chart showing prices and net asset values of the\nSpain Fund\n [\nzh\n]\nin 1989 and 1990 in his work on price bubbles.\n[\n13\n]\nAt its peak, the Spain Fund traded near $35, nearly triple its Net Asset Value of about $12 per share.  At the same time the Spain Fund and other closed-end country funds were trading at very substantial premiums, the number of closed-end country funds available exploded thanks to many issuers creating new country funds and selling the IPOs at high premiums.\nIt only took a few months for the premiums in closed-end country funds to fade back to the more typical discounts at which closed-end funds trade.  Those who had bought them at premiums had run out of \"greater fools\".  For a while, though, the supply of \"greater fools\" had been outstanding.\nA rising price on any share will attract the attention of investors. Not all of those investors are willing or interested in studying the intrinsics of the share and for such people the rising price itself is reason enough to invest. In turn, the additional investment will provide buoyancy to the price, thus completing a\npositive feedback\nloop.\nLike all dynamic systems, financial markets operate in an ever-changing equilibrium, which translates into price\nvolatility\n. However, a self-adjustment (\nnegative feedback\n) takes place normally: when prices rise more people are encouraged to sell, while fewer are encouraged to buy. This puts a limit on volatility. However, once positive feedback takes over, the market, like all systems with positive feedback, enters a state of increasing\ndisequilibrium\n. This can be seen in financial bubbles where asset prices rapidly spike upwards far beyond what could be considered the rational \"economic value\", only to fall rapidly afterwards.\nEffect of incentives\n[\nedit\n]\nInvestment managers, such as stock\nmutual fund\nmanagers, are compensated and retained in part due to their performance relative to peers. Taking a conservative or contrarian position as a bubble builds results in performance unfavorable to peers.  This may cause customers to go elsewhere and can affect the investment manager's own employment or compensation. The typical short-term focus of U.S. equity markets exacerbates the risk for investment managers that do not participate during the building phase of a bubble, particularly one that builds over a longer period of time. In attempting to maximize returns for clients and maintain their employment, they may rationally participate in a bubble they believe to be forming, as the benefits outweigh the risks of not doing so.\n[\n14\n]\nHistoire des bourses de valeurs\n(French)\n2008 financial crisis\nAI bubble\nAsset allocation\nBusiness cycle\nCollective behavior\nDiversification (finance)\nDot-com bubble\nFictitious capital\nFinancial modeling\nFinancial risk management\nIrrational exuberance\nMarket trend\nRisk management\nStock market crash\n^\nSmith, Vernon L.; Suchanek, Gerry L.; Williams, Arlington W. (1988). \"Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets\".\nEconometrica\n.\n56\n(5):\n1119–\n1151.\nCiteSeerX\n \n10.1.1.360.174\n.\ndoi\n:\n10.2307\/1911361\n.\nJSTOR\n \n1911361\n.\n^\nDe Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (1990).\n\"Noise Trader Risk in Financial Markets\"\n(PDF)\n.\nJournal of Political Economy\n.\n98\n(4):\n703–\n738.\ndoi\n:\n10.1086\/261703\n.\nS2CID\n \n12112860\n.\n^\nFroot, Kenneth A.; Obstfeld, Maurice (1991).\n\"Intrinsic Bubbles: The Case of Stock Prices\"\n.\nAmerican Economic Review\n.\n81\n(5):\n1189–\n1214.\ndoi\n:\n10.3386\/w3091\n.\nJSTOR\n \n2006913\n.\n^\nTopol, Richard (1991). \"Bubbles and Volatility of Stock Prices: Effect of Mimetic Contagion\".\nThe Economic Journal\n.\n101\n(407):\n786–\n800.\ndoi\n:\n10.2307\/2233855\n.\nJSTOR\n \n2233855\n.\n^\nBrooks, John\n:\nThe Fluctuation: The Little Crash in '62\n, in\nBusiness Adventures: Twelve Classic Tales from the World of Wall Street\n. (New York: Weybright & Talley, 1968)\n^\nNeal, Larry (2005). \"Venture Shares of the Dutch East India Company\", in\nOrigins of Value\n, in\nThe Origins of Value: The Financial Innovations that Created Modern Capital Markets\n, Goetzmann & Rouwenhorst (eds.), Oxford University Press, 2005, pp. 165–175\n^\nShiller, Robert\n(2011).\nEconomics 252, Financial Markets: Lecture 4 – Portfolio Diversification and Supporting Financial Institutions (Open Yale Courses)\n. [Transcript]\n^\nPetram, Lodewijk:\nThe World's First Stock Exchange: How the Amsterdam Market for Dutch East India Company Shares Became a Modern Securities Market, 1602–1700\n. Translated from the Dutch by Lynne Richards. (Columbia University Press, 2014, 304pp)\n^\nMacaulay, Catherine R. (2015). \"Capitalism's renaissance? The potential of repositioning the financial 'meta-economy'”. (\nFutures\n, Volume 68, April 2015, p. 5–18)\n^\nTerrell, Ellen.\n\"Research Guides: Business Booms, Busts, & Bubbles: A Resource Guide on Economic Manias & Crashes: Tulip Mania\"\n.\nguides.loc.gov\n. Retrieved\n2025-01-07\n.\n^\nSergey Perminov, Trendocracy and Stock Market Manipulations (2008,\nISBN\n \n978-1-4357-5244-3\n).\n^\nKrugman, Paul (2009-09-02).\n\"How Did Economists Get It So Wrong?\"\n.\nThe New York Times\n.\n^\nPorter, David P.;\nSmith, Vernon L.\n(2003). \"Stock Market Bubbles in the Laboratory\".\nThe Journal of Behavioral Finance\n.\n4\n(1):\n7–\n20.\ndoi\n:\n10.1207\/S15427579JPFM0401_03\n.\nS2CID\n \n8561988\n.\n^\nBlodget-The Atlantic-Why Wall St. Always Blows It\nAccounts of the\nSouth Sea Bubble\n,\nJohn Law\nand the\nMississippi Company\ncan be found in\nCharles Mackay\n's classic\nExtraordinary Popular Delusions and the Madness of Crowds\n(1843) –\navailable from Project Gutenberg\n. Warning: this reference has been widely criticized by historians.","attrs_markdown":"[Jump to content](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#bodyContent)\n\nMain menu\n\nMain menu\n\nmove to sidebar\n\nhide\n\nNavigation\n\n- [Main page](https:\/\/en.wikipedia.org\/wiki\/Main_Page \"Visit the main page [z]\")\n- [Contents](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contents \"Guides to browsing Wikipedia\")\n- [Current events](https:\/\/en.wikipedia.org\/wiki\/Portal:Current_events \"Articles related to current events\")\n- [Random article](https:\/\/en.wikipedia.org\/wiki\/Special:Random \"Visit a randomly selected article [x]\")\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About \"Learn about Wikipedia and how it works\")\n- [Contact us](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us \"How to contact Wikipedia\")\n\nContribute\n\n- [Help](https:\/\/en.wikipedia.org\/wiki\/Help:Contents \"Guidance on how to use and edit Wikipedia\")\n- [Learn to edit](https:\/\/en.wikipedia.org\/wiki\/Help:Introduction \"Learn how to edit Wikipedia\")\n- [Community portal](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Community_portal \"The hub for editors\")\n- [Recent changes](https:\/\/en.wikipedia.org\/wiki\/Special:RecentChanges \"A list of recent changes to Wikipedia [r]\")\n- [Upload file](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:File_upload_wizard \"Add images or other media for use on Wikipedia\")\n- [Special pages](https:\/\/en.wikipedia.org\/wiki\/Special:SpecialPages \"A list of all special pages [q]\")\n\n[![](https:\/\/en.wikipedia.org\/static\/images\/icons\/enwiki-25.svg) ![Wikipedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-wordmark-en-25.svg) ![The Free Encyclopedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-tagline-en-25.svg)](https:\/\/en.wikipedia.org\/wiki\/Main_Page)\n\n[Search](https:\/\/en.wikipedia.org\/wiki\/Special:Search \"Search Wikipedia [f]\")\n\nAppearance\n\n- [Donate](https:\/\/donate.wikimedia.org\/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)\n- [Create account](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CreateAccount&returnto=Stock+market+bubble \"You are encouraged to create an account and log in; however, it is not mandatory\")\n- [Log in](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UserLogin&returnto=Stock+market+bubble \"You're encouraged to log in; however, it's not mandatory. [o]\")\n\nPersonal tools\n\n- [Donate](https:\/\/donate.wikimedia.org\/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)\n- [Create account](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CreateAccount&returnto=Stock+market+bubble \"You are encouraged to create an account and log in; however, it is not mandatory\")\n- [Log in](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UserLogin&returnto=Stock+market+bubble \"You're encouraged to log in; however, it's not mandatory. [o]\")\n\n## Contents\nmove to sidebar\n\nhide\n\n- [(Top)](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble)\n- [1 History](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#History)\n- [2 Examples](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#Examples)\n- [3 Whether rational or irrational](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#Whether_rational_or_irrational)\n- [4 Positive feedback](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#Positive_feedback)\n- [5 Effect of incentives](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#Effect_of_incentives)\n- [6 See also](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#See_also)\n- [7 References](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#References)\n- [8 External links](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#External_links)\n\nToggle the table of contents\n\n# Stock market bubble\n7 languages\n\n- [العربية](https:\/\/ar.wikipedia.org\/wiki\/%D9%81%D9%82%D8%A7%D8%B9%D8%A9_%D8%B3%D9%88%D9%82_%D8%A7%D9%84%D8%A3%D8%B3%D9%87%D9%85_%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9 \"فقاعة سوق الأسهم المالية – Arabic\")\n- [Deutsch](https:\/\/de.wikipedia.org\/wiki\/Spekulationsblase \"Spekulationsblase – German\")\n- [Español](https:\/\/es.wikipedia.org\/wiki\/Burbuja_del_mercado_de_valores \"Burbuja del mercado de valores – Spanish\")\n- [فارسی](https:\/\/fa.wikipedia.org\/wiki\/%D8%AD%D8%A8%D8%A7%D8%A8_%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1_%D8%B3%D9%87%D8%A7%D9%85 \"حباب بازار سهام – Persian\")\n- [Français](https:\/\/fr.wikipedia.org\/wiki\/Bulle_sp%C3%A9culative \"Bulle spéculative – French\")\n- [한국어](https:\/\/ko.wikipedia.org\/wiki\/%EC%A3%BC%EC%8B%9D_%EC%8B%9C%EC%9E%A5_%EA%B1%B0%ED%92%88 \"주식 시장 거품 – Korean\")\n- [Tiếng Việt](https:\/\/vi.wikipedia.org\/wiki\/Bong_b%C3%B3ng_th%E1%BB%8B_tr%C6%B0%E1%BB%9Dng_ch%E1%BB%A9ng_kho%C3%A1n \"Bong bóng thị trường chứng khoán – Vietnamese\")\n\n[Edit links](https:\/\/www.wikidata.org\/wiki\/Special:EntityPage\/Q13405082#sitelinks-wikipedia \"Edit interlanguage links\")\n\n- [Article](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble \"View the content page [c]\")\n- [Talk](https:\/\/en.wikipedia.org\/wiki\/Talk:Stock_market_bubble \"Discuss improvements to the content page [t]\")\n\nEnglish\n\n- [Read](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble)\n- [Edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit \"Edit this page [e]\")\n- [View history](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=history \"Past revisions of this page [h]\")\n\nTools\n\nTools\n\nmove to sidebar\n\nhide\n\nActions\n\n- [Read](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble)\n- [Edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit \"Edit this page [e]\")\n- [View history](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=history)\n\nGeneral\n\n- [What links here](https:\/\/en.wikipedia.org\/wiki\/Special:WhatLinksHere\/Stock_market_bubble \"List of all English Wikipedia pages containing links to this page [j]\")\n- [Related changes](https:\/\/en.wikipedia.org\/wiki\/Special:RecentChangesLinked\/Stock_market_bubble \"Recent changes in pages linked from this page [k]\")\n- [Upload file](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:File_Upload_Wizard \"Upload files [u]\")\n- [Permanent link](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&oldid=1335863800 \"Permanent link to this revision of this page\")\n- [Page information](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=info \"More information about this page\")\n- [Cite this page](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CiteThisPage&page=Stock_market_bubble&id=1335863800&wpFormIdentifier=titleform \"Information on how to cite this page\")\n- [Get shortened URL](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FStock_market_bubble)\n\nPrint\/export\n\n- [Download as PDF](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:DownloadAsPdf&page=Stock_market_bubble&action=show-download-screen \"Download this page as a PDF file\")\n- [Printable version](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&printable=yes \"Printable version of this page [p]\")\n\nIn other projects\n\n- [Wikimedia Commons](https:\/\/commons.wikimedia.org\/wiki\/Category:Stock_market_bubble)\n- [Wikidata item](https:\/\/www.wikidata.org\/wiki\/Special:EntityPage\/Q13405082 \"Structured data on this page hosted by Wikidata [g]\")\n\nAppearance\n\nmove to sidebar\n\nhide\n\nFrom Wikipedia, the free encyclopedia\n\nEconomic bubble in a stock market\n\n|   |\n|---|\n| Part of a [series](https:\/\/en.wikipedia.org\/wiki\/Category:Finance \"Category:Finance\") on |\n| [Finance](https:\/\/en.wikipedia.org\/wiki\/Finance \"Finance\") |\n| [![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/d\/d7\/Philippine-stock-market-board.jpg\/250px-Philippine-stock-market-board.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:Philippine-stock-market-board.jpg) |\n| [Assets](https:\/\/en.wikipedia.org\/wiki\/Financial_asset \"Financial asset\") |\n| [Asset (economics)](https:\/\/en.wikipedia.org\/wiki\/Asset_\$economics\$ \"Asset (economics)\") [Bond](https:\/\/en.wikipedia.org\/wiki\/Bond_market \"Bond market\") [Asset growth](https:\/\/en.wikipedia.org\/wiki\/Capital_appreciation \"Capital appreciation\") [Capital asset](https:\/\/en.wikipedia.org\/wiki\/Capital_asset \"Capital asset\") [Commodity](https:\/\/en.wikipedia.org\/wiki\/Commodity_market \"Commodity market\") [Derivatives](https:\/\/en.wikipedia.org\/wiki\/Derivatives_market \"Derivatives market\") [Domains](https:\/\/en.wikipedia.org\/wiki\/Domain_name_speculation \"Domain name speculation\") [Equity](https:\/\/en.wikipedia.org\/wiki\/Equity_\$finance\$ \"Equity (finance)\") [Foreign exchange](https:\/\/en.wikipedia.org\/wiki\/Foreign_exchange_market \"Foreign exchange market\") [Money](https:\/\/en.wikipedia.org\/wiki\/Money_market \"Money market\") [Over-the-counter](https:\/\/en.wikipedia.org\/wiki\/Over-the-counter_\$finance\$ \"Over-the-counter (finance)\") [Private equity](https:\/\/en.wikipedia.org\/wiki\/Private_equity \"Private equity\") [Real estate](https:\/\/en.wikipedia.org\/wiki\/Real_estate \"Real estate\") [Spot](https:\/\/en.wikipedia.org\/wiki\/Spot_market \"Spot market\") [Stock](https:\/\/en.wikipedia.org\/wiki\/Stock_market \"Stock market\") |\n| [Participants](https:\/\/en.wikipedia.org\/wiki\/Financial_market_participants \"Financial market participants\") |\n| [Angel investor](https:\/\/en.wikipedia.org\/wiki\/Angel_investor \"Angel investor\") [Bull (stock market speculator)](https:\/\/en.wikipedia.org\/wiki\/Bull_\$stock_market_speculator\$ \"Bull (stock market speculator)\") [Financial planner](https:\/\/en.wikipedia.org\/wiki\/Financial_planner \"Financial planner\") [Investor](https:\/\/en.wikipedia.org\/wiki\/Investor \"Investor\") [institutional](https:\/\/en.wikipedia.org\/wiki\/Institutional_investor \"Institutional investor\") [Retail](https:\/\/en.wikipedia.org\/wiki\/Retail \"Retail\") [Speculator](https:\/\/en.wikipedia.org\/wiki\/Speculation \"Speculation\") |\n| [Locations](https:\/\/en.wikipedia.org\/wiki\/Financial_centre \"Financial centre\") |\n| [Financial centres](https:\/\/en.wikipedia.org\/wiki\/Financial_centre \"Financial centre\") [Offshore financial centres](https:\/\/en.wikipedia.org\/wiki\/Offshore_financial_centre \"Offshore financial centre\") [Conduit and sink OFCs](https:\/\/en.wikipedia.org\/wiki\/Conduit_and_sink_OFCs \"Conduit and sink OFCs\") |\n| [Instruments](https:\/\/en.wikipedia.org\/wiki\/Financial_instrument \"Financial instrument\") [Bond](https:\/\/en.wikipedia.org\/wiki\/Bond_\$finance\$ \"Bond (finance)\") [Cash](https:\/\/en.wikipedia.org\/wiki\/Cash \"Cash\") [Collateralised debt obligation](https:\/\/en.wikipedia.org\/wiki\/Collateralised_debt_obligation \"Collateralised debt obligation\") [Credit default swap](https:\/\/en.wikipedia.org\/wiki\/Credit_default_swap \"Credit default swap\") [Time deposit](https:\/\/en.wikipedia.org\/wiki\/Time_deposit \"Time deposit\") ([certificate of deposit](https:\/\/en.wikipedia.org\/wiki\/Certificate_of_deposit \"Certificate of deposit\")) [Credit line](https:\/\/en.wikipedia.org\/wiki\/Line_of_credit \"Line of credit\") [Deposit](https:\/\/en.wikipedia.org\/wiki\/Deposit_account \"Deposit account\") [Derivative](https:\/\/en.wikipedia.org\/wiki\/Derivative_\$finance\$ \"Derivative (finance)\") [Futures contract](https:\/\/en.wikipedia.org\/wiki\/Futures_contract \"Futures contract\") [Indemnity](https:\/\/en.wikipedia.org\/wiki\/Indemnity \"Indemnity\") [Insurance](https:\/\/en.wikipedia.org\/wiki\/Insurance \"Insurance\") [Letter of credit](https:\/\/en.wikipedia.org\/wiki\/Letter_of_credit \"Letter of credit\") [Loan](https:\/\/en.wikipedia.org\/wiki\/Loan \"Loan\") [Mortgage](https:\/\/en.wikipedia.org\/wiki\/Mortgage \"Mortgage\") [Option](https:\/\/en.wikipedia.org\/wiki\/Option_\$finance\$ \"Option (finance)\") ([call](https:\/\/en.wikipedia.org\/wiki\/Call_option \"Call option\") [exotic](https:\/\/en.wikipedia.org\/wiki\/Exotic_option \"Exotic option\") [put](https:\/\/en.wikipedia.org\/wiki\/Put_option \"Put option\")) [Performance bonds](https:\/\/en.wikipedia.org\/wiki\/Performance_bonds \"Performance bonds\") [Repurchase agreement](https:\/\/en.wikipedia.org\/wiki\/Repurchase_agreement \"Repurchase agreement\") [Stock](https:\/\/en.wikipedia.org\/wiki\/Stock \"Stock\") [Security](https:\/\/en.wikipedia.org\/wiki\/Security_\$finance\$ \"Security (finance)\") [Syndicated loan](https:\/\/en.wikipedia.org\/wiki\/Syndicated_loan \"Syndicated loan\") [Synthetic CDO](https:\/\/en.wikipedia.org\/wiki\/Synthetic_CDO \"Synthetic CDO\") |\n| General |\n| [Accounting](https:\/\/en.wikipedia.org\/wiki\/Accounting \"Accounting\") [Audit](https:\/\/en.wikipedia.org\/wiki\/Audit \"Audit\") [Capital budgeting](https:\/\/en.wikipedia.org\/wiki\/Capital_budgeting \"Capital budgeting\") [Capital structure](https:\/\/en.wikipedia.org\/wiki\/Capital_structure \"Capital structure\") [Corporate finance](https:\/\/en.wikipedia.org\/wiki\/Corporate_finance \"Corporate finance\") [Credit rating agency](https:\/\/en.wikipedia.org\/wiki\/Credit_rating_agency \"Credit rating agency\") [Enterprise risk management](https:\/\/en.wikipedia.org\/wiki\/Enterprise_risk_management \"Enterprise risk management\") [Enterprise value](https:\/\/en.wikipedia.org\/wiki\/Enterprise_value \"Enterprise value\") [Risk management](https:\/\/en.wikipedia.org\/wiki\/Financial_risk_management \"Financial risk management\") [Financial statements](https:\/\/en.wikipedia.org\/wiki\/Financial_statement \"Financial statement\") |\n| Transactions |\n| [Leveraged buyout](https:\/\/en.wikipedia.org\/wiki\/Leveraged_buyout \"Leveraged buyout\") [Mergers and acquisitions](https:\/\/en.wikipedia.org\/wiki\/Mergers_and_acquisitions \"Mergers and acquisitions\") [Structured finance](https:\/\/en.wikipedia.org\/wiki\/Structured_finance \"Structured finance\") [Venture capital](https:\/\/en.wikipedia.org\/wiki\/Venture_capital \"Venture capital\") |\n| [Taxation](https:\/\/en.wikipedia.org\/wiki\/Corporate_tax \"Corporate tax\") |\n| [Base erosion and profit shifting](https:\/\/en.wikipedia.org\/wiki\/Base_erosion_and_profit_shifting \"Base erosion and profit shifting\") (BEPS) [Corporate tax haven](https:\/\/en.wikipedia.org\/wiki\/Corporate_tax_haven \"Corporate tax haven\") [Tax inversion](https:\/\/en.wikipedia.org\/wiki\/Tax_inversion \"Tax inversion\") [Tax haven](https:\/\/en.wikipedia.org\/wiki\/Tax_haven \"Tax haven\") [Transfer pricing](https:\/\/en.wikipedia.org\/wiki\/Transfer_pricing \"Transfer pricing\") |\n| [Personal](https:\/\/en.wikipedia.org\/wiki\/Personal_finance \"Personal finance\") [Credit](https:\/\/en.wikipedia.org\/wiki\/Credit_\$finance\$ \"Credit (finance)\") \/ [Debt](https:\/\/en.wikipedia.org\/wiki\/Consumer_debt \"Consumer debt\") [Employment contract](https:\/\/en.wikipedia.org\/wiki\/Employment_contract \"Employment contract\") [Financial planning](https:\/\/en.wikipedia.org\/wiki\/Financial_planner \"Financial planner\") [Retirement](https:\/\/en.wikipedia.org\/wiki\/Retirement \"Retirement\") [Student loan](https:\/\/en.wikipedia.org\/wiki\/Student_loan \"Student loan\") |\n| [Government spending](https:\/\/en.wikipedia.org\/wiki\/Government_spending \"Government spending\") |\n| [Final consumption expenditure](https:\/\/en.wikipedia.org\/wiki\/Government_final_consumption_expenditure \"Government final consumption expenditure\") [Operations](https:\/\/en.wikipedia.org\/wiki\/Government_operations \"Government operations\") [Redistribution](https:\/\/en.wikipedia.org\/wiki\/Redistribution_of_income_and_wealth \"Redistribution of income and wealth\") [Transfer payment](https:\/\/en.wikipedia.org\/wiki\/Transfer_payment \"Transfer payment\") |\n| [Government revenue](https:\/\/en.wikipedia.org\/wiki\/Government_revenue \"Government revenue\") |\n| [Taxation](https:\/\/en.wikipedia.org\/wiki\/Tax \"Tax\") [Deficit spending](https:\/\/en.wikipedia.org\/wiki\/Deficit_spending \"Deficit spending\") [Budget](https:\/\/en.wikipedia.org\/wiki\/Government_budget \"Government budget\") ([balance](https:\/\/en.wikipedia.org\/wiki\/Government_budget_balance \"Government budget balance\")) [Debt](https:\/\/en.wikipedia.org\/wiki\/Government_debt \"Government debt\") [Non-tax revenue](https:\/\/en.wikipedia.org\/wiki\/Non-tax_revenue \"Non-tax revenue\") [Warrant of payment](https:\/\/en.wikipedia.org\/wiki\/Warrant_of_payment \"Warrant of payment\") |\n| [Bank regulation](https:\/\/en.wikipedia.org\/wiki\/Bank_regulation \"Bank regulation\") |\n| [Banking license](https:\/\/en.wikipedia.org\/wiki\/Banking_license \"Banking license\") [Basel Accords](https:\/\/en.wikipedia.org\/wiki\/Basel_Accords \"Basel Accords\") [Bank for International Settlements](https:\/\/en.wikipedia.org\/wiki\/Bank_for_International_Settlements \"Bank for International Settlements\") [Financial Stability Board](https:\/\/en.wikipedia.org\/wiki\/Financial_Stability_Board \"Financial Stability Board\") [Deposit insurance](https:\/\/en.wikipedia.org\/wiki\/Deposit_insurance \"Deposit insurance\") [Separation of investment and retail banking](https:\/\/en.wikipedia.org\/wiki\/Separation_of_investment_and_retail_banking \"Separation of investment and retail banking\") |\n|   |\n| [International Financial Reporting Standards](https:\/\/en.wikipedia.org\/wiki\/International_Financial_Reporting_Standards \"International Financial Reporting Standards\") [ISO 31000](https:\/\/en.wikipedia.org\/wiki\/ISO_31000 \"ISO 31000\") [Professional certification](https:\/\/en.wikipedia.org\/wiki\/Professional_certification_in_financial_services \"Professional certification in financial services\") [Fund governance](https:\/\/en.wikipedia.org\/wiki\/Fund_governance \"Fund governance\") |\n| [Economic history](https:\/\/en.wikipedia.org\/wiki\/Economic_history \"Economic history\") [Private equity and venture capital](https:\/\/en.wikipedia.org\/wiki\/History_of_private_equity_and_venture_capital \"History of private equity and venture capital\") [Recession](https:\/\/en.wikipedia.org\/wiki\/Recession \"Recession\") [Stock market bubble]() [Stock market crash](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\") [Accounting scandals](https:\/\/en.wikipedia.org\/wiki\/Accounting_scandals \"Accounting scandals\") |\n| [Outline](https:\/\/en.wikipedia.org\/wiki\/Outline_of_finance \"Outline of finance\") [![icon](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/f3\/Emblem-money.svg\/20px-Emblem-money.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Emblem-money.svg) [Business and Economics portal](https:\/\/en.wikipedia.org\/wiki\/Portal:Business_and_Economics \"Portal:Business and Economics\") ![icon](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/5\/55\/Bills_and_coins.svg\/20px-Bills_and_coins.svg.png) [Money portal](https:\/\/en.wikipedia.org\/wiki\/Portal:Money \"Portal:Money\") |\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Finance_sidebar \"Template:Finance sidebar\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Finance_sidebar \"Template talk:Finance sidebar\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Finance_sidebar \"Special:EditPage\/Template:Finance sidebar\") |\n\nA **stock market bubble** is a type of [economic bubble](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\") taking place in [stock markets](https:\/\/en.wikipedia.org\/wiki\/Stock_market \"Stock market\") when market participants drive [stock](https:\/\/en.wikipedia.org\/wiki\/Stock \"Stock\") prices above their value in relation to some system of [stock valuation](https:\/\/en.wikipedia.org\/wiki\/Stock_valuation \"Stock valuation\").\n\n[Behavioral finance](https:\/\/en.wikipedia.org\/wiki\/Behavioral_finance \"Behavioral finance\") theory attributes stock market bubbles to [cognitive biases](https:\/\/en.wikipedia.org\/wiki\/Cognitive_bias \"Cognitive bias\") that lead to [groupthink](https:\/\/en.wikipedia.org\/wiki\/Groupthink \"Groupthink\") and [herd behavior](https:\/\/en.wikipedia.org\/wiki\/Herd_behavior \"Herd behavior\"). Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets.[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-Smith1988-1) Other theoretical explanations of stock market bubbles have suggested that they are rational,[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-DeLong1990-2) intrinsic,[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-Froot1991-3) and contagious.[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-Topol1991-4)\n\n## History\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit&section=1 \"Edit section: History\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/bf\/Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg\/250px-Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg)\n\nCourtyard of the Amsterdam Stock Exchange ([Beurs van Hendrick de Keyser](https:\/\/nl.wikipedia.org\/wiki\/Beurs_van_Hendrick_de_Keyser \"nl:Beurs van Hendrick de Keyser\")) by [Emanuel de Witte](https:\/\/en.wikipedia.org\/wiki\/Emanuel_de_Witte \"Emanuel de Witte\"), 1653.\n\nHistorically, early stock market bubbles and [crashes](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\") have their roots in [financial activities of the 17th-century Dutch Republic](https:\/\/en.wikipedia.org\/wiki\/Financial_history_of_the_Dutch_Republic \"Financial history of the Dutch Republic\"), the birthplace of the first formal (official) [stock exchange](https:\/\/en.wikipedia.org\/wiki\/Stock_exchange \"Stock exchange\") and [market](https:\/\/en.wikipedia.org\/wiki\/Stock_market \"Stock market\") in history.[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-5)[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-6)[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-7)[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-8)[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-9) The [Dutch tulip mania](https:\/\/en.wikipedia.org\/wiki\/Tulipmania \"Tulipmania\"), of the 1630s, is generally considered the world's first recorded [speculative bubble](https:\/\/en.wikipedia.org\/wiki\/Speculative_bubble \"Speculative bubble\") (or [economic bubble](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\")).[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-10)\n\n## Examples\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit&section=2 \"Edit section: Examples\")\\]\n\nTwo famous early stock market bubbles were the [Mississippi Scheme](https:\/\/en.wikipedia.org\/wiki\/Mississippi_Company \"Mississippi Company\") in France and the [South Sea bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") in England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors. Those stories, and many others, are recounted in [Charles Mackay](https:\/\/en.wikipedia.org\/wiki\/Charles_Mackay_\$author\$ \"Charles Mackay (author)\")'s 1841 popular account, *\"[Extraordinary Popular Delusions and the Madness of Crowds](https:\/\/en.wikipedia.org\/wiki\/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds \"Extraordinary Popular Delusions and the Madness of Crowds\")\".*\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/8\/84\/Nasdaq_Composite_dot-com_bubble.svg\/250px-Nasdaq_Composite_dot-com_bubble.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Nasdaq_Composite_dot-com_bubble.svg)\n\nThe [NASDAQ Composite](https:\/\/en.wikipedia.org\/wiki\/NASDAQ_Composite \"NASDAQ Composite\") index spiked in the late 90s and then fell sharply as a result of the [dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\").\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/6\/6d\/Nikkei_225%281970-%29.svg\/250px-Nikkei_225%281970-%29.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Nikkei_225\$1970-\$.svg)\n\nThe [Nikkei 225](https:\/\/en.wikipedia.org\/wiki\/Nikkei_225 \"Nikkei 225\")\n\nThe two most famous bubbles of the twentieth century, the bubble in American stocks in the 1920s just before the [Wall Street crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_crash_of_1929 \"Wall Street crash of 1929\") and the following [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\"), and the [Dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\") of the late 1990s, were based on speculative activity surrounding the development of new technologies. The 1920s saw the widespread introduction of a range of technological innovations including [radio](https:\/\/en.wikipedia.org\/wiki\/Radio \"Radio\"), [automobiles](https:\/\/en.wikipedia.org\/wiki\/Automobiles \"Automobiles\"), [aviation](https:\/\/en.wikipedia.org\/wiki\/Aviation \"Aviation\") and the deployment of [electrical power grids](https:\/\/en.wikipedia.org\/wiki\/Electrical_power_grid \"Electrical power grid\"). The 1990s was the decade when Internet and e-commerce technologies emerged—many of which had minimal sales and earnings profiles.\n\nOther stock market bubbles of note include the [Encilhamento](https:\/\/en.wikipedia.org\/wiki\/Encilhamento \"Encilhamento\") occurred in Brazil during the late 1880s and early 1890s, the [Nifty Fifty](https:\/\/en.wikipedia.org\/wiki\/Nifty_Fifty \"Nifty Fifty\") stocks in the early 1970s, [Taiwanese](https:\/\/en.wikipedia.org\/wiki\/Economy_of_Taiwan \"Economy of Taiwan\") stocks in 1987–89 and [Japanese stocks in the late 1980s](https:\/\/en.wikipedia.org\/wiki\/Japanese_asset_price_bubble \"Japanese asset price bubble\").\n\nStock market bubbles frequently produce hot markets in [initial public offerings](https:\/\/en.wikipedia.org\/wiki\/Initial_public_offering \"Initial public offering\"), since investment bankers and their clients see opportunities to float new stock issues at inflated prices. These hot IPO markets misallocate investment funds to areas dictated by speculative trends, rather than to enterprises generating longstanding economic value. Typically when there is an over abundance of IPOs in a bubble market, a large portion of the IPO companies fail completely, never achieve what is promised to the investors, or can even be vehicles for fraud.\n\n## Whether rational or irrational\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit&section=3 \"Edit section: Whether rational or irrational\")\\]\n\nEmotional and cognitive biases (see [behavioral finance](https:\/\/en.wikipedia.org\/wiki\/Behavioral_finance \"Behavioral finance\")) seem to be the causes of bubbles, but often, when the phenomenon appears, pundits try to find a rationale, so as not to be against the crowd. Thus, sometimes, people will dismiss concerns about overpriced markets by citing a [new economy](https:\/\/en.wikipedia.org\/wiki\/New_economy \"New economy\") where the old stock valuation rules may no longer apply. This type of thinking helps to further propagate the bubble whereby everyone is investing with the intent of finding a [greater fool](https:\/\/en.wikipedia.org\/wiki\/Greater_fool_theory \"Greater fool theory\"). Still, some analysts cite the wisdom of crowds and say that price movements really do reflect [rational expectations](https:\/\/en.wikipedia.org\/wiki\/Rational_expectations \"Rational expectations\") of fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-11)\n\nTo sort out the competing claims between behavioral finance and efficient markets theorists, observers need to find bubbles that occur when a readily available measure of fundamental value is also observable. The bubble in closed-end country funds in the late 1980s is instructive here, as are the bubbles that occur in experimental asset markets. According to the [efficient-market hypothesis](https:\/\/en.wikipedia.org\/wiki\/Efficient-market_hypothesis \"Efficient-market hypothesis\"), this doesn't happen, and so any data is wrong.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-12) For closed-end country funds, observers can compare the stock prices to the net asset value per share (the net value of the fund's total holdings divided by the number of shares outstanding). For experimental asset markets, observers can compare the stock prices to the expected returns from holding the stock (which the experimenter determines and communicates to the traders).\n\nIn both instances, closed-end country funds and experimental markets, stock prices clearly diverge from fundamental values. Nobel laureate Dr. [Vernon Smith](https:\/\/en.wikipedia.org\/wiki\/Vernon_L._Smith \"Vernon L. Smith\") has illustrated the closed-end country fund phenomenon with a chart showing prices and net asset values of the [Spain Fund](https:\/\/en.wikipedia.org\/w\/index.php?title=Spain_Fund&action=edit&redlink=1 \"Spain Fund (page does not exist)\") \\[[zh](https:\/\/zh.wikipedia.org\/wiki\/%E4%BC%8A%E5%88%A9%E6%AF%94%E4%BA%9E%E7%BE%8E%E6%B4%B2%E5%9F%BA%E9%87%91 \"zh:伊利比亞美洲基金\")\\] in 1989 and 1990 in his work on price bubbles.[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-13) At its peak, the Spain Fund traded near \\$35, nearly triple its Net Asset Value of about \\$12 per share. At the same time the Spain Fund and other closed-end country funds were trading at very substantial premiums, the number of closed-end country funds available exploded thanks to many issuers creating new country funds and selling the IPOs at high premiums.\n\nIt only took a few months for the premiums in closed-end country funds to fade back to the more typical discounts at which closed-end funds trade. Those who had bought them at premiums had run out of \"greater fools\". For a while, though, the supply of \"greater fools\" had been outstanding.\n\n## Positive feedback\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit&section=4 \"Edit section: Positive feedback\")\\]\n\nA rising price on any share will attract the attention of investors. Not all of those investors are willing or interested in studying the intrinsics of the share and for such people the rising price itself is reason enough to invest. In turn, the additional investment will provide buoyancy to the price, thus completing a [positive feedback](https:\/\/en.wikipedia.org\/wiki\/Positive_feedback \"Positive feedback\") loop.\n\nLike all dynamic systems, financial markets operate in an ever-changing equilibrium, which translates into price [volatility](https:\/\/en.wikipedia.org\/wiki\/Volatility_\$finance\$ \"Volatility (finance)\"). However, a self-adjustment ([negative feedback](https:\/\/en.wikipedia.org\/wiki\/Negative_feedback \"Negative feedback\")) takes place normally: when prices rise more people are encouraged to sell, while fewer are encouraged to buy. This puts a limit on volatility. However, once positive feedback takes over, the market, like all systems with positive feedback, enters a state of increasing [disequilibrium](https:\/\/en.wikipedia.org\/wiki\/Economic_equilibrium \"Economic equilibrium\"). This can be seen in financial bubbles where asset prices rapidly spike upwards far beyond what could be considered the rational \"economic value\", only to fall rapidly afterwards.\n\n## Effect of incentives\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit&section=5 \"Edit section: Effect of incentives\")\\]\n\nInvestment managers, such as stock [mutual fund](https:\/\/en.wikipedia.org\/wiki\/Mutual_fund \"Mutual fund\") managers, are compensated and retained in part due to their performance relative to peers. Taking a conservative or contrarian position as a bubble builds results in performance unfavorable to peers. This may cause customers to go elsewhere and can affect the investment manager's own employment or compensation. The typical short-term focus of U.S. equity markets exacerbates the risk for investment managers that do not participate during the building phase of a bubble, particularly one that builds over a longer period of time. In attempting to maximize returns for clients and maintain their employment, they may rationally participate in a bubble they believe to be forming, as the benefits outweigh the risks of not doing so.[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-14)\n\n## See also\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit&section=6 \"Edit section: See also\")\\]\n\n- [Histoire des bourses de valeurs](https:\/\/fr.wikipedia.org\/wiki\/Histoire_des_bourses_de_valeurs \"fr:Histoire des bourses de valeurs\") (French)\n- [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\")\n- [AI bubble](https:\/\/en.wikipedia.org\/wiki\/AI_bubble \"AI bubble\")\n- [Asset allocation](https:\/\/en.wikipedia.org\/wiki\/Asset_allocation \"Asset allocation\")\n- [Business cycle](https:\/\/en.wikipedia.org\/wiki\/Business_cycle \"Business cycle\")\n- [Collective behavior](https:\/\/en.wikipedia.org\/wiki\/Collective_behavior \"Collective behavior\")\n- [Diversification (finance)](https:\/\/en.wikipedia.org\/wiki\/Diversification_\$finance\$ \"Diversification (finance)\")\n- [Dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\")\n- [Fictitious capital](https:\/\/en.wikipedia.org\/wiki\/Fictitious_capital \"Fictitious capital\")\n- [Financial modeling](https:\/\/en.wikipedia.org\/wiki\/Financial_modeling \"Financial modeling\")\n- [Financial risk management](https:\/\/en.wikipedia.org\/wiki\/Financial_risk_management \"Financial risk management\")\n- [Irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\")\n- [Market trend](https:\/\/en.wikipedia.org\/wiki\/Market_trend \"Market trend\")\n- [Risk management](https:\/\/en.wikipedia.org\/wiki\/Risk_management \"Risk management\")\n- [Stock market crash](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\")\n\n## References\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit&section=7 \"Edit section: References\")\\]\n\n1. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-Smith1988_1-0)**\n   Smith, Vernon L.; Suchanek, Gerry L.; Williams, Arlington W. (1988). \"Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets\". *Econometrica*. **56** (5): 1119–1151\\. [CiteSeerX](https:\/\/en.wikipedia.org\/wiki\/CiteSeerX_\$identifier\$ \"CiteSeerX (identifier)\") [10\\.1.1.360.174](https:\/\/citeseerx.ist.psu.edu\/viewdoc\/summary?doi=10.1.1.360.174). [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.2307\/1911361](https:\/\/doi.org\/10.2307%2F1911361). [JSTOR](https:\/\/en.wikipedia.org\/wiki\/JSTOR_\$identifier\$ \"JSTOR (identifier)\") [1911361](https:\/\/www.jstor.org\/stable\/1911361).\n2. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-DeLong1990_2-0)**\n   De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (1990). [\"Noise Trader Risk in Financial Markets\"](http:\/\/www.j-bradford-delong.net\/pdf_files\/Noise_Traders_Main.pdf) (PDF). *Journal of Political Economy*. **98** (4): 703–738\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1086\/261703](https:\/\/doi.org\/10.1086%2F261703). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [12112860](https:\/\/api.semanticscholar.org\/CorpusID:12112860).\n3. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-Froot1991_3-0)**\n   Froot, Kenneth A.; Obstfeld, Maurice (1991). [\"Intrinsic Bubbles: The Case of Stock Prices\"](https:\/\/doi.org\/10.3386%2Fw3091). *American Economic Review*. **81** (5): 1189–1214\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.3386\/w3091](https:\/\/doi.org\/10.3386%2Fw3091). [JSTOR](https:\/\/en.wikipedia.org\/wiki\/JSTOR_\$identifier\$ \"JSTOR (identifier)\") [2006913](https:\/\/www.jstor.org\/stable\/2006913).\n4. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-Topol1991_4-0)**\n   Topol, Richard (1991). \"Bubbles and Volatility of Stock Prices: Effect of Mimetic Contagion\". *The Economic Journal*. **101** (407): 786–800\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.2307\/2233855](https:\/\/doi.org\/10.2307%2F2233855). [JSTOR](https:\/\/en.wikipedia.org\/wiki\/JSTOR_\$identifier\$ \"JSTOR (identifier)\") [2233855](https:\/\/www.jstor.org\/stable\/2233855).\n5. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-5)** [Brooks, John](https:\/\/en.wikipedia.org\/wiki\/John_Brooks_\$writer\$ \"John Brooks (writer)\"): *The Fluctuation: The Little Crash in '62*, in *Business Adventures: Twelve Classic Tales from the World of Wall Street*. (New York: Weybright & Talley, 1968)\n6. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-6)** Neal, Larry (2005). \"Venture Shares of the Dutch East India Company\", in *Origins of Value*, in *The Origins of Value: The Financial Innovations that Created Modern Capital Markets*, Goetzmann & Rouwenhorst (eds.), Oxford University Press, 2005, pp. 165–175\n7. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-7)** [Shiller, Robert](https:\/\/en.wikipedia.org\/wiki\/Robert_Shiller \"Robert Shiller\") (2011). *Economics 252, Financial Markets: Lecture 4 – Portfolio Diversification and Supporting Financial Institutions (Open Yale Courses)*. \\[Transcript\\]\n8. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-8)** Petram, Lodewijk: *The World's First Stock Exchange: How the Amsterdam Market for Dutch East India Company Shares Became a Modern Securities Market, 1602–1700*. Translated from the Dutch by Lynne Richards. (Columbia University Press, 2014, 304pp)\n9. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-9)** Macaulay, Catherine R. (2015). \"Capitalism's renaissance? The potential of repositioning the financial 'meta-economy'”. (*Futures*, Volume 68, April 2015, p. 5–18)\n10. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-10)**\n    Terrell, Ellen. [\"Research Guides: Business Booms, Busts, & Bubbles: A Resource Guide on Economic Manias & Crashes: Tulip Mania\"](https:\/\/guides.loc.gov\/business-booms-busts\/tulip-mania). *guides.loc.gov*. Retrieved 2025-01-07.\n11. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-11)**\n    Sergey Perminov, Trendocracy and Stock Market Manipulations (2008,\n    \n    [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1-4357-5244-3](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-4357-5244-3 \"Special:BookSources\/978-1-4357-5244-3\")\n    \n    ).\n12. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-12)**\n    Krugman, Paul (2009-09-02). [\"How Did Economists Get It So Wrong?\"](https:\/\/www.nytimes.com\/2009\/09\/06\/magazine\/06Economic-t.html). *The New York Times*.\n13. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-13)**\n    Porter, David P.; [Smith, Vernon L.](https:\/\/en.wikipedia.org\/wiki\/Vernon_L._Smith \"Vernon L. Smith\") (2003). \"Stock Market Bubbles in the Laboratory\". *The Journal of Behavioral Finance*. **4** (1): 7–20\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1207\/S15427579JPFM0401\\_03](https:\/\/doi.org\/10.1207%2FS15427579JPFM0401_03). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [8561988](https:\/\/api.semanticscholar.org\/CorpusID:8561988).\n14. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-14)** [Blodget-The Atlantic-Why Wall St. Always Blows It](https:\/\/www.theatlantic.com\/doc\/200812\/blodget-wall-street)\n\n## External links\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit&section=8 \"Edit section: External links\")\\]\n\n- Accounts of the [South Sea Bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Bubble \"South Sea Bubble\"), [John Law](https:\/\/en.wikipedia.org\/wiki\/John_Law_\$economist\$ \"John Law (economist)\") and the [Mississippi Company](https:\/\/en.wikipedia.org\/wiki\/Mississippi_Company \"Mississippi Company\") can be found in [Charles Mackay](https:\/\/en.wikipedia.org\/wiki\/Charles_Mackay_\$author\$ \"Charles Mackay (author)\")'s classic [Extraordinary Popular Delusions and the Madness of Crowds](https:\/\/en.wikipedia.org\/wiki\/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds \"Extraordinary Popular Delusions and the Madness of Crowds\") (1843) – [available from Project Gutenberg](http:\/\/www.gutenberg.org\/browse\/authors\/m#a516). Warning: this reference has been widely criticized by historians.\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Financial_bubbles \"Template:Financial bubbles\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Financial_bubbles \"Template talk:Financial bubbles\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Financial_bubbles \"Special:EditPage\/Template:Financial bubbles\")[Financial bubbles](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\") |   |\n|---|---|\n| [Market trend](https:\/\/en.wikipedia.org\/wiki\/Market_trend \"Market trend\") [Credit cycle](https:\/\/en.wikipedia.org\/wiki\/Credit_cycle \"Credit cycle\") [Irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\") [Social contagion](https:\/\/en.wikipedia.org\/wiki\/Social_contagion \"Social contagion\") [Real-estate bubble](https:\/\/en.wikipedia.org\/wiki\/Real-estate_bubble \"Real-estate bubble\") [Stock market bubble]() |   |\n| [Commercial revolution](https:\/\/en.wikipedia.org\/wiki\/Commercial_revolution \"Commercial revolution\") (1000–1760) | [Tulip mania](https:\/\/en.wikipedia.org\/wiki\/Tulip_mania \"Tulip mania\") (1634–1637) [Mississippi bubble](https:\/\/en.wikipedia.org\/wiki\/John_Law%27s_Company \"John Law's Company\") (1684–1720) [South Sea bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") (1711–1720) [Bengal Bubble of 1769](https:\/\/en.wikipedia.org\/wiki\/Bengal_Bubble_of_1769 \"Bengal Bubble of 1769\") (1757–1769) |\n| [1st Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution \"Industrial Revolution\") (1760–1840) | [Canal Mania](https:\/\/en.wikipedia.org\/wiki\/Canal_Mania \"Canal Mania\") (c. 1790–c. 1810) [Carolina gold rush](https:\/\/en.wikipedia.org\/wiki\/Carolina_gold_rush \"Carolina gold rush\") (1802–1825) [1810s Alabama real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Alabama_real_estate_bubble_of_the_1810s \"Alabama real estate bubble of the 1810s\") [Georgia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Georgia_Gold_Rush \"Georgia Gold Rush\") (1828–c. 1840) [1830s Chicago real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Chicago_real_estate_bubble_of_the_1830s \"Chicago real estate bubble of the 1830s\") [Chilean silver rush](https:\/\/en.wikipedia.org\/wiki\/Chilean_silver_rush \"Chilean silver rush\") (1832–1850) |\n| 1840–1870 | [Railway Mania](https:\/\/en.wikipedia.org\/wiki\/Railway_Mania \"Railway Mania\") (c. 1840–c. 1850) [California gold rush](https:\/\/en.wikipedia.org\/wiki\/California_gold_rush \"California gold rush\") (1848–1855) [Queen Charlottes Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Queen_Charlottes_Gold_Rush \"Queen Charlottes Gold Rush\") (1851) [Victorian gold rush](https:\/\/en.wikipedia.org\/wiki\/Victorian_gold_rush \"Victorian gold rush\") (1851–c. 1870) [New South Wales gold rush](https:\/\/en.wikipedia.org\/wiki\/New_South_Wales_gold_rush \"New South Wales gold rush\") (1851–1880) [Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Australian_gold_rushes \"Australian gold rushes\") (1851–1914) [Fraser Canyon Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fraser_Canyon_Gold_Rush \"Fraser Canyon Gold Rush\") (1858) [Pike's Peak gold rush](https:\/\/en.wikipedia.org\/wiki\/Pike%27s_Peak_gold_rush \"Pike's Peak gold rush\") (1858–1861) [Rock Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Rock_Creek_Gold_Rush \"Rock Creek Gold Rush\") (1859) [Pennsylvania oil rush](https:\/\/en.wikipedia.org\/wiki\/Pennsylvania_oil_rush \"Pennsylvania oil rush\") (1859–1891) [Similkameen Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Similkameen_Gold_Rush \"Similkameen Gold Rush\") (1860) [Stikine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Stikine_Gold_Rush \"Stikine Gold Rush\") (1861) [Colorado River mining boom](https:\/\/en.wikipedia.org\/wiki\/Steamboats_of_the_Colorado_River \"Steamboats of the Colorado River\") (1861–1864) [Otago gold rush](https:\/\/en.wikipedia.org\/wiki\/Otago_gold_rush \"Otago gold rush\") (1861–1864) [Cariboo Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cariboo_Gold_Rush \"Cariboo Gold Rush\") (1861–1867) [First Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1861–1874) [West Coast gold rush](https:\/\/en.wikipedia.org\/wiki\/West_Coast_gold_rush \"West Coast gold rush\") (1864–1867) [Big Bend Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Big_Bend_Gold_Rush \"Big Bend Gold Rush\") (c. 1865) [Vermilion Lake gold rush](https:\/\/en.wikipedia.org\/wiki\/Vermilion_Lake_gold_rush \"Vermilion Lake gold rush\") (1865–1867) [Kildonan Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Kildonan_Gold_Rush \"Kildonan Gold Rush\") (1869) [Omineca Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Omineca_Gold_Rush \"Omineca Gold Rush\") (1869) |\n| [2nd Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Second_Industrial_Revolution \"Second Industrial Revolution\") (1870–1914) | [1870s Lapland gold rush](https:\/\/en.wikipedia.org\/wiki\/Lapland_gold_rush \"Lapland gold rush\") [Coromandel Gold Rushes](https:\/\/en.wikipedia.org\/wiki\/Coromandel_Gold_Rushes \"Coromandel Gold Rushes\") (c. 1870–c. 1890) [Cassiar Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cassiar_Country \"Cassiar Country\") (c. 1870–c. 1890) [Black Hills gold rush](https:\/\/en.wikipedia.org\/wiki\/Black_Hills_gold_rush \"Black Hills gold rush\") (1874–1880) [Colorado Silver Boom](https:\/\/en.wikipedia.org\/wiki\/Colorado_Silver_Boom \"Colorado Silver Boom\") (1879–1893) [Western Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Western_Australian_gold_rushes \"Western Australian gold rushes\") (c. 1880–c. 1900) [Indiana gas boom](https:\/\/en.wikipedia.org\/wiki\/Indiana_gas_boom \"Indiana gas boom\") (c. 1880–1903) [Ohio oil rush](https:\/\/en.wikipedia.org\/wiki\/Petroleum_industry_in_Ohio \"Petroleum industry in Ohio\") (c. 1880–c. 1930) [Tierra del Fuego gold rush](https:\/\/en.wikipedia.org\/wiki\/Tierra_del_Fuego_gold_rush \"Tierra del Fuego gold rush\") (1883–1906) [Cayoosh Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cayoosh_Gold_Rush \"Cayoosh Gold Rush\") (1884) [Witwatersrand Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Witwatersrand_Gold_Rush \"Witwatersrand Gold Rush\") (1886) [Encilhamento](https:\/\/en.wikipedia.org\/wiki\/Encilhamento \"Encilhamento\") (1886–1890) [Cripple Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cripple_Creek_Gold_Rush \"Cripple Creek Gold Rush\") (c. 1890–c. 1910) [Klondike Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Klondike_Gold_Rush \"Klondike Gold Rush\") (1896–1899) [Second Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1896–1903) [Kobuk River Stampede](https:\/\/en.wikipedia.org\/wiki\/Kobuk_River_Stampede \"Kobuk River Stampede\") (1897–1899) [Mount Baker gold rush](https:\/\/en.wikipedia.org\/wiki\/Mount_Baker_gold_rush \"Mount Baker gold rush\") (1897–c. 1925) [Nome Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Nome_Gold_Rush \"Nome Gold Rush\") (1899–1909) [Fairbanks Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fairbanks_Gold_Rush \"Fairbanks Gold Rush\") (c. 1900–1918) [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1901–1918) [Cobalt silver rush](https:\/\/en.wikipedia.org\/wiki\/Cobalt_silver_rush \"Cobalt silver rush\") (1903–1918) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1909–1918) |\n| [Interwar period](https:\/\/en.wikipedia.org\/wiki\/Interwar_period \"Interwar period\") (1918–1939) | [1920s Florida land boom](https:\/\/en.wikipedia.org\/wiki\/Florida_land_boom_of_the_1920s \"Florida land boom of the 1920s\") (c. 1920–1925) [Fairbanks Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fairbanks_Gold_Rush \"Fairbanks Gold Rush\") (1918–c. 1930) [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1918–1945) [Cobalt silver rush](https:\/\/en.wikipedia.org\/wiki\/Cobalt_silver_rush \"Cobalt silver rush\") (1918–c. 1930) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1918–1945) [1930s Kakamega gold rush](https:\/\/en.wikipedia.org\/wiki\/Kakamega_gold_rush \"Kakamega gold rush\") [Third Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1932–1942) |\n| [Post–WWII expansion](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_II_economic_expansion \"Post–World War II economic expansion\") (1945–1973) | [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1945–c. 1950) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1945–c. 1960) [Poseidon bubble](https:\/\/en.wikipedia.org\/wiki\/Poseidon_bubble \"Poseidon bubble\") (1969–1970) |\n| [The Great Inflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") (1973–1982) | [1970s commodities boom](https:\/\/en.wikipedia.org\/wiki\/1970s_commodities_boom \"1970s commodities boom\") [Mexican oil boom](https:\/\/en.wikipedia.org\/wiki\/Mexican_oil_boom \"Mexican oil boom\") (1977–1981) [Silver Thursday](https:\/\/en.wikipedia.org\/wiki\/Silver_Thursday \"Silver Thursday\") (1980) [New Zealand property bubble](https:\/\/en.wikipedia.org\/wiki\/New_Zealand_property_bubble \"New Zealand property bubble\") (c. 1980–1982) |\n| [Great Moderation](https:\/\/en.wikipedia.org\/wiki\/Great_Moderation \"Great Moderation\")\/ Great Regression (1982–2007) | [1980s oil glut](https:\/\/en.wikipedia.org\/wiki\/1980s_oil_glut \"1980s oil glut\") [New Zealand property bubble](https:\/\/en.wikipedia.org\/wiki\/New_Zealand_property_bubble \"New Zealand property bubble\") (1982–) [Spanish property bubble](https:\/\/en.wikipedia.org\/wiki\/Spanish_property_bubble \"Spanish property bubble\") (1985–2008) [Japanese asset price bubble](https:\/\/en.wikipedia.org\/wiki\/Japanese_asset_price_bubble \"Japanese asset price bubble\") (1986–1990) [Dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\") (1995–2000) [Baltic states housing bubble](https:\/\/en.wikipedia.org\/wiki\/Baltic_states_housing_bubble \"Baltic states housing bubble\") (2000–2006) [Irish property bubble](https:\/\/en.wikipedia.org\/wiki\/Irish_property_bubble \"Irish property bubble\") (c. 2000–2007) [2000s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2000s_commodities_boom \"2000s commodities boom\") (2000–2008) [2000s Danish property bubble](https:\/\/en.wikipedia.org\/wiki\/Danish_property_bubble_of_2000s \"Danish property bubble of 2000s\") (2001–2006) [United States housing bubble](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_bubble \"2000s United States housing bubble\") (2002–2006) [Romanian property bubble](https:\/\/en.wikipedia.org\/wiki\/Romanian_property_bubble \"Romanian property bubble\") (2002–2007) [Polish property bubble](https:\/\/en.wikipedia.org\/wiki\/Polish_property_bubble \"Polish property bubble\") (2002–2008) [Canadian property bubble](https:\/\/en.wikipedia.org\/wiki\/Canadian_property_bubble \"Canadian property bubble\") (2002–) [Chinese property bubble](https:\/\/en.wikipedia.org\/wiki\/Chinese_property_bubble_\$2005%E2%80%932011\$ \"Chinese property bubble (2005–2011)\") (2005–2011) [Lebanese housing bubble](https:\/\/en.wikipedia.org\/wiki\/Lebanese_housing_bubble \"Lebanese housing bubble\") (2005–2008) [Chinese stock bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Chinese_stock_bubble_of_2007 \"Chinese stock bubble of 2007\") [Uranium bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Uranium_bubble_of_2007 \"Uranium bubble of 2007\") |\n| [Information Age](https:\/\/en.wikipedia.org\/wiki\/Information_Age \"Information Age\") (2007–present) | [2000s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2000s_commodities_boom \"2000s commodities boom\") (2008–2014) [Lebanese housing bubble](https:\/\/en.wikipedia.org\/wiki\/Lebanese_housing_bubble \"Lebanese housing bubble\") (2008–) [Corporate debt bubble](https:\/\/en.wikipedia.org\/wiki\/Corporate_debt_bubble \"Corporate debt bubble\") (2008–) [Australian property bubble](https:\/\/en.wikipedia.org\/wiki\/Australian_property_bubble \"Australian property bubble\") (2010–) [Cryptocurrency bubble](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"Cryptocurrency bubble\") (2011–) [Everything bubble](https:\/\/en.wikipedia.org\/wiki\/Everything_bubble \"Everything bubble\") (2020–21) [AI bubble](https:\/\/en.wikipedia.org\/wiki\/AI_bubble \"AI bubble\") (2022–) |\n| [Carbon bubble](https:\/\/en.wikipedia.org\/wiki\/Carbon_bubble \"Carbon bubble\") [Green bubble](https:\/\/en.wikipedia.org\/wiki\/Green_bubble \"Green bubble\") [Social media stock bubble](https:\/\/en.wikipedia.org\/wiki\/Social_media_stock_bubble \"Social media stock bubble\") [Unicorn bubble](https:\/\/en.wikipedia.org\/wiki\/Unicorn_bubble \"Unicorn bubble\") [U.S. higher education bubble](https:\/\/en.wikipedia.org\/wiki\/Higher_education_bubble_in_the_United_States \"Higher education bubble in the United States\") |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Template:United States – Commonwealth of Nations recessions\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Template talk:United States – Commonwealth of Nations recessions\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Special:EditPage\/Template:United States – Commonwealth of Nations recessions\")[Economic history of the United States](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_States \"Economic history of the United States\") and Commonwealth of Nations countries |   |\n|---|---|\n| [Commercial revolution](https:\/\/en.wikipedia.org\/wiki\/Commercial_revolution \"Commercial revolution\") (1000–1760) | [Great Bullion Famine](https:\/\/en.wikipedia.org\/wiki\/Great_Bullion_Famine \"Great Bullion Famine\") (c. 1400–c. 1500) [Great Slump](https:\/\/en.wikipedia.org\/wiki\/Great_Slump_\$15th_century\$ \"Great Slump (15th century)\") (1430–1490) [The Great Debasement](https:\/\/en.wikipedia.org\/wiki\/The_Great_Debasement \"The Great Debasement\") (1544–1551) [Financial Revolution](https:\/\/en.wikipedia.org\/wiki\/Financial_Revolution \"Financial Revolution\") (1690–1800) [Slump of 1706](https:\/\/en.wikipedia.org\/wiki\/War_of_the_Spanish_Succession \"War of the Spanish Succession\") [Great Frost of 1709](https:\/\/en.wikipedia.org\/wiki\/Great_Frost_of_1709 \"Great Frost of 1709\") [South Sea bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") (1713–1720) [Mississippi bubble](https:\/\/en.wikipedia.org\/wiki\/John_Law%27s_Company \"John Law's Company\") (1717–1720) [Economic impact of the Seven Years' War](https:\/\/en.wikipedia.org\/wiki\/Financial_costs_of_the_Seven_Years%27_War \"Financial costs of the Seven Years' War\") (1754–1763) |\n| [1st Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution \"Industrial Revolution\")\/ [Market Revolution](https:\/\/en.wikipedia.org\/wiki\/Market_Revolution \"Market Revolution\") (1760–1870) | Industrial Revolution [Scotland](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_Scotland \"Industrial Revolution in Scotland\") [United States](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_the_United_States \"Industrial Revolution in the United States\") [Wales](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_Wales \"Industrial Revolution in Wales\") [Bengal Bubble of 1769](https:\/\/en.wikipedia.org\/wiki\/Bengal_Bubble_of_1769 \"Bengal Bubble of 1769\") (1769–1784) [British credit crisis of 1772–1773](https:\/\/en.wikipedia.org\/wiki\/British_credit_crisis_of_1772%E2%80%931773 \"British credit crisis of 1772–1773\") [American Revolutionary War inflation](https:\/\/en.wikipedia.org\/wiki\/Financial_costs_of_the_American_Revolutionary_War \"Financial costs of the American Revolutionary War\") (1775–1783) [Panic of 1785](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") (1785–1788) [Copper Panic of 1789](https:\/\/en.wikipedia.org\/wiki\/Copper_Panic_of_1789 \"Copper Panic of 1789\")\/[Panic of 1792](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1792 \"Panic of 1792\") (1789–1793) [Canal Mania](https:\/\/en.wikipedia.org\/wiki\/Canal_Mania \"Canal Mania\") (c. 1790–c. 1810) [Panic of 1796–1797](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1796%E2%80%931797 \"Panic of 1796–1797\") (1796–1799) [1802–1804 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Carolina gold rush](https:\/\/en.wikipedia.org\/wiki\/Carolina_gold_rush \"Carolina gold rush\") (1802–1825) [Depression of 1807](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") (1807–1810) [1810s Alabama real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Alabama_real_estate_bubble_of_the_1810s \"Alabama real estate bubble of the 1810s\") [Alabama Fever](https:\/\/en.wikipedia.org\/wiki\/Alabama_Fever \"Alabama Fever\") [1812 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Post-Napoleonic Depression](https:\/\/en.wikipedia.org\/wiki\/Post-Napoleonic_Depression \"Post-Napoleonic Depression\") (1815–1821) [1822–23 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Panic of 1825](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1825 \"Panic of 1825\") [Panic of 1826](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1826 \"Panic of 1826\") [1828–29 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Georgia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Georgia_Gold_Rush \"Georgia Gold Rush\") (1828–c. 1840) [1830s Chicago real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Chicago_real_estate_bubble_of_the_1830s \"Chicago real estate bubble of the 1830s\") [1833–34 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Panic of 1837](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1837 \"Panic of 1837\") (1836–1838 and 1839–1843) [U.S. state defaults in the 1840s](https:\/\/en.wikipedia.org\/wiki\/U.S._state_defaults_in_the_1840s \"U.S. state defaults in the 1840s\") [Railway Mania](https:\/\/en.wikipedia.org\/wiki\/Railway_Mania \"Railway Mania\") (c. 1840–c. 1850) [Plank Road Boom](https:\/\/en.wikipedia.org\/wiki\/Plank_Road_Boom \"Plank Road Boom\") (1844–c. 1855) [1845–46 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Panic of 1847](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1847 \"Panic of 1847\") (1847–1848) [California gold rush](https:\/\/en.wikipedia.org\/wiki\/California_gold_rush \"California gold rush\") (1848–1855) [British Columbia gold rushes](https:\/\/en.wikipedia.org\/wiki\/British_Columbia_gold_rushes \"British Columbia gold rushes\") [Queen Charlottes Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Queen_Charlottes_Gold_Rush \"Queen Charlottes Gold Rush\"), 1851 [Fraser Canyon Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fraser_Canyon_Gold_Rush \"Fraser Canyon Gold Rush\"), 1858 [Rock Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Rock_Creek_Gold_Rush \"Rock Creek Gold Rush\"), 1859 [Similkameen Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Similkameen_Gold_Rush \"Similkameen Gold Rush\"), 1860 [Stikine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Stikine_Gold_Rush \"Stikine Gold Rush\"), 1861 [Cariboo Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cariboo_Gold_Rush \"Cariboo Gold Rush\"), 1861–1867 [Wild Horse Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fisherville,_British_Columbia \"Fisherville, British Columbia\"), 1863–1870 [Leechtown Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Leechtown,_British_Columbia \"Leechtown, British Columbia\"), 1864–1865 [Big Bend Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Big_Bend_Gold_Rush \"Big Bend Gold Rush\"), c. 1865 [Omineca Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Omineca_Gold_Rush \"Omineca Gold Rush\"), 1869 [Victorian gold rush](https:\/\/en.wikipedia.org\/wiki\/Victorian_gold_rush \"Victorian gold rush\") (1851–c. 1870) [New South Wales gold rush](https:\/\/en.wikipedia.org\/wiki\/New_South_Wales_gold_rush \"New South Wales gold rush\") (1851–1880) [Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Australian_gold_rushes \"Australian gold rushes\") (1851–1914) [1853–54 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Panic of 1857](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1857 \"Panic of 1857\") (1857–1858) [Pike's Peak gold rush](https:\/\/en.wikipedia.org\/wiki\/Pike%27s_Peak_gold_rush \"Pike's Peak gold rush\") (1858–1861) [Pennsylvania oil rush](https:\/\/en.wikipedia.org\/wiki\/Pennsylvania_oil_rush \"Pennsylvania oil rush\") (1859–1891) [1860–61 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Colorado River mining boom](https:\/\/en.wikipedia.org\/wiki\/Steamboats_of_the_Colorado_River \"Steamboats of the Colorado River\") (1861–1864) [Otago gold rush](https:\/\/en.wikipedia.org\/wiki\/Otago_gold_rush \"Otago gold rush\") (1861–1864) [U.S. Civil War economy](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_American_Civil_War \"Economic history of the American Civil War\") (1861–1865) [First Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1861–1874) [West Coast gold rush](https:\/\/en.wikipedia.org\/wiki\/West_Coast_gold_rush \"West Coast gold rush\") (1864–1867) [Panic of 1866](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1866 \"Panic of 1866\") (1865–1867) [Vermilion Lake gold rush](https:\/\/en.wikipedia.org\/wiki\/Vermilion_Lake_gold_rush \"Vermilion Lake gold rush\") (1865–1867) [Kildonan Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Kildonan_Gold_Rush \"Kildonan Gold Rush\") (1869) [Black Friday](https:\/\/en.wikipedia.org\/wiki\/Black_Friday_\$1869\$ \"Black Friday (1869)\") (1869–1870) |\n| [Gilded Age](https:\/\/en.wikipedia.org\/wiki\/Gilded_Age \"Gilded Age\")\/ [2nd Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Second_Industrial_Revolution \"Second Industrial Revolution\") (1870–1914) | [Coromandel Gold Rushes](https:\/\/en.wikipedia.org\/wiki\/Coromandel_Gold_Rushes \"Coromandel Gold Rushes\") (c. 1870–c. 1890) [Cassiar Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cassiar_Country \"Cassiar Country\") (c. 1870–c. 1890) [Long Depression](https:\/\/en.wikipedia.org\/wiki\/Long_Depression \"Long Depression\") 1873–1879; [Panic of 1873](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1873 \"Panic of 1873\") [Black Hills gold rush](https:\/\/en.wikipedia.org\/wiki\/Black_Hills_gold_rush \"Black Hills gold rush\") (1874–1880) [Colorado Silver Boom](https:\/\/en.wikipedia.org\/wiki\/Colorado_Silver_Boom \"Colorado Silver Boom\") (1879–1893) [Western Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Western_Australian_gold_rushes \"Western Australian gold rushes\") (c. 1880–c. 1900) [Indiana gas boom](https:\/\/en.wikipedia.org\/wiki\/Indiana_gas_boom \"Indiana gas boom\") (c. 1880–1903) [Ohio oil rush](https:\/\/en.wikipedia.org\/wiki\/Petroleum_industry_in_Ohio \"Petroleum industry in Ohio\") (c. 1880–c. 1930) [Depression of 1882–1885](https:\/\/en.wikipedia.org\/wiki\/Depression_of_1882%E2%80%931885 \"Depression of 1882–1885\") [Panic of 1884](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1884 \"Panic of 1884\") [Cayoosh Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cayoosh_Gold_Rush \"Cayoosh Gold Rush\") (1884) [Witwatersrand Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Witwatersrand_Gold_Rush \"Witwatersrand Gold Rush\") (1886) [1887–88 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Baring crisis](https:\/\/en.wikipedia.org\/wiki\/Baring_crisis \"Baring crisis\") (1890–1891) [Cripple Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cripple_Creek_Gold_Rush \"Cripple Creek Gold Rush\") (c. 1890–c. 1910) [Panic of 1893](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1893 \"Panic of 1893\") (1893–1897) [Australian banking crisis of 1893](https:\/\/en.wikipedia.org\/wiki\/Australian_banking_crisis_of_1893 \"Australian banking crisis of 1893\") [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$1894\$ \"Black Monday (1894)\") (1894) [Panic of 1896](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1896 \"Panic of 1896\") [Klondike Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Klondike_Gold_Rush \"Klondike Gold Rush\") (1896–1899) [Second Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1896–1903) [Kobuk River Stampede](https:\/\/en.wikipedia.org\/wiki\/Kobuk_River_Stampede \"Kobuk River Stampede\") (1897–1899) [Mount Baker gold rush](https:\/\/en.wikipedia.org\/wiki\/Mount_Baker_gold_rush \"Mount Baker gold rush\") (1897–c. 1925) [1899–1900 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Nome Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Nome_Gold_Rush \"Nome Gold Rush\") (1899–1909) [Fairbanks Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fairbanks_Gold_Rush \"Fairbanks Gold Rush\") (c. 1900–c. 1930) [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1901–c. 1950) [Panic of 1901](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1901 \"Panic of 1901\") (1902–1904) [Cobalt silver rush](https:\/\/en.wikipedia.org\/wiki\/Cobalt_silver_rush \"Cobalt silver rush\") (1903–c. 1930) [Panic of 1907](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1907 \"Panic of 1907\") (1907–1908) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1909–c. 1960) [Panic of 1910–11](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1910%E2%80%9311 \"Panic of 1910–11\") (1910–1912) [Financial crisis of 1914](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis_of_1914 \"Financial crisis of 1914\") (1913–14) |\n| World War home fronts\/ [Interwar period](https:\/\/en.wikipedia.org\/wiki\/Interwar_period \"Interwar period\") (1914–1945) | [World War I economy](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_World_War_I \"Economic history of World War I\") and [home fronts](https:\/\/en.wikipedia.org\/wiki\/Home_front_during_World_War_I \"Home front during World War I\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Australia_in_World_War_I#Home_front \"Australia in World War I\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Canada_in_World_War_I#Home_Front \"Canada in World War I\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_Kingdom_during_the_First_World_War \"History of the United Kingdom during the First World War\") [United States](https:\/\/en.wikipedia.org\/wiki\/United_States_home_front_during_World_War_I \"United States home front during World War I\") [Post–World War I recession](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_I_recession \"Post–World War I recession\") (1918–1919) [Recession of 1920–1921](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1920%E2%80%931921 \"Recession of 1920–1921\") [1920s Florida land boom](https:\/\/en.wikipedia.org\/wiki\/Florida_land_boom_of_the_1920s \"Florida land boom of the 1920s\") (c. 1920–1925) [Roaring Twenties](https:\/\/en.wikipedia.org\/wiki\/Roaring_Twenties \"Roaring Twenties\") [1923–1924 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [1926–1927 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\") 1929–1939; [Wall Street crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_crash_of_1929 \"Wall Street crash of 1929\") [Panic of 1930](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1930 \"Panic of 1930\") [Great Contraction](https:\/\/en.wikipedia.org\/wiki\/Great_Contraction \"Great Contraction\"), 1929–1933 [Recession of 1937–1938](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1937%E2%80%931938 \"Recession of 1937–1938\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_Australia \"Great Depression in Australia\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_Canada \"Great Depression in Canada\") [India](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_India \"Great Depression in India\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_South_Africa \"Great Depression in South Africa\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_the_United_Kingdom \"Great Depression in the United Kingdom\") [United States](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_the_United_States \"Great Depression in the United States\") [1930s Kakamega gold rush](https:\/\/en.wikipedia.org\/wiki\/Kakamega_gold_rush \"Kakamega gold rush\") [Third Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1932–1942) [World War II home front](https:\/\/en.wikipedia.org\/wiki\/Home_front_during_World_War_II \"Home front during World War II\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Australian_home_front_during_World_War_II \"Australian home front during World War II\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Canada_in_World_War_II#Home_front \"Canada in World War II\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/British_home_front_during_World_War_II \"British home front during World War II\") [United States](https:\/\/en.wikipedia.org\/wiki\/United_States_home_front_during_World_War_II \"United States home front during World War II\") |\n| [Post–WWII expansion](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_II_economic_expansion \"Post–World War II economic expansion\")\/ [1970s stagflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") (1945–1982) | [Great Compression](https:\/\/en.wikipedia.org\/wiki\/Great_Compression \"Great Compression\") [1945 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Great_Depression_onward_\$1929%E2%80%93present\$ \"List of recessions in the United States\") [Recession of 1949](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1949 \"Recession of 1949\") (1948–1949) [Hong Kong and Singapore Asian Tiger expansions](https:\/\/en.wikipedia.org\/wiki\/Four_Asian_Tigers \"Four Asian Tigers\") (1950–1990) [1951 Canada recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_Canada \"List of recessions in Canada\") [Recession of 1953](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1953 \"Recession of 1953\") (1953–1954) [Recession of 1958](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1958 \"Recession of 1958\") (1957–1958) [Recession of 1960–1961](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1960%E2%80%931961 \"Recession of 1960–1961\") [Kennedy Slide of 1962](https:\/\/en.wikipedia.org\/wiki\/Kennedy_Slide_of_1962 \"Kennedy Slide of 1962\") [Poseidon bubble](https:\/\/en.wikipedia.org\/wiki\/Poseidon_bubble \"Poseidon bubble\") (1969–1970) [Recession of 1969–1970](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1969%E2%80%931970 \"Recession of 1969–1970\") [1970s commodities boom](https:\/\/en.wikipedia.org\/wiki\/1970s_commodities_boom \"1970s commodities boom\") [1973–1975 recession](https:\/\/en.wikipedia.org\/wiki\/1973%E2%80%931975_recession \"1973–1975 recession\") [1973–1974 stock market crash](https:\/\/en.wikipedia.org\/wiki\/1973%E2%80%931974_stock_market_crash \"1973–1974 stock market crash\") [Secondary banking crisis of 1973–1975](https:\/\/en.wikipedia.org\/wiki\/Secondary_banking_crisis_of_1973%E2%80%931975 \"Secondary banking crisis of 1973–1975\") [1970s energy crisis](https:\/\/en.wikipedia.org\/wiki\/1970s_energy_crisis \"1970s energy crisis\") 1973–1980; [1973 oil crisis](https:\/\/en.wikipedia.org\/wiki\/1973_oil_crisis \"1973 oil crisis\") [1979 oil crisis](https:\/\/en.wikipedia.org\/wiki\/1979_oil_crisis \"1979 oil crisis\") [Steel crisis](https:\/\/en.wikipedia.org\/wiki\/Steel_crisis \"Steel crisis\") (1973–1982) [1976 sterling crisis](https:\/\/en.wikipedia.org\/wiki\/1976_sterling_crisis \"1976 sterling crisis\") [Silver Thursday](https:\/\/en.wikipedia.org\/wiki\/Silver_Thursday \"Silver Thursday\") (1980) [Early 1980s recession](https:\/\/en.wikipedia.org\/wiki\/Early_1980s_recession \"Early 1980s recession\") 1980–1982; [United States](https:\/\/en.wikipedia.org\/wiki\/Early_1980s_recession_in_the_United_States \"Early 1980s recession in the United States\") |\n| [Computer Age](https:\/\/en.wikipedia.org\/wiki\/Information_Age \"Information Age\")\/ [Second Gilded Age](https:\/\/en.wikipedia.org\/wiki\/Second_Gilded_Age \"Second Gilded Age\") (1982–present) | [Great Moderation](https:\/\/en.wikipedia.org\/wiki\/Great_Moderation \"Great Moderation\") (1982–2007) [1980s oil glut](https:\/\/en.wikipedia.org\/wiki\/1980s_oil_glut \"1980s oil glut\") [Black Saturday](https:\/\/en.wikipedia.org\/wiki\/Black_Saturday_\$1983\$ \"Black Saturday (1983)\") (1983) [New Zealand property bubble](https:\/\/en.wikipedia.org\/wiki\/New_Zealand_property_bubble \"New Zealand property bubble\") (c. 1985–) [Savings and loan crisis](https:\/\/en.wikipedia.org\/wiki\/Savings_and_loan_crisis \"Savings and loan crisis\") (1986–1995) [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$1987\$ \"Black Monday (1987)\") (1987) [Friday the 13th mini-crash](https:\/\/en.wikipedia.org\/wiki\/Friday_the_13th_mini-crash \"Friday the 13th mini-crash\") (1989) [Early 1990s recession](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession \"Early 1990s recession\") 1990–1991; [Australia](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession_in_Australia \"Early 1990s recession in Australia\") [United States](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession_in_the_United_States \"Early 1990s recession in the United States\") [1990 oil price shock](https:\/\/en.wikipedia.org\/wiki\/1990_oil_price_shock \"1990 oil price shock\") [Rhode Island banking crisis](https:\/\/en.wikipedia.org\/wiki\/Rhode_Island_banking_crisis \"Rhode Island banking crisis\") (1990–1992) [1991 Indian economic crisis](https:\/\/en.wikipedia.org\/wiki\/1991_Indian_economic_crisis \"1991 Indian economic crisis\") [1990s United States boom](https:\/\/en.wikipedia.org\/wiki\/1990s_United_States_boom \"1990s United States boom\") (1991–2001) [1990s India economic boom](https:\/\/en.wikipedia.org\/wiki\/Economic_liberalisation_in_India \"Economic liberalisation in India\") [Hyperinflation in Zimbabwe](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_Zimbabwe \"Hyperinflation in Zimbabwe\") (1991–present) [Black Wednesday](https:\/\/en.wikipedia.org\/wiki\/Black_Wednesday \"Black Wednesday\") (1992) [1994 bond market crisis](https:\/\/en.wikipedia.org\/wiki\/1994_bond_market_crisis \"1994 bond market crisis\") [1994 Papua New Guinea financial crisis](https:\/\/en.wikipedia.org\/wiki\/1994_Papua_New_Guinea_financial_crisis \"1994 Papua New Guinea financial crisis\") [Dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\") 1995–2004; [Stock market downturn of 2002](https:\/\/en.wikipedia.org\/wiki\/Stock_market_downturn_of_2002 \"Stock market downturn of 2002\") [1997 Asian financial crisis](https:\/\/en.wikipedia.org\/wiki\/1997_Asian_financial_crisis \"1997 Asian financial crisis\") [October 27, 1997, mini-crash](https:\/\/en.wikipedia.org\/wiki\/October_27,_1997,_mini-crash \"October 27, 1997, mini-crash\") [Early 2000s recession](https:\/\/en.wikipedia.org\/wiki\/Early_2000s_recession \"Early 2000s recession\") 2001; [9\/11 stock market crash](https:\/\/en.wikipedia.org\/wiki\/Economic_effects_of_the_September_11_attacks \"Economic effects of the September 11 attacks\") [2000s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2000s_commodities_boom \"2000s commodities boom\") (2000–2014) [United States housing bubble](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_bubble \"2000s United States housing bubble\") (2002–2006) [Canadian property bubble](https:\/\/en.wikipedia.org\/wiki\/Canadian_property_bubble \"Canadian property bubble\") (2002–) [2003 Myanmar banking crisis](https:\/\/en.wikipedia.org\/wiki\/2003_Myanmar_banking_crisis \"2003 Myanmar banking crisis\") [2000s energy crisis](https:\/\/en.wikipedia.org\/wiki\/2000s_energy_crisis \"2000s energy crisis\") (2003–2008) [North Dakota oil boom](https:\/\/en.wikipedia.org\/wiki\/North_Dakota_oil_boom \"North Dakota oil boom\") (2006–2015) [Uranium bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Uranium_bubble_of_2007 \"Uranium bubble of 2007\") [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") 2007–2009; [Australia and New Zealand](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Oceania \"Great Recession in Oceania\") [Bangladesh, India, Malaysia, Pakistan, and Sri Lanka](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Asia \"Great Recession in Asia\") [British West Indies](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_South_America \"Great Recession in South America\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_Americas \"Great Recession in the Americas\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Africa \"Great Recession in Africa\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Europe#United_Kingdom \"Great Recession in Europe\") [United States](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States \"Great Recession in the United States\") [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") [September](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_September_2008 \"Global financial crisis in September 2008\") [October](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_October_2008 \"Global financial crisis in October 2008\") [November](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_November_2008 \"Global financial crisis in November 2008\") [December](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_December_2008 \"Global financial crisis in December 2008\") [2009](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_2009 \"Global financial crisis in 2009\") [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\") [2000s U.S. housing market correction](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_market_correction \"2000s United States housing market correction\") [U.S. bear market of 2007–2009](https:\/\/en.wikipedia.org\/wiki\/United_States_bear_market_of_2007%E2%80%932009 \"United States bear market of 2007–2009\") [2007–2010 U.S. bank failures](https:\/\/en.wikipedia.org\/wiki\/List_of_banks_acquired_or_bankrupted_in_the_United_States_during_the_2008_financial_crisis \"List of banks acquired or bankrupted in the United States during the 2008 financial crisis\") [Corporate debt bubble](https:\/\/en.wikipedia.org\/wiki\/Corporate_debt_bubble \"Corporate debt bubble\") (2008–) [Blue Monday Crash 2009](https:\/\/en.wikipedia.org\/wiki\/Blue_Monday_Crash_2009 \"Blue Monday Crash 2009\") [2010 flash crash](https:\/\/en.wikipedia.org\/wiki\/2010_flash_crash \"2010 flash crash\") [Malaysia Tiger Cub expansion](https:\/\/en.wikipedia.org\/wiki\/Tiger_Cub_Economies \"Tiger Cub Economies\") (2010s) [Australian property bubble](https:\/\/en.wikipedia.org\/wiki\/Australian_property_bubble \"Australian property bubble\") (2010–) [August 2011 stock markets fall](https:\/\/en.wikipedia.org\/wiki\/August_2011_stock_markets_fall \"August 2011 stock markets fall\") [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$2011\$ \"Black Monday (2011)\") [2011 Bangladesh share market scam](https:\/\/en.wikipedia.org\/wiki\/2011_Bangladesh_share_market_scam \"2011 Bangladesh share market scam\") [Cryptocurrency bubble](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"Cryptocurrency bubble\") (2011–) [Puerto Rican government-debt crisis](https:\/\/en.wikipedia.org\/wiki\/Puerto_Rican_government-debt_crisis \"Puerto Rican government-debt crisis\") (2014–2022) [2015–2016 stock market selloff](https:\/\/en.wikipedia.org\/wiki\/2015%E2%80%932016_stock_market_selloff \"2015–2016 stock market selloff\") [Brexit stock market crash](https:\/\/en.wikipedia.org\/wiki\/Economic_effects_of_Brexit \"Economic effects of Brexit\") (2016) [2017 Sri Lankan fuel crisis](https:\/\/en.wikipedia.org\/wiki\/2017_Sri_Lankan_fuel_crisis \"2017 Sri Lankan fuel crisis\") [Ghana banking crisis](https:\/\/en.wikipedia.org\/wiki\/Ghana_banking_crisis \"Ghana banking crisis\") (2017–2018) [Sri Lankan economic crisis](https:\/\/en.wikipedia.org\/wiki\/Sri_Lankan_economic_crisis_\$2019%E2%80%932024\$ \"Sri Lankan economic crisis (2019–2024)\") (2019–2024) [COVID-19 recession](https:\/\/en.wikipedia.org\/wiki\/COVID-19_recession \"COVID-19 recession\") 2020–2022; [2020 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2020_stock_market_crash \"2020 stock market crash\") [financial market impact](https:\/\/en.wikipedia.org\/wiki\/Financial_market_impact_of_the_COVID-19_pandemic \"Financial market impact of the COVID-19 pandemic\") [sectoral impacts](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic \"Economic impact of the COVID-19 pandemic\") [shortages](https:\/\/en.wikipedia.org\/wiki\/Shortages_related_to_the_COVID-19_pandemic \"Shortages related to the COVID-19 pandemic\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_Canada \"Economic impact of the COVID-19 pandemic in Canada\") [India](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_India \"Economic impact of the COVID-19 pandemic in India\") [Malaysia](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia \"Economic impact of the COVID-19 pandemic in Malaysia\") [New Zealand](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand \"Economic impact of the COVID-19 pandemic in New Zealand\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom \"Economic impact of the COVID-19 pandemic in the United Kingdom\") [United States](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States \"Economic impact of the COVID-19 pandemic in the United States\") [2020s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2020s_commodities_boom \"2020s commodities boom\") [Global energy crisis](https:\/\/en.wikipedia.org\/wiki\/Global_energy_crisis_\$2021%E2%80%932023\$ \"Global energy crisis (2021–2023)\") 2021–2023; [2021 United Kingdom natural gas supplier crisis](https:\/\/en.wikipedia.org\/wiki\/2021_United_Kingdom_natural_gas_supplier_crisis \"2021 United Kingdom natural gas supplier crisis\") [regional effects](https:\/\/en.wikipedia.org\/wiki\/Regional_effects_of_the_2021%E2%80%932023_global_energy_crisis \"Regional effects of the 2021–2023 global energy crisis\") [2021–2023 global supply chain crisis](https:\/\/en.wikipedia.org\/wiki\/2021%E2%80%932023_global_supply_chain_crisis \"2021–2023 global supply chain crisis\") [2021–2023 inflation surge](https:\/\/en.wikipedia.org\/wiki\/2021%E2%80%932023_inflation_surge \"2021–2023 inflation surge\") [Pakistani economic crisis](https:\/\/en.wikipedia.org\/wiki\/Pakistani_economic_crisis_\$2021%E2%80%932024\$ \"Pakistani economic crisis (2021–2024)\") (2021–2024) [2022 stock market decline](https:\/\/en.wikipedia.org\/wiki\/2022_stock_market_decline \"2022 stock market decline\") [2022–2023 global food crises](https:\/\/en.wikipedia.org\/wiki\/2022%E2%80%932023_global_food_crises \"2022–2023 global food crises\") [2023 United Kingdom recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_Kingdom \"List of recessions in the United Kingdom\") [2023 United States banking crisis](https:\/\/en.wikipedia.org\/wiki\/2023_United_States_banking_crisis \"2023 United States banking crisis\") [2025 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2025_stock_market_crash \"2025 stock market crash\") |\n| Countries and sectors | [Australia](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Australia \"Economic history of Australia\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Australia \"History of rail transport in Australia\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Australia \"Slavery in Australia\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Australia \"Whaling in Australia\")\/[Western Australia](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Western_Australia \"Whaling in Western Australia\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Canada \"Economic history of Canada\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_Canada \"History of agriculture in Canada\") [currencies](https:\/\/en.wikipedia.org\/wiki\/History_of_Canadian_currencies \"History of Canadian currencies\") [early banking system](https:\/\/en.wikipedia.org\/wiki\/Early_Canadian_banking_system \"Early Canadian banking system\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_Canada \"List of recessions in Canada\") [petroleum industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_petroleum_industry_in_Canada \"History of the petroleum industry in Canada\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Canada \"History of rail transport in Canada\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Canada \"Slavery in Canada\") [technological and industrial](https:\/\/en.wikipedia.org\/wiki\/Technological_and_industrial_history_of_Canada \"Technological and industrial history of Canada\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Canada \"Whaling in Canada\")\/[Pacific Northwest](https:\/\/en.wikipedia.org\/wiki\/Whaling_on_the_Pacific_Northwest_Coast \"Whaling on the Pacific Northwest Coast\") [Ghana](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Ghana \"Economic history of Ghana\") [India](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_India \"Economic history of India\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_the_Indian_subcontinent \"History of agriculture in the Indian subcontinent\") [Company rule](https:\/\/en.wikipedia.org\/wiki\/Economy_of_India_under_Company_rule \"Economy of India under Company rule\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Indian_maritime_history \"Indian maritime history\") [British Raj](https:\/\/en.wikipedia.org\/wiki\/Economy_of_India_under_the_British_Raj \"Economy of India under the British Raj\") [Deindustrialisation](https:\/\/en.wikipedia.org\/wiki\/De-industrialisation_of_India \"De-industrialisation of India\") [salt tax](https:\/\/en.wikipedia.org\/wiki\/History_of_the_salt_tax_in_British_India \"History of the salt tax in British India\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_India \"Slavery in India\") [Malaysia](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Malaysia \"Economic history of Malaysia\") [New Zealand](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_New_Zealand \"Economic history of New Zealand\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_New_Zealand \"Whaling in New Zealand\") [Nigeria](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Nigeria \"Economic history of Nigeria\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Nigeria \"Slavery in Nigeria\") [Pakistan](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Pakistan \"Economic history of Pakistan\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Pakistan \"Maritime history of Pakistan\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Pakistan \"History of rail transport in Pakistan\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_South_Africa \"Economic history of South Africa\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_South_Africa \"Slavery in South Africa\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_South_Africa \"Whaling in South Africa\") [Uganda](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Uganda \"Economic history of Uganda\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_Kingdom \"Economic history of the United Kingdom\") [Agricultural Revolution](https:\/\/en.wikipedia.org\/wiki\/British_Agricultural_Revolution \"British Agricultural Revolution\") [Atlantic slave trade](https:\/\/en.wikipedia.org\/wiki\/Atlantic_slave_trade \"Atlantic slave trade\") [banking](https:\/\/en.wikipedia.org\/wiki\/History_of_banking_in_the_United_Kingdom \"History of banking in the United Kingdom\") [British Empire](https:\/\/en.wikipedia.org\/wiki\/Economy_of_the_British_Empire \"Economy of the British Empire\") [English fiscal system](https:\/\/en.wikipedia.org\/wiki\/History_of_the_English_fiscal_system \"History of the English fiscal system\") [Interwar unemployment and poverty](https:\/\/en.wikipedia.org\/wiki\/Interwar_unemployment_and_poverty_in_the_United_Kingdom \"Interwar unemployment and poverty in the United Kingdom\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_Kingdom \"List of recessions in the United Kingdom\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_Kingdom \"Maritime history of the United Kingdom\")\/[England](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_England \"Maritime history of England\")\/[Scotland](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Scotland \"Maritime history of Scotland\") [Middle Ages England](https:\/\/en.wikipedia.org\/wiki\/Economy_of_England_in_the_Middle_Ages \"Economy of England in the Middle Ages\")\/[agriculture](https:\/\/en.wikipedia.org\/wiki\/Economics_of_English_agriculture_in_the_Middle_Ages \"Economics of English agriculture in the Middle Ages\") [national debt](https:\/\/en.wikipedia.org\/wiki\/History_of_the_British_national_debt \"History of the British national debt\") [Scotland](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Scotland \"Economic history of Scotland\")\/[agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_Scotland \"History of agriculture in Scotland\")\/[Middle Ages](https:\/\/en.wikipedia.org\/wiki\/Economy_of_Scotland_in_the_Middle_Ages \"Economy of Scotland in the Middle Ages\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain \"History of rail transport in Great Britain\")\/[pre–1830](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_to_1830 \"History of rail transport in Great Britain to 1830\")\/[1830–1922](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1830%E2%80%931922 \"History of rail transport in Great Britain 1830–1922\")\/[1923–1947](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1923%E2%80%931947 \"History of rail transport in Great Britain 1923–1947\")\/[1948–1994](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1948%E2%80%931994 \"History of rail transport in Great Britain 1948–1994\")\/[1995–present](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1995_to_date \"History of rail transport in Great Britain 1995 to date\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Britain \"Slavery in Britain\") [trade unions](https:\/\/en.wikipedia.org\/wiki\/History_of_trade_unions_in_the_United_Kingdom \"History of trade unions in the United Kingdom\") [Victorian era](https:\/\/en.wikipedia.org\/wiki\/Economy,_industry,_and_trade_of_the_Victorian_era \"Economy, industry, and trade of the Victorian era\") [Wales](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Wales \"Economic history of Wales\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_the_United_Kingdom \"Whaling in the United Kingdom\")\/[Scotland](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Scotland \"Whaling in Scotland\") [United States](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_States \"Economic history of the United States\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_the_United_States \"History of agriculture in the United States\") [banking](https:\/\/en.wikipedia.org\/wiki\/History_of_banking_in_the_United_States \"History of banking in the United States\")\/[colonial-era credit](https:\/\/en.wikipedia.org\/wiki\/Credit_in_the_Thirteen_Colonies \"Credit in the Thirteen Colonies\")\/[cooperatives](https:\/\/en.wikipedia.org\/wiki\/History_of_cooperatives_in_the_United_States \"History of cooperatives in the United States\")\/[investment banking](https:\/\/en.wikipedia.org\/wiki\/History_of_investment_banking_in_the_United_States \"History of investment banking in the United States\")\/[wildcat banking](https:\/\/en.wikipedia.org\/wiki\/Wildcat_banking \"Wildcat banking\") [business](https:\/\/en.wikipedia.org\/wiki\/American_business_history \"American business history\") [central banking](https:\/\/en.wikipedia.org\/wiki\/History_of_central_banking_in_the_United_States \"History of central banking in the United States\") [coal mining](https:\/\/en.wikipedia.org\/wiki\/History_of_coal_mining_in_the_United_States \"History of coal mining in the United States\") [indentured servitude](https:\/\/en.wikipedia.org\/wiki\/Indentured_servitude_in_British_America \"Indentured servitude in British America\") [iron and steel industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_iron_and_steel_industry_in_the_United_States \"History of the iron and steel industry in the United States\") [labor](https:\/\/en.wikipedia.org\/wiki\/Labor_history_of_the_United_States \"Labor history of the United States\") [list of economic expansions](https:\/\/en.wikipedia.org\/wiki\/List_of_economic_expansions_in_the_United_States \"List of economic expansions in the United States\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States \"List of recessions in the United States\") [lumber industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_lumber_industry_in_the_United_States \"History of the lumber industry in the United States\") [maritime](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Merchant_Marine \"History of the United States Merchant Marine\")\/[colonial-era](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Colonial_America \"Maritime history of Colonial America\")\/[1776–1799](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1776%E2%80%931799\$ \"Maritime history of the United States (1776–1799)\")\/[1800–1899](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1800%E2%80%931899\$ \"Maritime history of the United States (1800–1899)\")\/[1900–1999](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1900%E2%80%931999\$ \"Maritime history of the United States (1900–1999)\")\/[2000–present](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$2000%E2%80%93present\$ \"Maritime history of the United States (2000–present)\") [monetary policy](https:\/\/en.wikipedia.org\/wiki\/History_of_monetary_policy_in_the_United_States \"History of monetary policy in the United States\") [poverty](https:\/\/en.wikipedia.org\/wiki\/History_of_poverty_in_the_United_States \"History of poverty in the United States\") [petroleum industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_petroleum_industry_in_the_United_States \"History of the petroleum industry in the United States\")\/[oil shale](https:\/\/en.wikipedia.org\/wiki\/History_of_the_oil_shale_industry_in_the_United_States \"History of the oil shale industry in the United States\") [public debt](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_public_debt \"History of the United States public debt\") [rail transportation](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transportation_in_the_United_States \"History of rail transportation in the United States\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_the_United_States \"Slavery in the United States\")\/[colonial-era slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_the_colonial_history_of_the_United_States \"Slavery in the colonial history of the United States\")\/[forced labor](https:\/\/en.wikipedia.org\/wiki\/History_of_forced_labor_in_the_United_States \"History of forced labor in the United States\")\/[slave trade](https:\/\/en.wikipedia.org\/wiki\/Slave_trade_in_the_United_States \"Slave trade in the United States\")\/[slave markets](https:\/\/en.wikipedia.org\/wiki\/Slave_markets_and_slave_jails_in_the_United_States \"Slave markets and slave jails in the United States\") [tariffs](https:\/\/en.wikipedia.org\/wiki\/History_of_tariffs_in_the_United_States \"History of tariffs in the United States\") [taxation](https:\/\/en.wikipedia.org\/wiki\/History_of_taxation_in_the_United_States \"History of taxation in the United States\") [technological and industrial](https:\/\/en.wikipedia.org\/wiki\/Technological_and_industrial_history_of_the_United_States \"Technological and industrial history of the United States\") [United States dollar](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_dollar \"History of the United States dollar\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_the_United_States \"Whaling in the United States\") [Zimbabwe](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Zimbabwe \"Economic history of Zimbabwe\") |\n| [Business cycle](https:\/\/en.wikipedia.org\/wiki\/Business_cycle \"Business cycle\") topics | [Aggregate demand](https:\/\/en.wikipedia.org\/wiki\/Aggregate_demand \"Aggregate demand\")\/[Supply](https:\/\/en.wikipedia.org\/wiki\/Aggregate_supply \"Aggregate supply\") [Effective demand](https:\/\/en.wikipedia.org\/wiki\/Effective_demand \"Effective demand\") [General glut](https:\/\/en.wikipedia.org\/wiki\/General_glut \"General glut\") [Model](https:\/\/en.wikipedia.org\/wiki\/AD%E2%80%93AS_model \"AD–AS model\") [Overproduction](https:\/\/en.wikipedia.org\/wiki\/Overproduction \"Overproduction\") [Paradox of thrift](https:\/\/en.wikipedia.org\/wiki\/Paradox_of_thrift \"Paradox of thrift\") [Price-and-wage stickiness](https:\/\/en.wikipedia.org\/wiki\/Nominal_rigidity \"Nominal rigidity\") [Underconsumption](https:\/\/en.wikipedia.org\/wiki\/Underconsumption \"Underconsumption\") [Inflation](https:\/\/en.wikipedia.org\/wiki\/Inflation \"Inflation\") and [unemployment](https:\/\/en.wikipedia.org\/wiki\/Unemployment \"Unemployment\") [Chronic](https:\/\/en.wikipedia.org\/wiki\/Chronic_inflation \"Chronic inflation\") [Classical dichotomy](https:\/\/en.wikipedia.org\/wiki\/Classical_dichotomy \"Classical dichotomy\") [Debasement](https:\/\/en.wikipedia.org\/wiki\/Debasement \"Debasement\") [Debt monetization](https:\/\/en.wikipedia.org\/wiki\/Debt_monetization \"Debt monetization\") [Demand-pull](https:\/\/en.wikipedia.org\/wiki\/Demand-pull_inflation \"Demand-pull inflation\")\/[cost-push](https:\/\/en.wikipedia.org\/wiki\/Cost-push_inflation \"Cost-push inflation\")\/[built-in inflation](https:\/\/en.wikipedia.org\/wiki\/Inertial_inflation \"Inertial inflation\") [Deflation](https:\/\/en.wikipedia.org\/wiki\/Deflation \"Deflation\") [Disinflation](https:\/\/en.wikipedia.org\/wiki\/Disinflation \"Disinflation\") [Full employment](https:\/\/en.wikipedia.org\/wiki\/Full_employment \"Full employment\") [Hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation \"Hyperinflation\") [Money supply](https:\/\/en.wikipedia.org\/wiki\/Money_supply \"Money supply\")\/[demand](https:\/\/en.wikipedia.org\/wiki\/Demand_for_money \"Demand for money\") [NAIRU](https:\/\/en.wikipedia.org\/wiki\/NAIRU \"NAIRU\") [Natural rate of unemployment](https:\/\/en.wikipedia.org\/wiki\/Natural_rate_of_unemployment \"Natural rate of unemployment\") [Neutrality of money](https:\/\/en.wikipedia.org\/wiki\/Neutrality_of_money \"Neutrality of money\") [Phillips curve](https:\/\/en.wikipedia.org\/wiki\/Phillips_curve \"Phillips curve\") [Price level](https:\/\/en.wikipedia.org\/wiki\/Price_level \"Price level\") [Real and nominal value](https:\/\/en.wikipedia.org\/wiki\/Real_and_nominal_value \"Real and nominal value\") [Sahm rule](https:\/\/en.wikipedia.org\/wiki\/Sahm_rule \"Sahm rule\") [Velocity of money](https:\/\/en.wikipedia.org\/wiki\/Velocity_of_money \"Velocity of money\") [Expansion](https:\/\/en.wikipedia.org\/wiki\/Economic_expansion \"Economic expansion\") [Miracle](https:\/\/en.wikipedia.org\/wiki\/Economic_miracle \"Economic miracle\") [Recovery](https:\/\/en.wikipedia.org\/wiki\/Economic_recovery \"Economic recovery\") [Stagnation](https:\/\/en.wikipedia.org\/wiki\/Economic_stagnation \"Economic stagnation\") [Interest rate](https:\/\/en.wikipedia.org\/wiki\/Interest_rate \"Interest rate\") [Nominal interest rate](https:\/\/en.wikipedia.org\/wiki\/Nominal_interest_rate \"Nominal interest rate\") [Real interest rate](https:\/\/en.wikipedia.org\/wiki\/Real_interest_rate \"Real interest rate\") [Yield curve](https:\/\/en.wikipedia.org\/wiki\/Yield_curve \"Yield curve\")\/[Inverted](https:\/\/en.wikipedia.org\/wiki\/Inverted_yield_curve \"Inverted yield curve\") [Recession](https:\/\/en.wikipedia.org\/wiki\/Recession \"Recession\") [Balance sheet](https:\/\/en.wikipedia.org\/wiki\/Balance_sheet_recession \"Balance sheet recession\") [Depression](https:\/\/en.wikipedia.org\/wiki\/Economic_depression \"Economic depression\") [Global](https:\/\/en.wikipedia.org\/wiki\/Global_recession \"Global recession\") [Rolling](https:\/\/en.wikipedia.org\/wiki\/Rolling_recession \"Rolling recession\") [Shapes](https:\/\/en.wikipedia.org\/wiki\/Recession_shapes \"Recession shapes\") [Stagflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") [Shock](https:\/\/en.wikipedia.org\/wiki\/Shock_\$economics\$ \"Shock (economics)\") [Demand](https:\/\/en.wikipedia.org\/wiki\/Demand_shock \"Demand shock\") [Supply](https:\/\/en.wikipedia.org\/wiki\/Supply_shock \"Supply shock\") |\n| [Credit cycle](https:\/\/en.wikipedia.org\/wiki\/Credit_cycle \"Credit cycle\") topics | [Financial bubble](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\") [Commodity booms](https:\/\/en.wikipedia.org\/wiki\/List_of_commodity_booms \"List of commodity booms\")\/[diamond rush](https:\/\/en.wikipedia.org\/wiki\/Diamond_rush \"Diamond rush\")\/[gold rush](https:\/\/en.wikipedia.org\/wiki\/Gold_rush \"Gold rush\")\/[oil boom](https:\/\/en.wikipedia.org\/wiki\/Oil_boom \"Oil boom\") [Real-estate bubble](https:\/\/en.wikipedia.org\/wiki\/Real-estate_bubble \"Real-estate bubble\")\/[housing bubble](https:\/\/en.wikipedia.org\/wiki\/Housing_bubble \"Housing bubble\")\/[boomtown](https:\/\/en.wikipedia.org\/wiki\/Boomtown \"Boomtown\")\/[ghost town](https:\/\/en.wikipedia.org\/wiki\/Ghost_town \"Ghost town\") [Speculation](https:\/\/en.wikipedia.org\/wiki\/Speculation \"Speculation\") [Stock market bubble]() [Financial crisis](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis \"Financial crisis\") [Bank run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\")\/[bank failure](https:\/\/en.wikipedia.org\/wiki\/Bank_failure \"Bank failure\") [Commodity price shocks](https:\/\/en.wikipedia.org\/wiki\/Commodity_price_shocks \"Commodity price shocks\") [Credit crunch](https:\/\/en.wikipedia.org\/wiki\/Credit_crunch \"Credit crunch\") [Currency crisis](https:\/\/en.wikipedia.org\/wiki\/Currency_crisis \"Currency crisis\") [Debt crisis](https:\/\/en.wikipedia.org\/wiki\/Debt_crisis \"Debt crisis\") [Energy crisis](https:\/\/en.wikipedia.org\/wiki\/Energy_crisis \"Energy crisis\") [Liquidity crisis](https:\/\/en.wikipedia.org\/wiki\/Liquidity_crisis \"Liquidity crisis\")\/[accounting](https:\/\/en.wikipedia.org\/wiki\/Accounting_liquidity \"Accounting liquidity\")\/[capital](https:\/\/en.wikipedia.org\/wiki\/Liquid_capital \"Liquid capital\")\/[funding](https:\/\/en.wikipedia.org\/wiki\/Funding_liquidity \"Funding liquidity\")\/[market](https:\/\/en.wikipedia.org\/wiki\/Market_liquidity \"Market liquidity\") [Minsky moment](https:\/\/en.wikipedia.org\/wiki\/Minsky_moment \"Minsky moment\")\/[leverage cycle](https:\/\/en.wikipedia.org\/wiki\/Leverage_cycle \"Leverage cycle\") [Stock market crash](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\")\/[Flash crash](https:\/\/en.wikipedia.org\/wiki\/Flash_crash \"Flash crash\") [Social contagion](https:\/\/en.wikipedia.org\/wiki\/Social_contagion \"Social contagion\") [Financial contagion](https:\/\/en.wikipedia.org\/wiki\/Financial_contagion \"Financial contagion\") [Irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\") [Market trend](https:\/\/en.wikipedia.org\/wiki\/Market_trend \"Market trend\") Proposed bubbles [AI bubble](https:\/\/en.wikipedia.org\/wiki\/AI_bubble \"AI bubble\")\/[AI boom](https:\/\/en.wikipedia.org\/wiki\/AI_boom \"AI boom\")\/[Fourth Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Fourth_Industrial_Revolution \"Fourth Industrial Revolution\")\/[Imagination Age](https:\/\/en.wikipedia.org\/wiki\/Imagination_Age \"Imagination Age\") [Carbon bubble](https:\/\/en.wikipedia.org\/wiki\/Carbon_bubble \"Carbon bubble\")\/[Age of Oil](https:\/\/en.wikipedia.org\/wiki\/Age_of_Oil \"Age of Oil\")\/[Peak oil](https:\/\/en.wikipedia.org\/wiki\/Peak_oil \"Peak oil\") [Everything bubble](https:\/\/en.wikipedia.org\/wiki\/Everything_bubble \"Everything bubble\") [Green bubble](https:\/\/en.wikipedia.org\/wiki\/Green_bubble \"Green bubble\") [Social media stock bubble](https:\/\/en.wikipedia.org\/wiki\/Social_media_stock_bubble \"Social media stock bubble\") [Unicorn bubble](https:\/\/en.wikipedia.org\/wiki\/Unicorn_bubble \"Unicorn bubble\") [U.S. higher education bubble](https:\/\/en.wikipedia.org\/wiki\/Higher_education_bubble_in_the_United_States 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Wikipedia® is a registered trademark of the [Wikimedia Foundation, Inc.](https:\/\/wikimediafoundation.org\/), a non-profit organization.\n\n- [Privacy policy](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Privacy_policy)\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About)\n- [Disclaimers](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:General_disclaimer)\n- [Contact Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us)\n- [Legal & safety contacts](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Legal:Wikimedia_Foundation_Legal_and_Safety_Contact_Information)\n- [Code of Conduct](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Universal_Code_of_Conduct)\n- [Developers](https:\/\/developer.wikimedia.org\/)\n- [Statistics](https:\/\/stats.wikimedia.org\/#\/en.wikipedia.org)\n- [Cookie statement](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Cookie_statement)\n- [Mobile view](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&mobileaction=toggle_view_mobile)\n\n- [![Wikimedia Foundation](https:\/\/en.wikipedia.org\/static\/images\/footer\/wikimedia.svg)](https:\/\/www.wikimedia.org\/)\n- [![Powered by MediaWiki](https:\/\/en.wikipedia.org\/w\/resources\/assets\/mediawiki_compact.svg)](https:\/\/www.mediawiki.org\/)\n\nSearch\n\nToggle the table of contents\n\nStock market bubble\n\n7 languages\n\n[Add topic](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble)","attrs_readable_markdown":"From Wikipedia, the free encyclopedia\n\nA **stock market bubble** is a type of [economic bubble](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\") taking place in [stock markets](https:\/\/en.wikipedia.org\/wiki\/Stock_market \"Stock market\") when market participants drive [stock](https:\/\/en.wikipedia.org\/wiki\/Stock \"Stock\") prices above their value in relation to some system of [stock valuation](https:\/\/en.wikipedia.org\/wiki\/Stock_valuation \"Stock valuation\").\n\n[Behavioral finance](https:\/\/en.wikipedia.org\/wiki\/Behavioral_finance \"Behavioral finance\") theory attributes stock market bubbles to [cognitive biases](https:\/\/en.wikipedia.org\/wiki\/Cognitive_bias \"Cognitive bias\") that lead to [groupthink](https:\/\/en.wikipedia.org\/wiki\/Groupthink \"Groupthink\") and [herd behavior](https:\/\/en.wikipedia.org\/wiki\/Herd_behavior \"Herd behavior\"). Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets.[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-Smith1988-1) Other theoretical explanations of stock market bubbles have suggested that they are rational,[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-DeLong1990-2) intrinsic,[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-Froot1991-3) and contagious.[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-Topol1991-4)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/bf\/Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg\/250px-Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg)\n\nCourtyard of the Amsterdam Stock Exchange ([Beurs van Hendrick de Keyser](https:\/\/nl.wikipedia.org\/wiki\/Beurs_van_Hendrick_de_Keyser \"nl:Beurs van Hendrick de Keyser\")) by [Emanuel de Witte](https:\/\/en.wikipedia.org\/wiki\/Emanuel_de_Witte \"Emanuel de Witte\"), 1653.\n\nHistorically, early stock market bubbles and [crashes](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\") have their roots in [financial activities of the 17th-century Dutch Republic](https:\/\/en.wikipedia.org\/wiki\/Financial_history_of_the_Dutch_Republic \"Financial history of the Dutch Republic\"), the birthplace of the first formal (official) [stock exchange](https:\/\/en.wikipedia.org\/wiki\/Stock_exchange \"Stock exchange\") and [market](https:\/\/en.wikipedia.org\/wiki\/Stock_market \"Stock market\") in history.[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-5)[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-6)[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-7)[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-8)[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-9) The [Dutch tulip mania](https:\/\/en.wikipedia.org\/wiki\/Tulipmania \"Tulipmania\"), of the 1630s, is generally considered the world's first recorded [speculative bubble](https:\/\/en.wikipedia.org\/wiki\/Speculative_bubble \"Speculative bubble\") (or [economic bubble](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\")).[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-10)\n\nTwo famous early stock market bubbles were the [Mississippi Scheme](https:\/\/en.wikipedia.org\/wiki\/Mississippi_Company \"Mississippi Company\") in France and the [South Sea bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") in England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors. Those stories, and many others, are recounted in [Charles Mackay](https:\/\/en.wikipedia.org\/wiki\/Charles_Mackay_\$author\$ \"Charles Mackay (author)\")'s 1841 popular account, *\"[Extraordinary Popular Delusions and the Madness of Crowds](https:\/\/en.wikipedia.org\/wiki\/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds \"Extraordinary Popular Delusions and the Madness of Crowds\")\".*\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/8\/84\/Nasdaq_Composite_dot-com_bubble.svg\/250px-Nasdaq_Composite_dot-com_bubble.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Nasdaq_Composite_dot-com_bubble.svg)\n\nThe [NASDAQ Composite](https:\/\/en.wikipedia.org\/wiki\/NASDAQ_Composite \"NASDAQ Composite\") index spiked in the late 90s and then fell sharply as a result of the [dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\").\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/6\/6d\/Nikkei_225%281970-%29.svg\/250px-Nikkei_225%281970-%29.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Nikkei_225\$1970-\$.svg)\n\nThe [Nikkei 225](https:\/\/en.wikipedia.org\/wiki\/Nikkei_225 \"Nikkei 225\")\n\nThe two most famous bubbles of the twentieth century, the bubble in American stocks in the 1920s just before the [Wall Street crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_crash_of_1929 \"Wall Street crash of 1929\") and the following [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\"), and the [Dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\") of the late 1990s, were based on speculative activity surrounding the development of new technologies. The 1920s saw the widespread introduction of a range of technological innovations including [radio](https:\/\/en.wikipedia.org\/wiki\/Radio \"Radio\"), [automobiles](https:\/\/en.wikipedia.org\/wiki\/Automobiles \"Automobiles\"), [aviation](https:\/\/en.wikipedia.org\/wiki\/Aviation \"Aviation\") and the deployment of [electrical power grids](https:\/\/en.wikipedia.org\/wiki\/Electrical_power_grid \"Electrical power grid\"). The 1990s was the decade when Internet and e-commerce technologies emerged—many of which had minimal sales and earnings profiles.\n\nOther stock market bubbles of note include the [Encilhamento](https:\/\/en.wikipedia.org\/wiki\/Encilhamento \"Encilhamento\") occurred in Brazil during the late 1880s and early 1890s, the [Nifty Fifty](https:\/\/en.wikipedia.org\/wiki\/Nifty_Fifty \"Nifty Fifty\") stocks in the early 1970s, [Taiwanese](https:\/\/en.wikipedia.org\/wiki\/Economy_of_Taiwan \"Economy of Taiwan\") stocks in 1987–89 and [Japanese stocks in the late 1980s](https:\/\/en.wikipedia.org\/wiki\/Japanese_asset_price_bubble \"Japanese asset price bubble\").\n\nStock market bubbles frequently produce hot markets in [initial public offerings](https:\/\/en.wikipedia.org\/wiki\/Initial_public_offering \"Initial public offering\"), since investment bankers and their clients see opportunities to float new stock issues at inflated prices. These hot IPO markets misallocate investment funds to areas dictated by speculative trends, rather than to enterprises generating longstanding economic value. Typically when there is an over abundance of IPOs in a bubble market, a large portion of the IPO companies fail completely, never achieve what is promised to the investors, or can even be vehicles for fraud.\n\n## Whether rational or irrational\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit&section=3 \"Edit section: Whether rational or irrational\")\\]\n\nEmotional and cognitive biases (see [behavioral finance](https:\/\/en.wikipedia.org\/wiki\/Behavioral_finance \"Behavioral finance\")) seem to be the causes of bubbles, but often, when the phenomenon appears, pundits try to find a rationale, so as not to be against the crowd. Thus, sometimes, people will dismiss concerns about overpriced markets by citing a [new economy](https:\/\/en.wikipedia.org\/wiki\/New_economy \"New economy\") where the old stock valuation rules may no longer apply. This type of thinking helps to further propagate the bubble whereby everyone is investing with the intent of finding a [greater fool](https:\/\/en.wikipedia.org\/wiki\/Greater_fool_theory \"Greater fool theory\"). Still, some analysts cite the wisdom of crowds and say that price movements really do reflect [rational expectations](https:\/\/en.wikipedia.org\/wiki\/Rational_expectations \"Rational expectations\") of fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-11)\n\nTo sort out the competing claims between behavioral finance and efficient markets theorists, observers need to find bubbles that occur when a readily available measure of fundamental value is also observable. The bubble in closed-end country funds in the late 1980s is instructive here, as are the bubbles that occur in experimental asset markets. According to the [efficient-market hypothesis](https:\/\/en.wikipedia.org\/wiki\/Efficient-market_hypothesis \"Efficient-market hypothesis\"), this doesn't happen, and so any data is wrong.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-12) For closed-end country funds, observers can compare the stock prices to the net asset value per share (the net value of the fund's total holdings divided by the number of shares outstanding). For experimental asset markets, observers can compare the stock prices to the expected returns from holding the stock (which the experimenter determines and communicates to the traders).\n\nIn both instances, closed-end country funds and experimental markets, stock prices clearly diverge from fundamental values. Nobel laureate Dr. [Vernon Smith](https:\/\/en.wikipedia.org\/wiki\/Vernon_L._Smith \"Vernon L. Smith\") has illustrated the closed-end country fund phenomenon with a chart showing prices and net asset values of the [Spain Fund](https:\/\/en.wikipedia.org\/w\/index.php?title=Spain_Fund&action=edit&redlink=1 \"Spain Fund (page does not exist)\") \\[[zh](https:\/\/zh.wikipedia.org\/wiki\/%E4%BC%8A%E5%88%A9%E6%AF%94%E4%BA%9E%E7%BE%8E%E6%B4%B2%E5%9F%BA%E9%87%91 \"zh:伊利比亞美洲基金\")\\] in 1989 and 1990 in his work on price bubbles.[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-13) At its peak, the Spain Fund traded near \\$35, nearly triple its Net Asset Value of about \\$12 per share. At the same time the Spain Fund and other closed-end country funds were trading at very substantial premiums, the number of closed-end country funds available exploded thanks to many issuers creating new country funds and selling the IPOs at high premiums.\n\nIt only took a few months for the premiums in closed-end country funds to fade back to the more typical discounts at which closed-end funds trade. Those who had bought them at premiums had run out of \"greater fools\". For a while, though, the supply of \"greater fools\" had been outstanding.\n\nA rising price on any share will attract the attention of investors. Not all of those investors are willing or interested in studying the intrinsics of the share and for such people the rising price itself is reason enough to invest. In turn, the additional investment will provide buoyancy to the price, thus completing a [positive feedback](https:\/\/en.wikipedia.org\/wiki\/Positive_feedback \"Positive feedback\") loop.\n\nLike all dynamic systems, financial markets operate in an ever-changing equilibrium, which translates into price [volatility](https:\/\/en.wikipedia.org\/wiki\/Volatility_\$finance\$ \"Volatility (finance)\"). However, a self-adjustment ([negative feedback](https:\/\/en.wikipedia.org\/wiki\/Negative_feedback \"Negative feedback\")) takes place normally: when prices rise more people are encouraged to sell, while fewer are encouraged to buy. This puts a limit on volatility. However, once positive feedback takes over, the market, like all systems with positive feedback, enters a state of increasing [disequilibrium](https:\/\/en.wikipedia.org\/wiki\/Economic_equilibrium \"Economic equilibrium\"). This can be seen in financial bubbles where asset prices rapidly spike upwards far beyond what could be considered the rational \"economic value\", only to fall rapidly afterwards.\n\n## Effect of incentives\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Stock_market_bubble&action=edit&section=5 \"Edit section: Effect of incentives\")\\]\n\nInvestment managers, such as stock [mutual fund](https:\/\/en.wikipedia.org\/wiki\/Mutual_fund \"Mutual fund\") managers, are compensated and retained in part due to their performance relative to peers. Taking a conservative or contrarian position as a bubble builds results in performance unfavorable to peers. This may cause customers to go elsewhere and can affect the investment manager's own employment or compensation. The typical short-term focus of U.S. equity markets exacerbates the risk for investment managers that do not participate during the building phase of a bubble, particularly one that builds over a longer period of time. In attempting to maximize returns for clients and maintain their employment, they may rationally participate in a bubble they believe to be forming, as the benefits outweigh the risks of not doing so.[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_note-14)\n\n- [Histoire des bourses de valeurs](https:\/\/fr.wikipedia.org\/wiki\/Histoire_des_bourses_de_valeurs \"fr:Histoire des bourses de valeurs\") (French)\n- [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\")\n- [AI bubble](https:\/\/en.wikipedia.org\/wiki\/AI_bubble \"AI bubble\")\n- [Asset allocation](https:\/\/en.wikipedia.org\/wiki\/Asset_allocation \"Asset allocation\")\n- [Business cycle](https:\/\/en.wikipedia.org\/wiki\/Business_cycle \"Business cycle\")\n- [Collective behavior](https:\/\/en.wikipedia.org\/wiki\/Collective_behavior \"Collective behavior\")\n- [Diversification (finance)](https:\/\/en.wikipedia.org\/wiki\/Diversification_\$finance\$ \"Diversification (finance)\")\n- [Dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\")\n- [Fictitious capital](https:\/\/en.wikipedia.org\/wiki\/Fictitious_capital \"Fictitious capital\")\n- [Financial modeling](https:\/\/en.wikipedia.org\/wiki\/Financial_modeling \"Financial modeling\")\n- [Financial risk management](https:\/\/en.wikipedia.org\/wiki\/Financial_risk_management \"Financial risk management\")\n- [Irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\")\n- [Market trend](https:\/\/en.wikipedia.org\/wiki\/Market_trend \"Market trend\")\n- [Risk management](https:\/\/en.wikipedia.org\/wiki\/Risk_management \"Risk management\")\n- [Stock market crash](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\")\n\n1. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-Smith1988_1-0)**\n   Smith, Vernon L.; Suchanek, Gerry L.; Williams, Arlington W. (1988). \"Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets\". *Econometrica*. **56** (5): 1119–1151\\. [CiteSeerX](https:\/\/en.wikipedia.org\/wiki\/CiteSeerX_\$identifier\$ \"CiteSeerX (identifier)\") [10\\.1.1.360.174](https:\/\/citeseerx.ist.psu.edu\/viewdoc\/summary?doi=10.1.1.360.174). [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.2307\/1911361](https:\/\/doi.org\/10.2307%2F1911361). [JSTOR](https:\/\/en.wikipedia.org\/wiki\/JSTOR_\$identifier\$ \"JSTOR (identifier)\") [1911361](https:\/\/www.jstor.org\/stable\/1911361).\n2. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-DeLong1990_2-0)**\n   De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (1990). [\"Noise Trader Risk in Financial Markets\"](http:\/\/www.j-bradford-delong.net\/pdf_files\/Noise_Traders_Main.pdf) (PDF). *Journal of Political Economy*. **98** (4): 703–738\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1086\/261703](https:\/\/doi.org\/10.1086%2F261703). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [12112860](https:\/\/api.semanticscholar.org\/CorpusID:12112860).\n3. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-Froot1991_3-0)**\n   Froot, Kenneth A.; Obstfeld, Maurice (1991). [\"Intrinsic Bubbles: The Case of Stock Prices\"](https:\/\/doi.org\/10.3386%2Fw3091). *American Economic Review*. **81** (5): 1189–1214\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.3386\/w3091](https:\/\/doi.org\/10.3386%2Fw3091). [JSTOR](https:\/\/en.wikipedia.org\/wiki\/JSTOR_\$identifier\$ \"JSTOR (identifier)\") [2006913](https:\/\/www.jstor.org\/stable\/2006913).\n4. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-Topol1991_4-0)**\n   Topol, Richard (1991). \"Bubbles and Volatility of Stock Prices: Effect of Mimetic Contagion\". *The Economic Journal*. **101** (407): 786–800\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.2307\/2233855](https:\/\/doi.org\/10.2307%2F2233855). [JSTOR](https:\/\/en.wikipedia.org\/wiki\/JSTOR_\$identifier\$ \"JSTOR (identifier)\") [2233855](https:\/\/www.jstor.org\/stable\/2233855).\n5. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-5)** [Brooks, John](https:\/\/en.wikipedia.org\/wiki\/John_Brooks_\$writer\$ \"John Brooks (writer)\"): *The Fluctuation: The Little Crash in '62*, in *Business Adventures: Twelve Classic Tales from the World of Wall Street*. (New York: Weybright & Talley, 1968)\n6. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-6)** Neal, Larry (2005). \"Venture Shares of the Dutch East India Company\", in *Origins of Value*, in *The Origins of Value: The Financial Innovations that Created Modern Capital Markets*, Goetzmann & Rouwenhorst (eds.), Oxford University Press, 2005, pp. 165–175\n7. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-7)** [Shiller, Robert](https:\/\/en.wikipedia.org\/wiki\/Robert_Shiller \"Robert Shiller\") (2011). *Economics 252, Financial Markets: Lecture 4 – Portfolio Diversification and Supporting Financial Institutions (Open Yale Courses)*. \\[Transcript\\]\n8. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-8)** Petram, Lodewijk: *The World's First Stock Exchange: How the Amsterdam Market for Dutch East India Company Shares Became a Modern Securities Market, 1602–1700*. Translated from the Dutch by Lynne Richards. (Columbia University Press, 2014, 304pp)\n9. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-9)** Macaulay, Catherine R. (2015). \"Capitalism's renaissance? The potential of repositioning the financial 'meta-economy'”. (*Futures*, Volume 68, April 2015, p. 5–18)\n10. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-10)**\n    Terrell, Ellen. [\"Research Guides: Business Booms, Busts, & Bubbles: A Resource Guide on Economic Manias & Crashes: Tulip Mania\"](https:\/\/guides.loc.gov\/business-booms-busts\/tulip-mania). *guides.loc.gov*. Retrieved 2025-01-07.\n11. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-11)**\n    Sergey Perminov, Trendocracy and Stock Market Manipulations (2008, [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1-4357-5244-3](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-4357-5244-3 \"Special:BookSources\/978-1-4357-5244-3\")\n    \n    ).\n12. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-12)**\n    Krugman, Paul (2009-09-02). [\"How Did Economists Get It So Wrong?\"](https:\/\/www.nytimes.com\/2009\/09\/06\/magazine\/06Economic-t.html). *The New York Times*.\n13. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-13)**\n    Porter, David P.; [Smith, Vernon L.](https:\/\/en.wikipedia.org\/wiki\/Vernon_L._Smith \"Vernon L. Smith\") (2003). \"Stock Market Bubbles in the Laboratory\". *The Journal of Behavioral Finance*. **4** (1): 7–20\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1207\/S15427579JPFM0401\\_03](https:\/\/doi.org\/10.1207%2FS15427579JPFM0401_03). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [8561988](https:\/\/api.semanticscholar.org\/CorpusID:8561988).\n14. **[^](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble#cite_ref-14)** [Blodget-The Atlantic-Why Wall St. Always Blows It](https:\/\/www.theatlantic.com\/doc\/200812\/blodget-wall-street)\n\n- Accounts of the [South Sea Bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Bubble \"South Sea Bubble\"), [John Law](https:\/\/en.wikipedia.org\/wiki\/John_Law_\$economist\$ \"John Law (economist)\") and the [Mississippi Company](https:\/\/en.wikipedia.org\/wiki\/Mississippi_Company \"Mississippi Company\") can be found in [Charles Mackay](https:\/\/en.wikipedia.org\/wiki\/Charles_Mackay_\$author\$ \"Charles Mackay (author)\")'s classic [Extraordinary Popular Delusions and the Madness of Crowds](https:\/\/en.wikipedia.org\/wiki\/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds \"Extraordinary Popular Delusions and the Madness of Crowds\") (1843) – [available from Project Gutenberg](http:\/\/www.gutenberg.org\/browse\/authors\/m#a516). Warning: this reference has been widely criticized by historians.","meta_canonical":null}

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Boilerpipe Text	From Wikipedia, the free encyclopedia A stock market bubble is a type of economic bubble taking place in stock markets when market participants drive stock prices above their value in relation to some system of stock valuation . Behavioral finance theory attributes stock market bubbles to cognitive biases that lead to groupthink and herd behavior . Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets. [ 1 ] Other theoretical explanations of stock market bubbles have suggested that they are rational, [ 2 ] intrinsic, [ 3 ] and contagious. [ 4 ] Courtyard of the Amsterdam Stock Exchange ( Beurs van Hendrick de Keyser ) by Emanuel de Witte , 1653. Historically, early stock market bubbles and crashes have their roots in financial activities of the 17th-century Dutch Republic , the birthplace of the first formal (official) stock exchange and market in history. [ 5 ] [ 6 ] [ 7 ] [ 8 ] [ 9 ] The Dutch tulip mania , of the 1630s, is generally considered the world's first recorded speculative bubble (or economic bubble ). [ 10 ] Two famous early stock market bubbles were the Mississippi Scheme in France and the South Sea bubble in England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors. Those stories, and many others, are recounted in Charles Mackay 's 1841 popular account, " Extraordinary Popular Delusions and the Madness of Crowds ". The NASDAQ Composite index spiked in the late 90s and then fell sharply as a result of the dot-com bubble . The Nikkei 225 The two most famous bubbles of the twentieth century, the bubble in American stocks in the 1920s just before the Wall Street crash of 1929 and the following Great Depression , and the Dot-com bubble of the late 1990s, were based on speculative activity surrounding the development of new technologies. The 1920s saw the widespread introduction of a range of technological innovations including radio , automobiles , aviation and the deployment of electrical power grids . The 1990s was the decade when Internet and e-commerce technologies emerged—many of which had minimal sales and earnings profiles. Other stock market bubbles of note include the Encilhamento occurred in Brazil during the late 1880s and early 1890s, the Nifty Fifty stocks in the early 1970s, Taiwanese stocks in 1987–89 and Japanese stocks in the late 1980s . Stock market bubbles frequently produce hot markets in initial public offerings , since investment bankers and their clients see opportunities to float new stock issues at inflated prices. These hot IPO markets misallocate investment funds to areas dictated by speculative trends, rather than to enterprises generating longstanding economic value. Typically when there is an over abundance of IPOs in a bubble market, a large portion of the IPO companies fail completely, never achieve what is promised to the investors, or can even be vehicles for fraud. Whether rational or irrational [ edit ] Emotional and cognitive biases (see behavioral finance ) seem to be the causes of bubbles, but often, when the phenomenon appears, pundits try to find a rationale, so as not to be against the crowd. Thus, sometimes, people will dismiss concerns about overpriced markets by citing a new economy where the old stock valuation rules may no longer apply. This type of thinking helps to further propagate the bubble whereby everyone is investing with the intent of finding a greater fool . Still, some analysts cite the wisdom of crowds and say that price movements really do reflect rational expectations of fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles. [ 11 ] To sort out the competing claims between behavioral finance and efficient markets theorists, observers need to find bubbles that occur when a readily available measure of fundamental value is also observable. The bubble in closed-end country funds in the late 1980s is instructive here, as are the bubbles that occur in experimental asset markets. According to the efficient-market hypothesis , this doesn't happen, and so any data is wrong. [ 12 ] For closed-end country funds, observers can compare the stock prices to the net asset value per share (the net value of the fund's total holdings divided by the number of shares outstanding). For experimental asset markets, observers can compare the stock prices to the expected returns from holding the stock (which the experimenter determines and communicates to the traders). In both instances, closed-end country funds and experimental markets, stock prices clearly diverge from fundamental values. Nobel laureate Dr. Vernon Smith has illustrated the closed-end country fund phenomenon with a chart showing prices and net asset values of the Spain Fund [ zh ] in 1989 and 1990 in his work on price bubbles. [ 13 ] At its peak, the Spain Fund traded near $35, nearly triple its Net Asset Value of about $12 per share. At the same time the Spain Fund and other closed-end country funds were trading at very substantial premiums, the number of closed-end country funds available exploded thanks to many issuers creating new country funds and selling the IPOs at high premiums. It only took a few months for the premiums in closed-end country funds to fade back to the more typical discounts at which closed-end funds trade. Those who had bought them at premiums had run out of "greater fools". For a while, though, the supply of "greater fools" had been outstanding. A rising price on any share will attract the attention of investors. Not all of those investors are willing or interested in studying the intrinsics of the share and for such people the rising price itself is reason enough to invest. In turn, the additional investment will provide buoyancy to the price, thus completing a positive feedback loop. Like all dynamic systems, financial markets operate in an ever-changing equilibrium, which translates into price volatility . However, a self-adjustment ( negative feedback ) takes place normally: when prices rise more people are encouraged to sell, while fewer are encouraged to buy. This puts a limit on volatility. However, once positive feedback takes over, the market, like all systems with positive feedback, enters a state of increasing disequilibrium . This can be seen in financial bubbles where asset prices rapidly spike upwards far beyond what could be considered the rational "economic value", only to fall rapidly afterwards. Effect of incentives [ edit ] Investment managers, such as stock mutual fund managers, are compensated and retained in part due to their performance relative to peers. Taking a conservative or contrarian position as a bubble builds results in performance unfavorable to peers. This may cause customers to go elsewhere and can affect the investment manager's own employment or compensation. The typical short-term focus of U.S. equity markets exacerbates the risk for investment managers that do not participate during the building phase of a bubble, particularly one that builds over a longer period of time. In attempting to maximize returns for clients and maintain their employment, they may rationally participate in a bubble they believe to be forming, as the benefits outweigh the risks of not doing so. [ 14 ] Histoire des bourses de valeurs (French) 2008 financial crisis AI bubble Asset allocation Business cycle Collective behavior Diversification (finance) Dot-com bubble Fictitious capital Financial modeling Financial risk management Irrational exuberance Market trend Risk management Stock market crash ^ Smith, Vernon L.; Suchanek, Gerry L.; Williams, Arlington W. (1988). "Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets". Econometrica . 56 (5): 1119– 1151. CiteSeerX 10.1.1.360.174 . doi : 10.2307/1911361 . JSTOR 1911361 . ^ De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (1990). "Noise Trader Risk in Financial Markets" (PDF) . Journal of Political Economy . 98 (4): 703– 738. doi : 10.1086/261703 . S2CID 12112860 . ^ Froot, Kenneth A.; Obstfeld, Maurice (1991). "Intrinsic Bubbles: The Case of Stock Prices" . American Economic Review . 81 (5): 1189– 1214. doi : 10.3386/w3091 . JSTOR 2006913 . ^ Topol, Richard (1991). "Bubbles and Volatility of Stock Prices: Effect of Mimetic Contagion". The Economic Journal . 101 (407): 786– 800. doi : 10.2307/2233855 . JSTOR 2233855 . ^ Brooks, John : The Fluctuation: The Little Crash in '62 , in Business Adventures: Twelve Classic Tales from the World of Wall Street . (New York: Weybright & Talley, 1968) ^ Neal, Larry (2005). "Venture Shares of the Dutch East India Company", in Origins of Value , in The Origins of Value: The Financial Innovations that Created Modern Capital Markets , Goetzmann & Rouwenhorst (eds.), Oxford University Press, 2005, pp. 165–175 ^ Shiller, Robert (2011). Economics 252, Financial Markets: Lecture 4 – Portfolio Diversification and Supporting Financial Institutions (Open Yale Courses) . [Transcript] ^ Petram, Lodewijk: The World's First Stock Exchange: How the Amsterdam Market for Dutch East India Company Shares Became a Modern Securities Market, 1602–1700 . Translated from the Dutch by Lynne Richards. (Columbia University Press, 2014, 304pp) ^ Macaulay, Catherine R. (2015). "Capitalism's renaissance? The potential of repositioning the financial 'meta-economy'”. ( Futures , Volume 68, April 2015, p. 5–18) ^ Terrell, Ellen. "Research Guides: Business Booms, Busts, & Bubbles: A Resource Guide on Economic Manias & Crashes: Tulip Mania" . guides.loc.gov . Retrieved 2025-01-07 . ^ Sergey Perminov, Trendocracy and Stock Market Manipulations (2008, ISBN 978-1-4357-5244-3 ). ^ Krugman, Paul (2009-09-02). "How Did Economists Get It So Wrong?" . The New York Times . ^ Porter, David P.; Smith, Vernon L. (2003). "Stock Market Bubbles in the Laboratory". The Journal of Behavioral Finance . 4 (1): 7– 20. doi : 10.1207/S15427579JPFM0401_03 . S2CID 8561988 . ^ Blodget-The Atlantic-Why Wall St. Always Blows It Accounts of the South Sea Bubble , John Law and the Mississippi Company can be found in Charles Mackay 's classic Extraordinary Popular Delusions and the Madness of Crowds (1843) – available from Project Gutenberg . Warning: this reference has been widely criticized by historians.
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[![](https://upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/250px-Philippine-stock-market-board.jpg)](https://en.wikipedia.org/wiki/File:Philippine-stock-market-board.jpg) \| \| [Assets](https://en.wikipedia.org/wiki/Financial_asset "Financial asset") \| \| [Asset (economics)](https://en.wikipedia.org/wiki/Asset_$economics$ "Asset (economics)") [Bond](https://en.wikipedia.org/wiki/Bond_market "Bond market") [Asset growth](https://en.wikipedia.org/wiki/Capital_appreciation "Capital appreciation") [Capital asset](https://en.wikipedia.org/wiki/Capital_asset "Capital asset") [Commodity](https://en.wikipedia.org/wiki/Commodity_market "Commodity market") [Derivatives](https://en.wikipedia.org/wiki/Derivatives_market "Derivatives market") [Domains](https://en.wikipedia.org/wiki/Domain_name_speculation "Domain name speculation") [Equity](https://en.wikipedia.org/wiki/Equity_$finance$ "Equity (finance)") [Foreign 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debt obligation") [Credit default swap](https://en.wikipedia.org/wiki/Credit_default_swap "Credit default swap") [Time deposit](https://en.wikipedia.org/wiki/Time_deposit "Time deposit") ([certificate of deposit](https://en.wikipedia.org/wiki/Certificate_of_deposit "Certificate of deposit")) [Credit line](https://en.wikipedia.org/wiki/Line_of_credit "Line of credit") [Deposit](https://en.wikipedia.org/wiki/Deposit_account "Deposit account") [Derivative](https://en.wikipedia.org/wiki/Derivative_$finance$ "Derivative (finance)") [Futures contract](https://en.wikipedia.org/wiki/Futures_contract "Futures contract") [Indemnity](https://en.wikipedia.org/wiki/Indemnity "Indemnity") [Insurance](https://en.wikipedia.org/wiki/Insurance "Insurance") [Letter of credit](https://en.wikipedia.org/wiki/Letter_of_credit "Letter of credit") [Loan](https://en.wikipedia.org/wiki/Loan "Loan") [Mortgage](https://en.wikipedia.org/wiki/Mortgage "Mortgage") 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insurance](https://en.wikipedia.org/wiki/Deposit_insurance "Deposit insurance") [Separation of investment and retail banking](https://en.wikipedia.org/wiki/Separation_of_investment_and_retail_banking "Separation of investment and retail banking") \| \| \| \| [International Financial Reporting Standards](https://en.wikipedia.org/wiki/International_Financial_Reporting_Standards "International Financial Reporting Standards") [ISO 31000](https://en.wikipedia.org/wiki/ISO_31000 "ISO 31000") [Professional certification](https://en.wikipedia.org/wiki/Professional_certification_in_financial_services "Professional certification in financial services") [Fund governance](https://en.wikipedia.org/wiki/Fund_governance "Fund governance") \| \| [Economic history](https://en.wikipedia.org/wiki/Economic_history "Economic history") [Private equity and venture capital](https://en.wikipedia.org/wiki/History_of_private_equity_and_venture_capital "History of private equity and venture capital") [Recession](https://en.wikipedia.org/wiki/Recession "Recession") [Stock market bubble]() [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash") [Accounting scandals](https://en.wikipedia.org/wiki/Accounting_scandals "Accounting scandals") \| \| [Outline](https://en.wikipedia.org/wiki/Outline_of_finance "Outline of finance") [![icon](https://upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/20px-Emblem-money.svg.png)](https://en.wikipedia.org/wiki/File:Emblem-money.svg) [Business and Economics portal](https://en.wikipedia.org/wiki/Portal:Business_and_Economics "Portal:Business and Economics") ![icon](https://upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/20px-Bills_and_coins.svg.png) [Money portal](https://en.wikipedia.org/wiki/Portal:Money "Portal:Money") \| \| [v](https://en.wikipedia.org/wiki/Template:Finance_sidebar "Template:Finance sidebar") [t](https://en.wikipedia.org/wiki/Template_talk:Finance_sidebar "Template talk:Finance sidebar") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Finance_sidebar "Special:EditPage/Template:Finance sidebar") \| A stock market bubble is a type of [economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") taking place in [stock markets](https://en.wikipedia.org/wiki/Stock_market "Stock market") when market participants drive [stock](https://en.wikipedia.org/wiki/Stock "Stock") prices above their value in relation to some system of [stock valuation](https://en.wikipedia.org/wiki/Stock_valuation "Stock valuation"). [Behavioral finance](https://en.wikipedia.org/wiki/Behavioral_finance "Behavioral finance") theory attributes stock market bubbles to [cognitive biases](https://en.wikipedia.org/wiki/Cognitive_bias "Cognitive bias") that lead to [groupthink](https://en.wikipedia.org/wiki/Groupthink "Groupthink") and [herd behavior](https://en.wikipedia.org/wiki/Herd_behavior "Herd behavior"). Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets.[\[1\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-Smith1988-1) Other theoretical explanations of stock market bubbles have suggested that they are rational,[\[2\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-DeLong1990-2) intrinsic,[\[3\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-Froot1991-3) and contagious.[\[4\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-Topol1991-4) ## History \[[edit](https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&action=edit&section=1 "Edit section: History")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/b/bf/Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg/250px-Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg)](https://en.wikipedia.org/wiki/File:Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg) Courtyard of the Amsterdam Stock Exchange ([Beurs van Hendrick de Keyser](https://nl.wikipedia.org/wiki/Beurs_van_Hendrick_de_Keyser "nl:Beurs van Hendrick de Keyser")) by [Emanuel de Witte](https://en.wikipedia.org/wiki/Emanuel_de_Witte "Emanuel de Witte"), 1653. Historically, early stock market bubbles and [crashes](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash") have their roots in [financial activities of the 17th-century Dutch Republic](https://en.wikipedia.org/wiki/Financial_history_of_the_Dutch_Republic "Financial history of the Dutch Republic"), the birthplace of the first formal (official) [stock exchange](https://en.wikipedia.org/wiki/Stock_exchange "Stock exchange") and [market](https://en.wikipedia.org/wiki/Stock_market "Stock market") in history.[\[5\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-5)[\[6\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-6)[\[7\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-7)[\[8\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-8)[\[9\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-9) The [Dutch tulip mania](https://en.wikipedia.org/wiki/Tulipmania "Tulipmania"), of the 1630s, is generally considered the world's first recorded [speculative bubble](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") (or [economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble")).[\[10\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-10) ## Examples \[[edit](https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&action=edit&section=2 "Edit section: Examples")\] Two famous early stock market bubbles were the [Mississippi Scheme](https://en.wikipedia.org/wiki/Mississippi_Company "Mississippi Company") in France and the [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") in England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors. Those stories, and many others, are recounted in [Charles Mackay](https://en.wikipedia.org/wiki/Charles_Mackay_$author$ "Charles Mackay (author)")'s 1841 popular account, "[Extraordinary Popular Delusions and the Madness of Crowds](https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds "Extraordinary Popular Delusions and the Madness of Crowds")". [![](https://upload.wikimedia.org/wikipedia/commons/thumb/8/84/Nasdaq_Composite_dot-com_bubble.svg/250px-Nasdaq_Composite_dot-com_bubble.svg.png)](https://en.wikipedia.org/wiki/File:Nasdaq_Composite_dot-com_bubble.svg) The [NASDAQ Composite](https://en.wikipedia.org/wiki/NASDAQ_Composite "NASDAQ Composite") index spiked in the late 90s and then fell sharply as a result of the [dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble"). [![](https://upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Nikkei_225%281970-%29.svg/250px-Nikkei_225%281970-%29.svg.png)](https://en.wikipedia.org/wiki/File:Nikkei_225$1970-$.svg) The [Nikkei 225](https://en.wikipedia.org/wiki/Nikkei_225 "Nikkei 225") The two most famous bubbles of the twentieth century, the bubble in American stocks in the 1920s just before the [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") and the following [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression"), and the [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") of the late 1990s, were based on speculative activity surrounding the development of new technologies. The 1920s saw the widespread introduction of a range of technological innovations including [radio](https://en.wikipedia.org/wiki/Radio "Radio"), [automobiles](https://en.wikipedia.org/wiki/Automobiles "Automobiles"), [aviation](https://en.wikipedia.org/wiki/Aviation "Aviation") and the deployment of [electrical power grids](https://en.wikipedia.org/wiki/Electrical_power_grid "Electrical power grid"). The 1990s was the decade when Internet and e-commerce technologies emerged—many of which had minimal sales and earnings profiles. Other stock market bubbles of note include the [Encilhamento](https://en.wikipedia.org/wiki/Encilhamento "Encilhamento") occurred in Brazil during the late 1880s and early 1890s, the [Nifty Fifty](https://en.wikipedia.org/wiki/Nifty_Fifty "Nifty Fifty") stocks in the early 1970s, [Taiwanese](https://en.wikipedia.org/wiki/Economy_of_Taiwan "Economy of Taiwan") stocks in 1987–89 and [Japanese stocks in the late 1980s](https://en.wikipedia.org/wiki/Japanese_asset_price_bubble "Japanese asset price bubble"). Stock market bubbles frequently produce hot markets in [initial public offerings](https://en.wikipedia.org/wiki/Initial_public_offering "Initial public offering"), since investment bankers and their clients see opportunities to float new stock issues at inflated prices. These hot IPO markets misallocate investment funds to areas dictated by speculative trends, rather than to enterprises generating longstanding economic value. Typically when there is an over abundance of IPOs in a bubble market, a large portion of the IPO companies fail completely, never achieve what is promised to the investors, or can even be vehicles for fraud. ## Whether rational or irrational \[[edit](https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&action=edit&section=3 "Edit section: Whether rational or irrational")\] Emotional and cognitive biases (see [behavioral finance](https://en.wikipedia.org/wiki/Behavioral_finance "Behavioral finance")) seem to be the causes of bubbles, but often, when the phenomenon appears, pundits try to find a rationale, so as not to be against the crowd. Thus, sometimes, people will dismiss concerns about overpriced markets by citing a [new economy](https://en.wikipedia.org/wiki/New_economy "New economy") where the old stock valuation rules may no longer apply. This type of thinking helps to further propagate the bubble whereby everyone is investing with the intent of finding a [greater fool](https://en.wikipedia.org/wiki/Greater_fool_theory "Greater fool theory"). Still, some analysts cite the wisdom of crowds and say that price movements really do reflect [rational expectations](https://en.wikipedia.org/wiki/Rational_expectations "Rational expectations") of fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles.[\[11\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-11) To sort out the competing claims between behavioral finance and efficient markets theorists, observers need to find bubbles that occur when a readily available measure of fundamental value is also observable. The bubble in closed-end country funds in the late 1980s is instructive here, as are the bubbles that occur in experimental asset markets. According to the [efficient-market hypothesis](https://en.wikipedia.org/wiki/Efficient-market_hypothesis "Efficient-market hypothesis"), this doesn't happen, and so any data is wrong.[\[12\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-12) For closed-end country funds, observers can compare the stock prices to the net asset value per share (the net value of the fund's total holdings divided by the number of shares outstanding). For experimental asset markets, observers can compare the stock prices to the expected returns from holding the stock (which the experimenter determines and communicates to the traders). In both instances, closed-end country funds and experimental markets, stock prices clearly diverge from fundamental values. Nobel laureate Dr. [Vernon Smith](https://en.wikipedia.org/wiki/Vernon_L._Smith "Vernon L. Smith") has illustrated the closed-end country fund phenomenon with a chart showing prices and net asset values of the [Spain Fund](https://en.wikipedia.org/w/index.php?title=Spain_Fund&action=edit&redlink=1 "Spain Fund (page does not exist)") \[[zh](https://zh.wikipedia.org/wiki/%E4%BC%8A%E5%88%A9%E6%AF%94%E4%BA%9E%E7%BE%8E%E6%B4%B2%E5%9F%BA%E9%87%91 "zh:伊利比亞美洲基金")\] in 1989 and 1990 in his work on price bubbles.[\[13\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-13) At its peak, the Spain Fund traded near \$35, nearly triple its Net Asset Value of about \$12 per share. At the same time the Spain Fund and other closed-end country funds were trading at very substantial premiums, the number of closed-end country funds available exploded thanks to many issuers creating new country funds and selling the IPOs at high premiums. It only took a few months for the premiums in closed-end country funds to fade back to the more typical discounts at which closed-end funds trade. Those who had bought them at premiums had run out of "greater fools". For a while, though, the supply of "greater fools" had been outstanding. ## Positive feedback \[[edit](https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&action=edit&section=4 "Edit section: Positive feedback")\] A rising price on any share will attract the attention of investors. Not all of those investors are willing or interested in studying the intrinsics of the share and for such people the rising price itself is reason enough to invest. In turn, the additional investment will provide buoyancy to the price, thus completing a [positive feedback](https://en.wikipedia.org/wiki/Positive_feedback "Positive feedback") loop. Like all dynamic systems, financial markets operate in an ever-changing equilibrium, which translates into price [volatility](https://en.wikipedia.org/wiki/Volatility_$finance$ "Volatility (finance)"). However, a self-adjustment ([negative feedback](https://en.wikipedia.org/wiki/Negative_feedback "Negative feedback")) takes place normally: when prices rise more people are encouraged to sell, while fewer are encouraged to buy. This puts a limit on volatility. However, once positive feedback takes over, the market, like all systems with positive feedback, enters a state of increasing [disequilibrium](https://en.wikipedia.org/wiki/Economic_equilibrium "Economic equilibrium"). This can be seen in financial bubbles where asset prices rapidly spike upwards far beyond what could be considered the rational "economic value", only to fall rapidly afterwards. ## Effect of incentives \[[edit](https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&action=edit&section=5 "Edit section: Effect of incentives")\] Investment managers, such as stock [mutual fund](https://en.wikipedia.org/wiki/Mutual_fund "Mutual fund") managers, are compensated and retained in part due to their performance relative to peers. Taking a conservative or contrarian position as a bubble builds results in performance unfavorable to peers. This may cause customers to go elsewhere and can affect the investment manager's own employment or compensation. The typical short-term focus of U.S. equity markets exacerbates the risk for investment managers that do not participate during the building phase of a bubble, particularly one that builds over a longer period of time. In attempting to maximize returns for clients and maintain their employment, they may rationally participate in a bubble they believe to be forming, as the benefits outweigh the risks of not doing so.[\[14\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-14) ## See also \[[edit](https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&action=edit&section=6 "Edit section: See also")\] - [Histoire des bourses de valeurs](https://fr.wikipedia.org/wiki/Histoire_des_bourses_de_valeurs "fr:Histoire des bourses de valeurs") (French) - [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") - [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble") - [Asset allocation](https://en.wikipedia.org/wiki/Asset_allocation "Asset allocation") - [Business cycle](https://en.wikipedia.org/wiki/Business_cycle "Business cycle") - [Collective behavior](https://en.wikipedia.org/wiki/Collective_behavior "Collective behavior") - [Diversification (finance)](https://en.wikipedia.org/wiki/Diversification_$finance$ "Diversification (finance)") - [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") - [Fictitious capital](https://en.wikipedia.org/wiki/Fictitious_capital "Fictitious capital") - [Financial modeling](https://en.wikipedia.org/wiki/Financial_modeling "Financial modeling") - [Financial risk management](https://en.wikipedia.org/wiki/Financial_risk_management "Financial risk management") - [Irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance") - [Market trend](https://en.wikipedia.org/wiki/Market_trend "Market trend") - [Risk management](https://en.wikipedia.org/wiki/Risk_management "Risk management") - [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash") ## References \[[edit](https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&action=edit&section=7 "Edit section: References")\] 1. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-Smith1988_1-0) Smith, Vernon L.; Suchanek, Gerry L.; Williams, Arlington W. (1988). "Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets". Econometrica. 56 (5): 1119–1151\. [CiteSeerX](https://en.wikipedia.org/wiki/CiteSeerX_$identifier$ "CiteSeerX (identifier)") [10\.1.1.360.174](https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.360.174). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.2307/1911361](https://doi.org/10.2307%2F1911361). [JSTOR](https://en.wikipedia.org/wiki/JSTOR_$identifier$ "JSTOR (identifier)") [1911361](https://www.jstor.org/stable/1911361). 2. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-DeLong1990_2-0) De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (1990). ["Noise Trader Risk in Financial Markets"](http://www.j-bradford-delong.net/pdf_files/Noise_Traders_Main.pdf) (PDF). Journal of Political Economy. 98 (4): 703–738\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1086/261703](https://doi.org/10.1086%2F261703). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [12112860](https://api.semanticscholar.org/CorpusID:12112860). 3. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-Froot1991_3-0) Froot, Kenneth A.; Obstfeld, Maurice (1991). ["Intrinsic Bubbles: The Case of Stock Prices"](https://doi.org/10.3386%2Fw3091). American Economic Review. 81 (5): 1189–1214\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.3386/w3091](https://doi.org/10.3386%2Fw3091). [JSTOR](https://en.wikipedia.org/wiki/JSTOR_$identifier$ "JSTOR (identifier)") [2006913](https://www.jstor.org/stable/2006913). 4. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-Topol1991_4-0) Topol, Richard (1991). "Bubbles and Volatility of Stock Prices: Effect of Mimetic Contagion". The Economic Journal. 101 (407): 786–800\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.2307/2233855](https://doi.org/10.2307%2F2233855). [JSTOR](https://en.wikipedia.org/wiki/JSTOR_$identifier$ "JSTOR (identifier)") [2233855](https://www.jstor.org/stable/2233855). 5. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-5) [Brooks, John](https://en.wikipedia.org/wiki/John_Brooks_$writer$ "John Brooks (writer)"): The Fluctuation: The Little Crash in '62, in Business Adventures: Twelve Classic Tales from the World of Wall Street. (New York: Weybright & Talley, 1968) 6. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-6) Neal, Larry (2005). "Venture Shares of the Dutch East India Company", in Origins of Value, in The Origins of Value: The Financial Innovations that Created Modern Capital Markets, Goetzmann & Rouwenhorst (eds.), Oxford University Press, 2005, pp. 165–175 7. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-7) [Shiller, Robert](https://en.wikipedia.org/wiki/Robert_Shiller "Robert Shiller") (2011). Economics 252, Financial Markets: Lecture 4 – Portfolio Diversification and Supporting Financial Institutions (Open Yale Courses). \[Transcript\] 8. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-8) Petram, Lodewijk: The World's First Stock Exchange: How the Amsterdam Market for Dutch East India Company Shares Became a Modern Securities Market, 1602–1700. Translated from the Dutch by Lynne Richards. (Columbia University Press, 2014, 304pp) 9. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-9) Macaulay, Catherine R. (2015). "Capitalism's renaissance? The potential of repositioning the financial 'meta-economy'”. (Futures, Volume 68, April 2015, p. 5–18) 10. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-10) Terrell, Ellen. ["Research Guides: Business Booms, Busts, & Bubbles: A Resource Guide on Economic Manias & Crashes: Tulip Mania"](https://guides.loc.gov/business-booms-busts/tulip-mania). guides.loc.gov. Retrieved 2025-01-07. 11. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-11) Sergey Perminov, Trendocracy and Stock Market Manipulations (2008, [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-4357-5244-3](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4357-5244-3 "Special:BookSources/978-1-4357-5244-3") ). 12. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-12) Krugman, Paul (2009-09-02). ["How Did Economists Get It So Wrong?"](https://www.nytimes.com/2009/09/06/magazine/06Economic-t.html). The New York Times. 13. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-13) Porter, David P.; [Smith, Vernon L.](https://en.wikipedia.org/wiki/Vernon_L._Smith "Vernon L. Smith") (2003). "Stock Market Bubbles in the Laboratory". The Journal of Behavioral Finance. 4 (1): 7–20\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1207/S15427579JPFM0401\_03](https://doi.org/10.1207%2FS15427579JPFM0401_03). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [8561988](https://api.semanticscholar.org/CorpusID:8561988). 14. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-14) [Blodget-The Atlantic-Why Wall St. Always Blows It](https://www.theatlantic.com/doc/200812/blodget-wall-street) ## External links \[[edit](https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&action=edit&section=8 "Edit section: External links")\] - Accounts of the [South Sea Bubble](https://en.wikipedia.org/wiki/South_Sea_Bubble "South Sea Bubble"), [John Law](https://en.wikipedia.org/wiki/John_Law_$economist$ "John Law (economist)") and the [Mississippi Company](https://en.wikipedia.org/wiki/Mississippi_Company "Mississippi Company") can be found in [Charles Mackay](https://en.wikipedia.org/wiki/Charles_Mackay_$author$ "Charles Mackay (author)")'s classic [Extraordinary Popular Delusions and the Madness of Crowds](https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds "Extraordinary Popular Delusions and the Madness of Crowds") (1843) – [available from Project Gutenberg](http://www.gutenberg.org/browse/authors/m#a516). Warning: this reference has been widely criticized by historians. \| [v](https://en.wikipedia.org/wiki/Template:Financial_bubbles "Template:Financial bubbles") [t](https://en.wikipedia.org/wiki/Template_talk:Financial_bubbles "Template talk:Financial bubbles") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Financial_bubbles "Special:EditPage/Template:Financial bubbles")[Financial bubbles](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") \| \| \|---\|---\| \| [Market trend](https://en.wikipedia.org/wiki/Market_trend "Market trend") [Credit cycle](https://en.wikipedia.org/wiki/Credit_cycle "Credit cycle") [Irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance") [Social contagion](https://en.wikipedia.org/wiki/Social_contagion "Social contagion") [Real-estate bubble](https://en.wikipedia.org/wiki/Real-estate_bubble "Real-estate bubble") [Stock market bubble]() \| \| \| [Commercial revolution](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") (1000–1760) \| [Tulip mania](https://en.wikipedia.org/wiki/Tulip_mania "Tulip mania") (1634–1637) [Mississippi bubble](https://en.wikipedia.org/wiki/John_Law%27s_Company "John Law's Company") (1684–1720) [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1711–1720) [Bengal Bubble of 1769](https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 "Bengal Bubble of 1769") (1757–1769) \| \| [1st Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution "Industrial Revolution") (1760–1840) \| [Canal Mania](https://en.wikipedia.org/wiki/Canal_Mania "Canal Mania") (c. 1790–c. 1810) [Carolina gold rush](https://en.wikipedia.org/wiki/Carolina_gold_rush "Carolina gold rush") (1802–1825) [1810s Alabama real estate bubble](https://en.wikipedia.org/wiki/Alabama_real_estate_bubble_of_the_1810s "Alabama real estate bubble of the 1810s") [Georgia Gold Rush](https://en.wikipedia.org/wiki/Georgia_Gold_Rush "Georgia Gold Rush") (1828–c. 1840) [1830s Chicago real estate bubble](https://en.wikipedia.org/wiki/Chicago_real_estate_bubble_of_the_1830s "Chicago real estate bubble of the 1830s") [Chilean silver rush](https://en.wikipedia.org/wiki/Chilean_silver_rush "Chilean silver rush") (1832–1850) \| \| 1840–1870 \| [Railway Mania](https://en.wikipedia.org/wiki/Railway_Mania "Railway Mania") (c. 1840–c. 1850) [California gold rush](https://en.wikipedia.org/wiki/California_gold_rush "California gold rush") (1848–1855) [Queen Charlottes Gold Rush](https://en.wikipedia.org/wiki/Queen_Charlottes_Gold_Rush "Queen Charlottes Gold Rush") (1851) [Victorian gold rush](https://en.wikipedia.org/wiki/Victorian_gold_rush "Victorian gold rush") (1851–c. 1870) [New South Wales gold rush](https://en.wikipedia.org/wiki/New_South_Wales_gold_rush "New South Wales gold rush") (1851–1880) [Australian gold rushes](https://en.wikipedia.org/wiki/Australian_gold_rushes "Australian gold rushes") (1851–1914) [Fraser Canyon Gold Rush](https://en.wikipedia.org/wiki/Fraser_Canyon_Gold_Rush "Fraser Canyon Gold Rush") (1858) [Pike's Peak gold rush](https://en.wikipedia.org/wiki/Pike%27s_Peak_gold_rush "Pike's Peak gold rush") (1858–1861) [Rock Creek Gold Rush](https://en.wikipedia.org/wiki/Rock_Creek_Gold_Rush "Rock Creek Gold Rush") (1859) [Pennsylvania oil rush](https://en.wikipedia.org/wiki/Pennsylvania_oil_rush "Pennsylvania oil rush") (1859–1891) [Similkameen Gold Rush](https://en.wikipedia.org/wiki/Similkameen_Gold_Rush "Similkameen Gold Rush") (1860) [Stikine Gold Rush](https://en.wikipedia.org/wiki/Stikine_Gold_Rush "Stikine Gold Rush") (1861) [Colorado River mining boom](https://en.wikipedia.org/wiki/Steamboats_of_the_Colorado_River "Steamboats of the Colorado River") (1861–1864) [Otago gold rush](https://en.wikipedia.org/wiki/Otago_gold_rush "Otago gold rush") (1861–1864) [Cariboo Gold Rush](https://en.wikipedia.org/wiki/Cariboo_Gold_Rush "Cariboo Gold Rush") (1861–1867) [First Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1861–1874) [West Coast gold rush](https://en.wikipedia.org/wiki/West_Coast_gold_rush "West Coast gold rush") (1864–1867) [Big Bend Gold Rush](https://en.wikipedia.org/wiki/Big_Bend_Gold_Rush "Big Bend Gold Rush") (c. 1865) [Vermilion Lake gold rush](https://en.wikipedia.org/wiki/Vermilion_Lake_gold_rush "Vermilion Lake gold rush") (1865–1867) [Kildonan Gold Rush](https://en.wikipedia.org/wiki/Kildonan_Gold_Rush "Kildonan Gold Rush") (1869) [Omineca Gold Rush](https://en.wikipedia.org/wiki/Omineca_Gold_Rush "Omineca Gold Rush") (1869) \| \| [2nd Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution "Second Industrial Revolution") (1870–1914) \| [1870s Lapland gold rush](https://en.wikipedia.org/wiki/Lapland_gold_rush "Lapland gold rush") [Coromandel Gold Rushes](https://en.wikipedia.org/wiki/Coromandel_Gold_Rushes "Coromandel Gold Rushes") (c. 1870–c. 1890) [Cassiar Gold Rush](https://en.wikipedia.org/wiki/Cassiar_Country "Cassiar Country") (c. 1870–c. 1890) [Black Hills gold rush](https://en.wikipedia.org/wiki/Black_Hills_gold_rush "Black Hills gold rush") (1874–1880) [Colorado Silver Boom](https://en.wikipedia.org/wiki/Colorado_Silver_Boom "Colorado Silver Boom") (1879–1893) [Western Australian gold rushes](https://en.wikipedia.org/wiki/Western_Australian_gold_rushes "Western Australian gold rushes") (c. 1880–c. 1900) [Indiana gas boom](https://en.wikipedia.org/wiki/Indiana_gas_boom "Indiana gas boom") (c. 1880–1903) [Ohio oil rush](https://en.wikipedia.org/wiki/Petroleum_industry_in_Ohio "Petroleum industry in Ohio") (c. 1880–c. 1930) [Tierra del Fuego gold rush](https://en.wikipedia.org/wiki/Tierra_del_Fuego_gold_rush "Tierra del Fuego gold rush") (1883–1906) [Cayoosh Gold Rush](https://en.wikipedia.org/wiki/Cayoosh_Gold_Rush "Cayoosh Gold Rush") (1884) [Witwatersrand Gold Rush](https://en.wikipedia.org/wiki/Witwatersrand_Gold_Rush "Witwatersrand Gold Rush") (1886) [Encilhamento](https://en.wikipedia.org/wiki/Encilhamento "Encilhamento") (1886–1890) [Cripple Creek Gold Rush](https://en.wikipedia.org/wiki/Cripple_Creek_Gold_Rush "Cripple Creek Gold Rush") (c. 1890–c. 1910) [Klondike Gold Rush](https://en.wikipedia.org/wiki/Klondike_Gold_Rush "Klondike Gold Rush") (1896–1899) [Second Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1896–1903) [Kobuk River Stampede](https://en.wikipedia.org/wiki/Kobuk_River_Stampede "Kobuk River Stampede") (1897–1899) [Mount Baker gold rush](https://en.wikipedia.org/wiki/Mount_Baker_gold_rush "Mount Baker gold rush") (1897–c. 1925) [Nome Gold Rush](https://en.wikipedia.org/wiki/Nome_Gold_Rush "Nome Gold Rush") (1899–1909) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (c. 1900–1918) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1901–1918) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1903–1918) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1909–1918) \| \| [Interwar period](https://en.wikipedia.org/wiki/Interwar_period "Interwar period") (1918–1939) \| [1920s Florida land boom](https://en.wikipedia.org/wiki/Florida_land_boom_of_the_1920s "Florida land boom of the 1920s") (c. 1920–1925) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (1918–c. 1930) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1918–1945) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1918–c. 1930) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1918–1945) [1930s Kakamega gold rush](https://en.wikipedia.org/wiki/Kakamega_gold_rush "Kakamega gold rush") [Third Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1932–1942) \| \| [Post–WWII expansion](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion") (1945–1973) \| [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1945–c. 1950) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1945–c. 1960) [Poseidon bubble](https://en.wikipedia.org/wiki/Poseidon_bubble "Poseidon bubble") (1969–1970) \| \| [The Great Inflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") (1973–1982) \| [1970s commodities boom](https://en.wikipedia.org/wiki/1970s_commodities_boom "1970s commodities boom") [Mexican oil boom](https://en.wikipedia.org/wiki/Mexican_oil_boom "Mexican oil boom") (1977–1981) [Silver Thursday](https://en.wikipedia.org/wiki/Silver_Thursday "Silver Thursday") (1980) [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (c. 1980–1982) \| \| [Great Moderation](https://en.wikipedia.org/wiki/Great_Moderation "Great Moderation")/ Great Regression (1982–2007) \| [1980s oil glut](https://en.wikipedia.org/wiki/1980s_oil_glut "1980s oil glut") [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (1982–) [Spanish property bubble](https://en.wikipedia.org/wiki/Spanish_property_bubble "Spanish property bubble") (1985–2008) [Japanese asset price bubble](https://en.wikipedia.org/wiki/Japanese_asset_price_bubble "Japanese asset price bubble") (1986–1990) [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") (1995–2000) [Baltic states housing bubble](https://en.wikipedia.org/wiki/Baltic_states_housing_bubble "Baltic states housing bubble") (2000–2006) [Irish property bubble](https://en.wikipedia.org/wiki/Irish_property_bubble "Irish property bubble") (c. 2000–2007) [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2000–2008) [2000s Danish property bubble](https://en.wikipedia.org/wiki/Danish_property_bubble_of_2000s "Danish property bubble of 2000s") (2001–2006) [United States housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") (2002–2006) [Romanian property bubble](https://en.wikipedia.org/wiki/Romanian_property_bubble "Romanian property bubble") (2002–2007) [Polish property bubble](https://en.wikipedia.org/wiki/Polish_property_bubble "Polish property bubble") (2002–2008) [Canadian property bubble](https://en.wikipedia.org/wiki/Canadian_property_bubble "Canadian property bubble") (2002–) [Chinese property bubble](https://en.wikipedia.org/wiki/Chinese_property_bubble_$2005%E2%80%932011$ "Chinese property bubble (2005–2011)") (2005–2011) [Lebanese housing bubble](https://en.wikipedia.org/wiki/Lebanese_housing_bubble "Lebanese housing bubble") (2005–2008) [Chinese stock bubble of 2007](https://en.wikipedia.org/wiki/Chinese_stock_bubble_of_2007 "Chinese stock bubble of 2007") [Uranium bubble of 2007](https://en.wikipedia.org/wiki/Uranium_bubble_of_2007 "Uranium bubble of 2007") \| \| [Information Age](https://en.wikipedia.org/wiki/Information_Age "Information Age") (2007–present) \| [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2008–2014) [Lebanese housing bubble](https://en.wikipedia.org/wiki/Lebanese_housing_bubble "Lebanese housing bubble") (2008–) [Corporate debt bubble](https://en.wikipedia.org/wiki/Corporate_debt_bubble "Corporate debt bubble") (2008–) [Australian property bubble](https://en.wikipedia.org/wiki/Australian_property_bubble "Australian property bubble") (2010–) [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") (2011–) [Everything bubble](https://en.wikipedia.org/wiki/Everything_bubble "Everything bubble") (2020–21) [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble") (2022–) \| \| [Carbon bubble](https://en.wikipedia.org/wiki/Carbon_bubble "Carbon bubble") [Green bubble](https://en.wikipedia.org/wiki/Green_bubble "Green bubble") [Social media stock bubble](https://en.wikipedia.org/wiki/Social_media_stock_bubble "Social media stock bubble") [Unicorn bubble](https://en.wikipedia.org/wiki/Unicorn_bubble "Unicorn bubble") [U.S. higher education bubble](https://en.wikipedia.org/wiki/Higher_education_bubble_in_the_United_States "Higher education bubble in the United States") \| \| \| [v](https://en.wikipedia.org/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Template:United States – Commonwealth of Nations recessions") [t](https://en.wikipedia.org/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Template talk:United States – Commonwealth of Nations recessions") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Special:EditPage/Template:United States – Commonwealth of Nations recessions")[Economic history of the United States](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") and Commonwealth of Nations countries \| \| \|---\|---\| \| [Commercial revolution](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") (1000–1760) \| [Great Bullion Famine](https://en.wikipedia.org/wiki/Great_Bullion_Famine "Great Bullion Famine") (c. 1400–c. 1500) [Great Slump](https://en.wikipedia.org/wiki/Great_Slump_$15th_century$ "Great Slump (15th century)") (1430–1490) [The Great Debasement](https://en.wikipedia.org/wiki/The_Great_Debasement "The Great Debasement") (1544–1551) [Financial Revolution](https://en.wikipedia.org/wiki/Financial_Revolution "Financial Revolution") (1690–1800) [Slump of 1706](https://en.wikipedia.org/wiki/War_of_the_Spanish_Succession "War of the Spanish Succession") [Great Frost of 1709](https://en.wikipedia.org/wiki/Great_Frost_of_1709 "Great Frost of 1709") [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1713–1720) [Mississippi bubble](https://en.wikipedia.org/wiki/John_Law%27s_Company "John Law's Company") (1717–1720) [Economic impact of the Seven Years' War](https://en.wikipedia.org/wiki/Financial_costs_of_the_Seven_Years%27_War "Financial costs of the Seven Years' War") (1754–1763) \| \| [1st Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution "Industrial Revolution")/ [Market Revolution](https://en.wikipedia.org/wiki/Market_Revolution "Market Revolution") (1760–1870) \| Industrial Revolution [Scotland](https://en.wikipedia.org/wiki/Industrial_Revolution_in_Scotland "Industrial Revolution in Scotland") [United States](https://en.wikipedia.org/wiki/Industrial_Revolution_in_the_United_States "Industrial Revolution in the United States") [Wales](https://en.wikipedia.org/wiki/Industrial_Revolution_in_Wales "Industrial Revolution in Wales") [Bengal Bubble of 1769](https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 "Bengal Bubble of 1769") (1769–1784) [British credit crisis of 1772–1773](https://en.wikipedia.org/wiki/British_credit_crisis_of_1772%E2%80%931773 "British credit crisis of 1772–1773") [American Revolutionary War inflation](https://en.wikipedia.org/wiki/Financial_costs_of_the_American_Revolutionary_War "Financial costs of the American Revolutionary War") (1775–1783) [Panic of 1785](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") (1785–1788) [Copper Panic of 1789](https://en.wikipedia.org/wiki/Copper_Panic_of_1789 "Copper Panic of 1789")/[Panic of 1792](https://en.wikipedia.org/wiki/Panic_of_1792 "Panic of 1792") (1789–1793) [Canal Mania](https://en.wikipedia.org/wiki/Canal_Mania "Canal Mania") (c. 1790–c. 1810) [Panic of 1796–1797](https://en.wikipedia.org/wiki/Panic_of_1796%E2%80%931797 "Panic of 1796–1797") (1796–1799) [1802–1804 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Carolina gold rush](https://en.wikipedia.org/wiki/Carolina_gold_rush "Carolina gold rush") (1802–1825) [Depression of 1807](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") (1807–1810) [1810s Alabama real estate bubble](https://en.wikipedia.org/wiki/Alabama_real_estate_bubble_of_the_1810s "Alabama real estate bubble of the 1810s") [Alabama Fever](https://en.wikipedia.org/wiki/Alabama_Fever "Alabama Fever") [1812 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Post-Napoleonic Depression](https://en.wikipedia.org/wiki/Post-Napoleonic_Depression "Post-Napoleonic Depression") (1815–1821) [1822–23 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Panic of 1825](https://en.wikipedia.org/wiki/Panic_of_1825 "Panic of 1825") [Panic of 1826](https://en.wikipedia.org/wiki/Panic_of_1826 "Panic of 1826") [1828–29 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Georgia Gold Rush](https://en.wikipedia.org/wiki/Georgia_Gold_Rush "Georgia Gold Rush") (1828–c. 1840) [1830s Chicago real estate bubble](https://en.wikipedia.org/wiki/Chicago_real_estate_bubble_of_the_1830s "Chicago real estate bubble of the 1830s") [1833–34 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Panic of 1837](https://en.wikipedia.org/wiki/Panic_of_1837 "Panic of 1837") (1836–1838 and 1839–1843) [U.S. state defaults in the 1840s](https://en.wikipedia.org/wiki/U.S._state_defaults_in_the_1840s "U.S. state defaults in the 1840s") [Railway Mania](https://en.wikipedia.org/wiki/Railway_Mania "Railway Mania") (c. 1840–c. 1850) [Plank Road Boom](https://en.wikipedia.org/wiki/Plank_Road_Boom "Plank Road Boom") (1844–c. 1855) [1845–46 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Panic of 1847](https://en.wikipedia.org/wiki/Panic_of_1847 "Panic of 1847") (1847–1848) [California gold rush](https://en.wikipedia.org/wiki/California_gold_rush "California gold rush") (1848–1855) [British Columbia gold rushes](https://en.wikipedia.org/wiki/British_Columbia_gold_rushes "British Columbia gold rushes") [Queen Charlottes Gold Rush](https://en.wikipedia.org/wiki/Queen_Charlottes_Gold_Rush "Queen Charlottes Gold Rush"), 1851 [Fraser Canyon Gold Rush](https://en.wikipedia.org/wiki/Fraser_Canyon_Gold_Rush "Fraser Canyon Gold Rush"), 1858 [Rock Creek Gold Rush](https://en.wikipedia.org/wiki/Rock_Creek_Gold_Rush "Rock Creek Gold Rush"), 1859 [Similkameen Gold Rush](https://en.wikipedia.org/wiki/Similkameen_Gold_Rush "Similkameen Gold Rush"), 1860 [Stikine Gold Rush](https://en.wikipedia.org/wiki/Stikine_Gold_Rush "Stikine Gold Rush"), 1861 [Cariboo Gold Rush](https://en.wikipedia.org/wiki/Cariboo_Gold_Rush "Cariboo Gold Rush"), 1861–1867 [Wild Horse Creek Gold Rush](https://en.wikipedia.org/wiki/Fisherville,_British_Columbia "Fisherville, British Columbia"), 1863–1870 [Leechtown Gold Rush](https://en.wikipedia.org/wiki/Leechtown,_British_Columbia "Leechtown, British Columbia"), 1864–1865 [Big Bend Gold Rush](https://en.wikipedia.org/wiki/Big_Bend_Gold_Rush "Big Bend Gold Rush"), c. 1865 [Omineca Gold Rush](https://en.wikipedia.org/wiki/Omineca_Gold_Rush "Omineca Gold Rush"), 1869 [Victorian gold rush](https://en.wikipedia.org/wiki/Victorian_gold_rush "Victorian gold rush") (1851–c. 1870) [New South Wales gold rush](https://en.wikipedia.org/wiki/New_South_Wales_gold_rush "New South Wales gold rush") (1851–1880) [Australian gold rushes](https://en.wikipedia.org/wiki/Australian_gold_rushes "Australian gold rushes") (1851–1914) [1853–54 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Panic of 1857](https://en.wikipedia.org/wiki/Panic_of_1857 "Panic of 1857") (1857–1858) [Pike's Peak gold rush](https://en.wikipedia.org/wiki/Pike%27s_Peak_gold_rush "Pike's Peak gold rush") (1858–1861) [Pennsylvania oil rush](https://en.wikipedia.org/wiki/Pennsylvania_oil_rush "Pennsylvania oil rush") (1859–1891) [1860–61 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Colorado River mining boom](https://en.wikipedia.org/wiki/Steamboats_of_the_Colorado_River "Steamboats of the Colorado River") (1861–1864) [Otago gold rush](https://en.wikipedia.org/wiki/Otago_gold_rush "Otago gold rush") (1861–1864) [U.S. Civil War economy](https://en.wikipedia.org/wiki/Economic_history_of_the_American_Civil_War "Economic history of the American Civil War") (1861–1865) [First Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1861–1874) [West Coast gold rush](https://en.wikipedia.org/wiki/West_Coast_gold_rush "West Coast gold rush") (1864–1867) [Panic of 1866](https://en.wikipedia.org/wiki/Panic_of_1866 "Panic of 1866") (1865–1867) [Vermilion Lake gold rush](https://en.wikipedia.org/wiki/Vermilion_Lake_gold_rush "Vermilion Lake gold rush") (1865–1867) [Kildonan Gold Rush](https://en.wikipedia.org/wiki/Kildonan_Gold_Rush "Kildonan Gold Rush") (1869) [Black Friday](https://en.wikipedia.org/wiki/Black_Friday_$1869$ "Black Friday (1869)") (1869–1870) \| \| [Gilded Age](https://en.wikipedia.org/wiki/Gilded_Age "Gilded Age")/ [2nd Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution "Second Industrial Revolution") (1870–1914) \| [Coromandel Gold Rushes](https://en.wikipedia.org/wiki/Coromandel_Gold_Rushes "Coromandel Gold Rushes") (c. 1870–c. 1890) [Cassiar Gold Rush](https://en.wikipedia.org/wiki/Cassiar_Country "Cassiar Country") (c. 1870–c. 1890) [Long Depression](https://en.wikipedia.org/wiki/Long_Depression "Long Depression") 1873–1879; [Panic of 1873](https://en.wikipedia.org/wiki/Panic_of_1873 "Panic of 1873") [Black Hills gold rush](https://en.wikipedia.org/wiki/Black_Hills_gold_rush "Black Hills gold rush") (1874–1880) [Colorado Silver Boom](https://en.wikipedia.org/wiki/Colorado_Silver_Boom "Colorado Silver Boom") (1879–1893) [Western Australian gold rushes](https://en.wikipedia.org/wiki/Western_Australian_gold_rushes "Western Australian gold rushes") (c. 1880–c. 1900) [Indiana gas boom](https://en.wikipedia.org/wiki/Indiana_gas_boom "Indiana gas boom") (c. 1880–1903) [Ohio oil rush](https://en.wikipedia.org/wiki/Petroleum_industry_in_Ohio "Petroleum industry in Ohio") (c. 1880–c. 1930) [Depression of 1882–1885](https://en.wikipedia.org/wiki/Depression_of_1882%E2%80%931885 "Depression of 1882–1885") [Panic of 1884](https://en.wikipedia.org/wiki/Panic_of_1884 "Panic of 1884") [Cayoosh Gold Rush](https://en.wikipedia.org/wiki/Cayoosh_Gold_Rush "Cayoosh Gold Rush") (1884) [Witwatersrand Gold Rush](https://en.wikipedia.org/wiki/Witwatersrand_Gold_Rush "Witwatersrand Gold Rush") (1886) [1887–88 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Baring crisis](https://en.wikipedia.org/wiki/Baring_crisis "Baring crisis") (1890–1891) [Cripple Creek Gold Rush](https://en.wikipedia.org/wiki/Cripple_Creek_Gold_Rush "Cripple Creek Gold Rush") (c. 1890–c. 1910) [Panic of 1893](https://en.wikipedia.org/wiki/Panic_of_1893 "Panic of 1893") (1893–1897) [Australian banking crisis of 1893](https://en.wikipedia.org/wiki/Australian_banking_crisis_of_1893 "Australian banking crisis of 1893") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$1894$ "Black Monday (1894)") (1894) [Panic of 1896](https://en.wikipedia.org/wiki/Panic_of_1896 "Panic of 1896") [Klondike Gold Rush](https://en.wikipedia.org/wiki/Klondike_Gold_Rush "Klondike Gold Rush") (1896–1899) [Second Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1896–1903) [Kobuk River Stampede](https://en.wikipedia.org/wiki/Kobuk_River_Stampede "Kobuk River Stampede") (1897–1899) [Mount Baker gold rush](https://en.wikipedia.org/wiki/Mount_Baker_gold_rush "Mount Baker gold rush") (1897–c. 1925) [1899–1900 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Nome Gold Rush](https://en.wikipedia.org/wiki/Nome_Gold_Rush "Nome Gold Rush") (1899–1909) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (c. 1900–c. 1930) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1901–c. 1950) [Panic of 1901](https://en.wikipedia.org/wiki/Panic_of_1901 "Panic of 1901") (1902–1904) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1903–c. 1930) [Panic of 1907](https://en.wikipedia.org/wiki/Panic_of_1907 "Panic of 1907") (1907–1908) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1909–c. 1960) [Panic of 1910–11](https://en.wikipedia.org/wiki/Panic_of_1910%E2%80%9311 "Panic of 1910–11") (1910–1912) [Financial crisis of 1914](https://en.wikipedia.org/wiki/Financial_crisis_of_1914 "Financial crisis of 1914") (1913–14) \| \| World War home fronts/ [Interwar period](https://en.wikipedia.org/wiki/Interwar_period "Interwar period") (1914–1945) \| [World War I economy](https://en.wikipedia.org/wiki/Economic_history_of_World_War_I "Economic history of World War I") and [home fronts](https://en.wikipedia.org/wiki/Home_front_during_World_War_I "Home front during World War I") [Australia](https://en.wikipedia.org/wiki/Australia_in_World_War_I#Home_front "Australia in World War I") [Canada](https://en.wikipedia.org/wiki/Canada_in_World_War_I#Home_Front "Canada in World War I") [United Kingdom](https://en.wikipedia.org/wiki/History_of_the_United_Kingdom_during_the_First_World_War "History of the United Kingdom during the First World War") [United States](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_I "United States home front during World War I") [Post–World War I recession](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_I_recession "Post–World War I recession") (1918–1919) [Recession of 1920–1921](https://en.wikipedia.org/wiki/Recession_of_1920%E2%80%931921 "Recession of 1920–1921") [1920s Florida land boom](https://en.wikipedia.org/wiki/Florida_land_boom_of_the_1920s "Florida land boom of the 1920s") (c. 1920–1925) [Roaring Twenties](https://en.wikipedia.org/wiki/Roaring_Twenties "Roaring Twenties") [1923–1924 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [1926–1927 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression") 1929–1939; [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") [Panic of 1930](https://en.wikipedia.org/wiki/Panic_of_1930 "Panic of 1930") [Great Contraction](https://en.wikipedia.org/wiki/Great_Contraction "Great Contraction"), 1929–1933 [Recession of 1937–1938](https://en.wikipedia.org/wiki/Recession_of_1937%E2%80%931938 "Recession of 1937–1938") [Australia](https://en.wikipedia.org/wiki/Great_Depression_in_Australia "Great Depression in Australia") [Canada](https://en.wikipedia.org/wiki/Great_Depression_in_Canada "Great Depression in Canada") [India](https://en.wikipedia.org/wiki/Great_Depression_in_India "Great Depression in India") [South Africa](https://en.wikipedia.org/wiki/Great_Depression_in_South_Africa "Great Depression in South Africa") [United Kingdom](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_Kingdom "Great Depression in the United Kingdom") [United States](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_States "Great Depression in the United States") [1930s Kakamega gold rush](https://en.wikipedia.org/wiki/Kakamega_gold_rush "Kakamega gold rush") [Third Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1932–1942) [World War II home front](https://en.wikipedia.org/wiki/Home_front_during_World_War_II "Home front during World War II") [Australia](https://en.wikipedia.org/wiki/Australian_home_front_during_World_War_II "Australian home front during World War II") [Canada](https://en.wikipedia.org/wiki/Canada_in_World_War_II#Home_front "Canada in World War II") [United Kingdom](https://en.wikipedia.org/wiki/British_home_front_during_World_War_II "British home front during World War II") [United States](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_II "United States home front during World War II") \| \| [Post–WWII expansion](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion")/ [1970s stagflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") (1945–1982) \| [Great Compression](https://en.wikipedia.org/wiki/Great_Compression "Great Compression") [1945 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Great_Depression_onward_$1929%E2%80%93present$ "List of recessions in the United States") [Recession of 1949](https://en.wikipedia.org/wiki/Recession_of_1949 "Recession of 1949") (1948–1949) [Hong Kong and Singapore Asian Tiger expansions](https://en.wikipedia.org/wiki/Four_Asian_Tigers "Four Asian Tigers") (1950–1990) [1951 Canada recession](https://en.wikipedia.org/wiki/List_of_recessions_in_Canada "List of recessions in Canada") [Recession of 1953](https://en.wikipedia.org/wiki/Recession_of_1953 "Recession of 1953") (1953–1954) [Recession of 1958](https://en.wikipedia.org/wiki/Recession_of_1958 "Recession of 1958") (1957–1958) [Recession of 1960–1961](https://en.wikipedia.org/wiki/Recession_of_1960%E2%80%931961 "Recession of 1960–1961") [Kennedy Slide of 1962](https://en.wikipedia.org/wiki/Kennedy_Slide_of_1962 "Kennedy Slide of 1962") [Poseidon bubble](https://en.wikipedia.org/wiki/Poseidon_bubble "Poseidon bubble") (1969–1970) [Recession of 1969–1970](https://en.wikipedia.org/wiki/Recession_of_1969%E2%80%931970 "Recession of 1969–1970") [1970s commodities boom](https://en.wikipedia.org/wiki/1970s_commodities_boom "1970s commodities boom") [1973–1975 recession](https://en.wikipedia.org/wiki/1973%E2%80%931975_recession "1973–1975 recession") [1973–1974 stock market crash](https://en.wikipedia.org/wiki/1973%E2%80%931974_stock_market_crash "1973–1974 stock market crash") [Secondary banking crisis of 1973–1975](https://en.wikipedia.org/wiki/Secondary_banking_crisis_of_1973%E2%80%931975 "Secondary banking crisis of 1973–1975") [1970s energy crisis](https://en.wikipedia.org/wiki/1970s_energy_crisis "1970s energy crisis") 1973–1980; [1973 oil crisis](https://en.wikipedia.org/wiki/1973_oil_crisis "1973 oil crisis") [1979 oil crisis](https://en.wikipedia.org/wiki/1979_oil_crisis "1979 oil crisis") [Steel crisis](https://en.wikipedia.org/wiki/Steel_crisis "Steel crisis") (1973–1982) [1976 sterling crisis](https://en.wikipedia.org/wiki/1976_sterling_crisis "1976 sterling crisis") [Silver Thursday](https://en.wikipedia.org/wiki/Silver_Thursday "Silver Thursday") (1980) [Early 1980s recession](https://en.wikipedia.org/wiki/Early_1980s_recession "Early 1980s recession") 1980–1982; [United States](https://en.wikipedia.org/wiki/Early_1980s_recession_in_the_United_States "Early 1980s recession in the United States") \| \| [Computer Age](https://en.wikipedia.org/wiki/Information_Age "Information Age")/ [Second Gilded Age](https://en.wikipedia.org/wiki/Second_Gilded_Age "Second Gilded Age") (1982–present) \| [Great Moderation](https://en.wikipedia.org/wiki/Great_Moderation "Great Moderation") (1982–2007) [1980s oil glut](https://en.wikipedia.org/wiki/1980s_oil_glut "1980s oil glut") [Black Saturday](https://en.wikipedia.org/wiki/Black_Saturday_$1983$ "Black Saturday (1983)") (1983) [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (c. 1985–) [Savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis") (1986–1995) [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$1987$ "Black Monday (1987)") (1987) [Friday the 13th mini-crash](https://en.wikipedia.org/wiki/Friday_the_13th_mini-crash "Friday the 13th mini-crash") (1989) [Early 1990s recession](https://en.wikipedia.org/wiki/Early_1990s_recession "Early 1990s recession") 1990–1991; [Australia](https://en.wikipedia.org/wiki/Early_1990s_recession_in_Australia "Early 1990s recession in Australia") [United States](https://en.wikipedia.org/wiki/Early_1990s_recession_in_the_United_States "Early 1990s recession in the United States") [1990 oil price shock](https://en.wikipedia.org/wiki/1990_oil_price_shock "1990 oil price shock") [Rhode Island banking crisis](https://en.wikipedia.org/wiki/Rhode_Island_banking_crisis "Rhode Island banking crisis") (1990–1992) [1991 Indian economic crisis](https://en.wikipedia.org/wiki/1991_Indian_economic_crisis "1991 Indian economic crisis") [1990s United States boom](https://en.wikipedia.org/wiki/1990s_United_States_boom "1990s United States boom") (1991–2001) [1990s India economic boom](https://en.wikipedia.org/wiki/Economic_liberalisation_in_India "Economic liberalisation in India") [Hyperinflation in Zimbabwe](https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe "Hyperinflation in Zimbabwe") (1991–present) [Black Wednesday](https://en.wikipedia.org/wiki/Black_Wednesday "Black Wednesday") (1992) [1994 bond market crisis](https://en.wikipedia.org/wiki/1994_bond_market_crisis "1994 bond market crisis") [1994 Papua New Guinea financial crisis](https://en.wikipedia.org/wiki/1994_Papua_New_Guinea_financial_crisis "1994 Papua New Guinea financial crisis") [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") 1995–2004; [Stock market downturn of 2002](https://en.wikipedia.org/wiki/Stock_market_downturn_of_2002 "Stock market downturn of 2002") [1997 Asian financial crisis](https://en.wikipedia.org/wiki/1997_Asian_financial_crisis "1997 Asian financial crisis") [October 27, 1997, mini-crash](https://en.wikipedia.org/wiki/October_27,_1997,_mini-crash "October 27, 1997, mini-crash") [Early 2000s recession](https://en.wikipedia.org/wiki/Early_2000s_recession "Early 2000s recession") 2001; [9/11 stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_the_September_11_attacks "Economic effects of the September 11 attacks") [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2000–2014) [United States housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") (2002–2006) [Canadian property bubble](https://en.wikipedia.org/wiki/Canadian_property_bubble "Canadian property bubble") (2002–) [2003 Myanmar banking crisis](https://en.wikipedia.org/wiki/2003_Myanmar_banking_crisis "2003 Myanmar banking crisis") [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") (2003–2008) [North Dakota oil boom](https://en.wikipedia.org/wiki/North_Dakota_oil_boom "North Dakota oil boom") (2006–2015) [Uranium bubble of 2007](https://en.wikipedia.org/wiki/Uranium_bubble_of_2007 "Uranium bubble of 2007") [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") 2007–2009; [Australia and New Zealand](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania") [Bangladesh, India, Malaysia, Pakistan, and Sri Lanka](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia") [British West Indies](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") [Canada](https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas "Great Recession in the Americas") [South Africa](https://en.wikipedia.org/wiki/Great_Recession_in_Africa "Great Recession in Africa") [United Kingdom](https://en.wikipedia.org/wiki/Great_Recession_in_Europe#United_Kingdom "Great Recession in Europe") [United States](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "Great Recession in the United States") [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [September](https://en.wikipedia.org/wiki/Global_financial_crisis_in_September_2008 "Global financial crisis in September 2008") [October](https://en.wikipedia.org/wiki/Global_financial_crisis_in_October_2008 "Global financial crisis in October 2008") [November](https://en.wikipedia.org/wiki/Global_financial_crisis_in_November_2008 "Global financial crisis in November 2008") [December](https://en.wikipedia.org/wiki/Global_financial_crisis_in_December_2008 "Global financial crisis in December 2008") [2009](https://en.wikipedia.org/wiki/Global_financial_crisis_in_2009 "Global financial crisis in 2009") [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") [2000s U.S. housing market correction](https://en.wikipedia.org/wiki/2000s_United_States_housing_market_correction "2000s United States housing market correction") [U.S. bear market of 2007–2009](https://en.wikipedia.org/wiki/United_States_bear_market_of_2007%E2%80%932009 "United States bear market of 2007–2009") [2007–2010 U.S. bank failures](https://en.wikipedia.org/wiki/List_of_banks_acquired_or_bankrupted_in_the_United_States_during_the_2008_financial_crisis "List of banks acquired or bankrupted in the United States during the 2008 financial crisis") [Corporate debt bubble](https://en.wikipedia.org/wiki/Corporate_debt_bubble "Corporate debt bubble") (2008–) [Blue Monday Crash 2009](https://en.wikipedia.org/wiki/Blue_Monday_Crash_2009 "Blue Monday Crash 2009") [2010 flash crash](https://en.wikipedia.org/wiki/2010_flash_crash "2010 flash crash") [Malaysia Tiger Cub expansion](https://en.wikipedia.org/wiki/Tiger_Cub_Economies "Tiger Cub Economies") (2010s) [Australian property bubble](https://en.wikipedia.org/wiki/Australian_property_bubble "Australian property bubble") (2010–) [August 2011 stock markets fall](https://en.wikipedia.org/wiki/August_2011_stock_markets_fall "August 2011 stock markets fall") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$2011$ "Black Monday (2011)") [2011 Bangladesh share market scam](https://en.wikipedia.org/wiki/2011_Bangladesh_share_market_scam "2011 Bangladesh share market scam") [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") (2011–) [Puerto Rican government-debt crisis](https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis "Puerto Rican government-debt crisis") (2014–2022) [2015–2016 stock market selloff](https://en.wikipedia.org/wiki/2015%E2%80%932016_stock_market_selloff "2015–2016 stock market selloff") [Brexit stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_Brexit "Economic effects of Brexit") (2016) [2017 Sri Lankan fuel crisis](https://en.wikipedia.org/wiki/2017_Sri_Lankan_fuel_crisis "2017 Sri Lankan fuel crisis") [Ghana banking crisis](https://en.wikipedia.org/wiki/Ghana_banking_crisis "Ghana banking crisis") (2017–2018) [Sri Lankan economic crisis](https://en.wikipedia.org/wiki/Sri_Lankan_economic_crisis_$2019%E2%80%932024$ "Sri Lankan economic crisis (2019–2024)") (2019–2024) [COVID-19 recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession") 2020–2022; [2020 stock market crash](https://en.wikipedia.org/wiki/2020_stock_market_crash "2020 stock market crash") [financial market impact](https://en.wikipedia.org/wiki/Financial_market_impact_of_the_COVID-19_pandemic "Financial market impact of the COVID-19 pandemic") [sectoral impacts](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic "Economic impact of the COVID-19 pandemic") [shortages](https://en.wikipedia.org/wiki/Shortages_related_to_the_COVID-19_pandemic "Shortages related to the COVID-19 pandemic") [Canada](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada "Economic impact of the COVID-19 pandemic in Canada") [India](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India "Economic impact of the COVID-19 pandemic in India") [Malaysia](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia "Economic impact of the COVID-19 pandemic in Malaysia") [New Zealand](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand "Economic impact of the COVID-19 pandemic in New Zealand") [United Kingdom](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom "Economic impact of the COVID-19 pandemic in the United Kingdom") [United States](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States "Economic impact of the COVID-19 pandemic in the United States") [2020s commodities boom](https://en.wikipedia.org/wiki/2020s_commodities_boom "2020s commodities boom") [Global energy crisis](https://en.wikipedia.org/wiki/Global_energy_crisis_$2021%E2%80%932023$ "Global energy crisis (2021–2023)") 2021–2023; [2021 United Kingdom natural gas supplier crisis](https://en.wikipedia.org/wiki/2021_United_Kingdom_natural_gas_supplier_crisis "2021 United Kingdom natural gas supplier crisis") [regional effects](https://en.wikipedia.org/wiki/Regional_effects_of_the_2021%E2%80%932023_global_energy_crisis "Regional effects of the 2021–2023 global energy crisis") [2021–2023 global supply chain crisis](https://en.wikipedia.org/wiki/2021%E2%80%932023_global_supply_chain_crisis "2021–2023 global supply chain crisis") [2021–2023 inflation surge](https://en.wikipedia.org/wiki/2021%E2%80%932023_inflation_surge "2021–2023 inflation surge") [Pakistani economic crisis](https://en.wikipedia.org/wiki/Pakistani_economic_crisis_$2021%E2%80%932024$ "Pakistani economic crisis (2021–2024)") (2021–2024) [2022 stock market decline](https://en.wikipedia.org/wiki/2022_stock_market_decline "2022 stock market decline") [2022–2023 global food crises](https://en.wikipedia.org/wiki/2022%E2%80%932023_global_food_crises "2022–2023 global food crises") [2023 United Kingdom recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom "List of recessions in the United Kingdom") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [2025 stock market crash](https://en.wikipedia.org/wiki/2025_stock_market_crash "2025 stock market crash") \| \| Countries and sectors \| [Australia](https://en.wikipedia.org/wiki/Economic_history_of_Australia "Economic history of Australia") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Australia "History of rail transport in Australia") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Australia "Slavery in Australia") [whaling](https://en.wikipedia.org/wiki/Whaling_in_Australia "Whaling in Australia")/[Western Australia](https://en.wikipedia.org/wiki/Whaling_in_Western_Australia "Whaling in Western Australia") [Canada](https://en.wikipedia.org/wiki/Economic_history_of_Canada "Economic history of Canada") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_Canada "History of agriculture in Canada") [currencies](https://en.wikipedia.org/wiki/History_of_Canadian_currencies "History of Canadian currencies") [early banking system](https://en.wikipedia.org/wiki/Early_Canadian_banking_system "Early Canadian banking system") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_Canada "List of recessions in Canada") [petroleum industry](https://en.wikipedia.org/wiki/History_of_the_petroleum_industry_in_Canada "History of the petroleum industry in Canada") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Canada "History of rail transport in Canada") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Canada "Slavery in Canada") [technological and industrial](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_Canada "Technological and industrial history of Canada") [whaling](https://en.wikipedia.org/wiki/Whaling_in_Canada "Whaling in Canada")/[Pacific Northwest](https://en.wikipedia.org/wiki/Whaling_on_the_Pacific_Northwest_Coast "Whaling on the Pacific Northwest Coast") [Ghana](https://en.wikipedia.org/wiki/Economic_history_of_Ghana "Economic history of Ghana") [India](https://en.wikipedia.org/wiki/Economic_history_of_India "Economic history of India") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_Indian_subcontinent "History of agriculture in the Indian subcontinent") [Company rule](https://en.wikipedia.org/wiki/Economy_of_India_under_Company_rule "Economy of India under Company rule") [maritime](https://en.wikipedia.org/wiki/Indian_maritime_history "Indian maritime history") [British Raj](https://en.wikipedia.org/wiki/Economy_of_India_under_the_British_Raj "Economy of India under the British Raj") [Deindustrialisation](https://en.wikipedia.org/wiki/De-industrialisation_of_India "De-industrialisation of India") [salt tax](https://en.wikipedia.org/wiki/History_of_the_salt_tax_in_British_India "History of the salt tax in British India") [slavery](https://en.wikipedia.org/wiki/Slavery_in_India "Slavery in India") [Malaysia](https://en.wikipedia.org/wiki/Economic_history_of_Malaysia "Economic history of Malaysia") [New Zealand](https://en.wikipedia.org/wiki/Economic_history_of_New_Zealand "Economic history of New Zealand") [whaling](https://en.wikipedia.org/wiki/Whaling_in_New_Zealand "Whaling in New Zealand") [Nigeria](https://en.wikipedia.org/wiki/Economic_history_of_Nigeria "Economic history of Nigeria") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Nigeria "Slavery in Nigeria") [Pakistan](https://en.wikipedia.org/wiki/Economic_history_of_Pakistan "Economic history of Pakistan") [maritime](https://en.wikipedia.org/wiki/Maritime_history_of_Pakistan "Maritime history of Pakistan") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Pakistan "History of rail transport in Pakistan") [South Africa](https://en.wikipedia.org/wiki/Economic_history_of_South_Africa "Economic history of South Africa") [slavery](https://en.wikipedia.org/wiki/Slavery_in_South_Africa "Slavery in South Africa") [whaling](https://en.wikipedia.org/wiki/Whaling_in_South_Africa "Whaling in South Africa") [Uganda](https://en.wikipedia.org/wiki/Economic_history_of_Uganda "Economic history of Uganda") [United Kingdom](https://en.wikipedia.org/wiki/Economic_history_of_the_United_Kingdom "Economic history of the United Kingdom") [Agricultural Revolution](https://en.wikipedia.org/wiki/British_Agricultural_Revolution "British Agricultural Revolution") [Atlantic slave trade](https://en.wikipedia.org/wiki/Atlantic_slave_trade "Atlantic slave trade") [banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_Kingdom "History of banking in the United Kingdom") [British Empire](https://en.wikipedia.org/wiki/Economy_of_the_British_Empire "Economy of the British Empire") [English fiscal system](https://en.wikipedia.org/wiki/History_of_the_English_fiscal_system "History of the English fiscal system") [Interwar unemployment and poverty](https://en.wikipedia.org/wiki/Interwar_unemployment_and_poverty_in_the_United_Kingdom "Interwar unemployment and poverty in the United Kingdom") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom "List of recessions in the United Kingdom") [maritime](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_Kingdom "Maritime history of the United Kingdom")/[England](https://en.wikipedia.org/wiki/Maritime_history_of_England "Maritime history of England")/[Scotland](https://en.wikipedia.org/wiki/Maritime_history_of_Scotland "Maritime history of Scotland") [Middle Ages England](https://en.wikipedia.org/wiki/Economy_of_England_in_the_Middle_Ages "Economy of England in the Middle Ages")/[agriculture](https://en.wikipedia.org/wiki/Economics_of_English_agriculture_in_the_Middle_Ages "Economics of English agriculture in the Middle Ages") [national debt](https://en.wikipedia.org/wiki/History_of_the_British_national_debt "History of the British national debt") [Scotland](https://en.wikipedia.org/wiki/Economic_history_of_Scotland "Economic history of Scotland")/[agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_Scotland "History of agriculture in Scotland")/[Middle Ages](https://en.wikipedia.org/wiki/Economy_of_Scotland_in_the_Middle_Ages "Economy of Scotland in the Middle Ages") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain "History of rail transport in Great Britain")/[pre–1830](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_to_1830 "History of rail transport in Great Britain to 1830")/[1830–1922](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1830%E2%80%931922 "History of rail transport in Great Britain 1830–1922")/[1923–1947](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1923%E2%80%931947 "History of rail transport in Great Britain 1923–1947")/[1948–1994](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1948%E2%80%931994 "History of rail transport in Great Britain 1948–1994")/[1995–present](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1995_to_date "History of rail transport in Great Britain 1995 to date") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Britain "Slavery in Britain") [trade unions](https://en.wikipedia.org/wiki/History_of_trade_unions_in_the_United_Kingdom "History of trade unions in the United Kingdom") [Victorian era](https://en.wikipedia.org/wiki/Economy,_industry,_and_trade_of_the_Victorian_era "Economy, industry, and trade of the Victorian era") [Wales](https://en.wikipedia.org/wiki/Economic_history_of_Wales "Economic history of Wales") [whaling](https://en.wikipedia.org/wiki/Whaling_in_the_United_Kingdom "Whaling in the United Kingdom")/[Scotland](https://en.wikipedia.org/wiki/Whaling_in_Scotland "Whaling in Scotland") [United States](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_United_States "History of agriculture in the United States") [banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_States "History of banking in the United States")/[colonial-era credit](https://en.wikipedia.org/wiki/Credit_in_the_Thirteen_Colonies "Credit in the Thirteen Colonies")/[cooperatives](https://en.wikipedia.org/wiki/History_of_cooperatives_in_the_United_States "History of cooperatives in the United States")/[investment banking](https://en.wikipedia.org/wiki/History_of_investment_banking_in_the_United_States "History of investment banking in the United States")/[wildcat banking](https://en.wikipedia.org/wiki/Wildcat_banking "Wildcat banking") [business](https://en.wikipedia.org/wiki/American_business_history "American business history") [central banking](https://en.wikipedia.org/wiki/History_of_central_banking_in_the_United_States "History of central banking in the United States") [coal mining](https://en.wikipedia.org/wiki/History_of_coal_mining_in_the_United_States "History of coal mining in the United States") [indentured servitude](https://en.wikipedia.org/wiki/Indentured_servitude_in_British_America "Indentured servitude in British America") [iron and steel industry](https://en.wikipedia.org/wiki/History_of_the_iron_and_steel_industry_in_the_United_States "History of the iron and steel industry in the United States") [labor](https://en.wikipedia.org/wiki/Labor_history_of_the_United_States "Labor history of the United States") [list of economic expansions](https://en.wikipedia.org/wiki/List_of_economic_expansions_in_the_United_States "List of economic expansions in the United States") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States "List of recessions in the United States") [lumber industry](https://en.wikipedia.org/wiki/History_of_the_lumber_industry_in_the_United_States "History of the lumber industry in the United States") [maritime](https://en.wikipedia.org/wiki/History_of_the_United_States_Merchant_Marine "History of the United States Merchant Marine")/[colonial-era](https://en.wikipedia.org/wiki/Maritime_history_of_Colonial_America "Maritime history of Colonial America")/[1776–1799](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1776%E2%80%931799$ "Maritime history of the United States (1776–1799)")/[1800–1899](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1800%E2%80%931899$ "Maritime history of the United States (1800–1899)")/[1900–1999](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1900%E2%80%931999$ "Maritime history of the United States (1900–1999)")/[2000–present](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$2000%E2%80%93present$ "Maritime history of the United States (2000–present)") [monetary policy](https://en.wikipedia.org/wiki/History_of_monetary_policy_in_the_United_States "History of monetary policy in the United States") [poverty](https://en.wikipedia.org/wiki/History_of_poverty_in_the_United_States "History of poverty in the United States") [petroleum industry](https://en.wikipedia.org/wiki/History_of_the_petroleum_industry_in_the_United_States "History of the petroleum industry in the United States")/[oil shale](https://en.wikipedia.org/wiki/History_of_the_oil_shale_industry_in_the_United_States "History of the oil shale industry in the United States") [public debt](https://en.wikipedia.org/wiki/History_of_the_United_States_public_debt "History of the United States public debt") [rail transportation](https://en.wikipedia.org/wiki/History_of_rail_transportation_in_the_United_States "History of rail transportation in the United States") [slavery](https://en.wikipedia.org/wiki/Slavery_in_the_United_States "Slavery in the United States")/[colonial-era slavery](https://en.wikipedia.org/wiki/Slavery_in_the_colonial_history_of_the_United_States "Slavery in the colonial history of the United States")/[forced labor](https://en.wikipedia.org/wiki/History_of_forced_labor_in_the_United_States "History of forced labor in the United States")/[slave trade](https://en.wikipedia.org/wiki/Slave_trade_in_the_United_States "Slave trade in the United States")/[slave markets](https://en.wikipedia.org/wiki/Slave_markets_and_slave_jails_in_the_United_States "Slave markets and slave jails in the United States") [tariffs](https://en.wikipedia.org/wiki/History_of_tariffs_in_the_United_States "History of tariffs in the United States") [taxation](https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_States "History of taxation in the United States") [technological and industrial](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_the_United_States "Technological and industrial history of the United States") [United States dollar](https://en.wikipedia.org/wiki/History_of_the_United_States_dollar "History of the United States dollar") [whaling](https://en.wikipedia.org/wiki/Whaling_in_the_United_States "Whaling in the United States") [Zimbabwe](https://en.wikipedia.org/wiki/Economic_history_of_Zimbabwe "Economic history of Zimbabwe") \| \| [Business cycle](https://en.wikipedia.org/wiki/Business_cycle "Business cycle") topics \| [Aggregate demand](https://en.wikipedia.org/wiki/Aggregate_demand "Aggregate demand")/[Supply](https://en.wikipedia.org/wiki/Aggregate_supply "Aggregate supply") [Effective demand](https://en.wikipedia.org/wiki/Effective_demand "Effective demand") [General glut](https://en.wikipedia.org/wiki/General_glut "General glut") [Model](https://en.wikipedia.org/wiki/AD%E2%80%93AS_model "AD–AS model") [Overproduction](https://en.wikipedia.org/wiki/Overproduction "Overproduction") [Paradox of thrift](https://en.wikipedia.org/wiki/Paradox_of_thrift "Paradox of thrift") [Price-and-wage stickiness](https://en.wikipedia.org/wiki/Nominal_rigidity "Nominal rigidity") [Underconsumption](https://en.wikipedia.org/wiki/Underconsumption "Underconsumption") [Inflation](https://en.wikipedia.org/wiki/Inflation "Inflation") and [unemployment](https://en.wikipedia.org/wiki/Unemployment "Unemployment") [Chronic](https://en.wikipedia.org/wiki/Chronic_inflation "Chronic inflation") [Classical dichotomy](https://en.wikipedia.org/wiki/Classical_dichotomy "Classical dichotomy") [Debasement](https://en.wikipedia.org/wiki/Debasement "Debasement") [Debt monetization](https://en.wikipedia.org/wiki/Debt_monetization "Debt monetization") [Demand-pull](https://en.wikipedia.org/wiki/Demand-pull_inflation "Demand-pull inflation")/[cost-push](https://en.wikipedia.org/wiki/Cost-push_inflation "Cost-push inflation")/[built-in inflation](https://en.wikipedia.org/wiki/Inertial_inflation "Inertial inflation") [Deflation](https://en.wikipedia.org/wiki/Deflation "Deflation") [Disinflation](https://en.wikipedia.org/wiki/Disinflation "Disinflation") [Full employment](https://en.wikipedia.org/wiki/Full_employment "Full employment") [Hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation "Hyperinflation") [Money supply](https://en.wikipedia.org/wiki/Money_supply "Money supply")/[demand](https://en.wikipedia.org/wiki/Demand_for_money "Demand for money") [NAIRU](https://en.wikipedia.org/wiki/NAIRU "NAIRU") [Natural rate of unemployment](https://en.wikipedia.org/wiki/Natural_rate_of_unemployment "Natural rate of unemployment") [Neutrality of money](https://en.wikipedia.org/wiki/Neutrality_of_money "Neutrality of money") [Phillips curve](https://en.wikipedia.org/wiki/Phillips_curve "Phillips curve") [Price level](https://en.wikipedia.org/wiki/Price_level "Price level") [Real and nominal value](https://en.wikipedia.org/wiki/Real_and_nominal_value "Real and nominal value") [Sahm rule](https://en.wikipedia.org/wiki/Sahm_rule "Sahm rule") [Velocity of money](https://en.wikipedia.org/wiki/Velocity_of_money "Velocity of money") [Expansion](https://en.wikipedia.org/wiki/Economic_expansion "Economic expansion") [Miracle](https://en.wikipedia.org/wiki/Economic_miracle "Economic miracle") [Recovery](https://en.wikipedia.org/wiki/Economic_recovery "Economic recovery") [Stagnation](https://en.wikipedia.org/wiki/Economic_stagnation "Economic stagnation") [Interest rate](https://en.wikipedia.org/wiki/Interest_rate "Interest rate") [Nominal interest rate](https://en.wikipedia.org/wiki/Nominal_interest_rate "Nominal interest rate") [Real interest rate](https://en.wikipedia.org/wiki/Real_interest_rate "Real interest rate") [Yield curve](https://en.wikipedia.org/wiki/Yield_curve "Yield curve")/[Inverted](https://en.wikipedia.org/wiki/Inverted_yield_curve "Inverted yield curve") [Recession](https://en.wikipedia.org/wiki/Recession "Recession") [Balance sheet](https://en.wikipedia.org/wiki/Balance_sheet_recession "Balance sheet recession") [Depression](https://en.wikipedia.org/wiki/Economic_depression "Economic depression") [Global](https://en.wikipedia.org/wiki/Global_recession "Global recession") [Rolling](https://en.wikipedia.org/wiki/Rolling_recession "Rolling recession") [Shapes](https://en.wikipedia.org/wiki/Recession_shapes "Recession shapes") [Stagflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") [Shock](https://en.wikipedia.org/wiki/Shock_$economics$ "Shock (economics)") [Demand](https://en.wikipedia.org/wiki/Demand_shock "Demand shock") [Supply](https://en.wikipedia.org/wiki/Supply_shock "Supply shock") \| \| [Credit cycle](https://en.wikipedia.org/wiki/Credit_cycle "Credit cycle") topics \| [Financial bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") [Commodity booms](https://en.wikipedia.org/wiki/List_of_commodity_booms "List of commodity booms")/[diamond rush](https://en.wikipedia.org/wiki/Diamond_rush "Diamond rush")/[gold rush](https://en.wikipedia.org/wiki/Gold_rush "Gold rush")/[oil boom](https://en.wikipedia.org/wiki/Oil_boom "Oil boom") [Real-estate bubble](https://en.wikipedia.org/wiki/Real-estate_bubble "Real-estate bubble")/[housing bubble](https://en.wikipedia.org/wiki/Housing_bubble "Housing bubble")/[boomtown](https://en.wikipedia.org/wiki/Boomtown "Boomtown")/[ghost town](https://en.wikipedia.org/wiki/Ghost_town "Ghost town") [Speculation](https://en.wikipedia.org/wiki/Speculation "Speculation") [Stock market bubble]() [Financial crisis](https://en.wikipedia.org/wiki/Financial_crisis "Financial crisis") [Bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run")/[bank failure](https://en.wikipedia.org/wiki/Bank_failure "Bank failure") [Commodity price shocks](https://en.wikipedia.org/wiki/Commodity_price_shocks "Commodity price shocks") [Credit crunch](https://en.wikipedia.org/wiki/Credit_crunch "Credit crunch") [Currency crisis](https://en.wikipedia.org/wiki/Currency_crisis "Currency crisis") [Debt crisis](https://en.wikipedia.org/wiki/Debt_crisis "Debt crisis") [Energy crisis](https://en.wikipedia.org/wiki/Energy_crisis "Energy crisis") [Liquidity crisis](https://en.wikipedia.org/wiki/Liquidity_crisis "Liquidity crisis")/[accounting](https://en.wikipedia.org/wiki/Accounting_liquidity "Accounting liquidity")/[capital](https://en.wikipedia.org/wiki/Liquid_capital "Liquid capital")/[funding](https://en.wikipedia.org/wiki/Funding_liquidity "Funding liquidity")/[market](https://en.wikipedia.org/wiki/Market_liquidity "Market liquidity") [Minsky moment](https://en.wikipedia.org/wiki/Minsky_moment "Minsky moment")/[leverage cycle](https://en.wikipedia.org/wiki/Leverage_cycle "Leverage cycle") [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash")/[Flash crash](https://en.wikipedia.org/wiki/Flash_crash "Flash crash") [Social contagion](https://en.wikipedia.org/wiki/Social_contagion "Social contagion") [Financial contagion](https://en.wikipedia.org/wiki/Financial_contagion "Financial contagion") [Irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance") [Market trend](https://en.wikipedia.org/wiki/Market_trend "Market trend") Proposed bubbles [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble")/[AI boom](https://en.wikipedia.org/wiki/AI_boom "AI boom")/[Fourth Industrial Revolution](https://en.wikipedia.org/wiki/Fourth_Industrial_Revolution "Fourth Industrial Revolution")/[Imagination Age](https://en.wikipedia.org/wiki/Imagination_Age "Imagination Age") [Carbon bubble](https://en.wikipedia.org/wiki/Carbon_bubble "Carbon bubble")/[Age of Oil](https://en.wikipedia.org/wiki/Age_of_Oil "Age of Oil")/[Peak oil](https://en.wikipedia.org/wiki/Peak_oil "Peak oil") [Everything bubble](https://en.wikipedia.org/wiki/Everything_bubble "Everything bubble") [Green bubble](https://en.wikipedia.org/wiki/Green_bubble "Green bubble") [Social media stock bubble](https://en.wikipedia.org/wiki/Social_media_stock_bubble "Social media stock bubble") [Unicorn bubble](https://en.wikipedia.org/wiki/Unicorn_bubble "Unicorn bubble") [U.S. higher education bubble](https://en.wikipedia.org/wiki/Higher_education_bubble_in_the_United_States "Higher education bubble in the United States") \| ![](https://en.wikipedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=1) Retrieved from "<https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&oldid=1335863800>" [Categories](https://en.wikipedia.org/wiki/Help:Category 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Readable Markdown	From Wikipedia, the free encyclopedia A stock market bubble is a type of [economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") taking place in [stock markets](https://en.wikipedia.org/wiki/Stock_market "Stock market") when market participants drive [stock](https://en.wikipedia.org/wiki/Stock "Stock") prices above their value in relation to some system of [stock valuation](https://en.wikipedia.org/wiki/Stock_valuation "Stock valuation"). [Behavioral finance](https://en.wikipedia.org/wiki/Behavioral_finance "Behavioral finance") theory attributes stock market bubbles to [cognitive biases](https://en.wikipedia.org/wiki/Cognitive_bias "Cognitive bias") that lead to [groupthink](https://en.wikipedia.org/wiki/Groupthink "Groupthink") and [herd behavior](https://en.wikipedia.org/wiki/Herd_behavior "Herd behavior"). Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets.[\[1\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-Smith1988-1) Other theoretical explanations of stock market bubbles have suggested that they are rational,[\[2\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-DeLong1990-2) intrinsic,[\[3\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-Froot1991-3) and contagious.[\[4\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-Topol1991-4) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/b/bf/Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg/250px-Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg)](https://en.wikipedia.org/wiki/File:Emanuel_de_Witte_-_De_binnenplaats_van_de_beurs_te_Amsterdam.jpg) Courtyard of the Amsterdam Stock Exchange ([Beurs van Hendrick de Keyser](https://nl.wikipedia.org/wiki/Beurs_van_Hendrick_de_Keyser "nl:Beurs van Hendrick de Keyser")) by [Emanuel de Witte](https://en.wikipedia.org/wiki/Emanuel_de_Witte "Emanuel de Witte"), 1653. Historically, early stock market bubbles and [crashes](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash") have their roots in [financial activities of the 17th-century Dutch Republic](https://en.wikipedia.org/wiki/Financial_history_of_the_Dutch_Republic "Financial history of the Dutch Republic"), the birthplace of the first formal (official) [stock exchange](https://en.wikipedia.org/wiki/Stock_exchange "Stock exchange") and [market](https://en.wikipedia.org/wiki/Stock_market "Stock market") in history.[\[5\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-5)[\[6\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-6)[\[7\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-7)[\[8\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-8)[\[9\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-9) The [Dutch tulip mania](https://en.wikipedia.org/wiki/Tulipmania "Tulipmania"), of the 1630s, is generally considered the world's first recorded [speculative bubble](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") (or [economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble")).[\[10\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-10) Two famous early stock market bubbles were the [Mississippi Scheme](https://en.wikipedia.org/wiki/Mississippi_Company "Mississippi Company") in France and the [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") in England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors. Those stories, and many others, are recounted in [Charles Mackay](https://en.wikipedia.org/wiki/Charles_Mackay_$author$ "Charles Mackay (author)")'s 1841 popular account, "[Extraordinary Popular Delusions and the Madness of Crowds](https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds "Extraordinary Popular Delusions and the Madness of Crowds")". [![](https://upload.wikimedia.org/wikipedia/commons/thumb/8/84/Nasdaq_Composite_dot-com_bubble.svg/250px-Nasdaq_Composite_dot-com_bubble.svg.png)](https://en.wikipedia.org/wiki/File:Nasdaq_Composite_dot-com_bubble.svg) The [NASDAQ Composite](https://en.wikipedia.org/wiki/NASDAQ_Composite "NASDAQ Composite") index spiked in the late 90s and then fell sharply as a result of the [dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble"). [![](https://upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Nikkei_225%281970-%29.svg/250px-Nikkei_225%281970-%29.svg.png)](https://en.wikipedia.org/wiki/File:Nikkei_225$1970-$.svg) The [Nikkei 225](https://en.wikipedia.org/wiki/Nikkei_225 "Nikkei 225") The two most famous bubbles of the twentieth century, the bubble in American stocks in the 1920s just before the [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") and the following [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression"), and the [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") of the late 1990s, were based on speculative activity surrounding the development of new technologies. The 1920s saw the widespread introduction of a range of technological innovations including [radio](https://en.wikipedia.org/wiki/Radio "Radio"), [automobiles](https://en.wikipedia.org/wiki/Automobiles "Automobiles"), [aviation](https://en.wikipedia.org/wiki/Aviation "Aviation") and the deployment of [electrical power grids](https://en.wikipedia.org/wiki/Electrical_power_grid "Electrical power grid"). The 1990s was the decade when Internet and e-commerce technologies emerged—many of which had minimal sales and earnings profiles. Other stock market bubbles of note include the [Encilhamento](https://en.wikipedia.org/wiki/Encilhamento "Encilhamento") occurred in Brazil during the late 1880s and early 1890s, the [Nifty Fifty](https://en.wikipedia.org/wiki/Nifty_Fifty "Nifty Fifty") stocks in the early 1970s, [Taiwanese](https://en.wikipedia.org/wiki/Economy_of_Taiwan "Economy of Taiwan") stocks in 1987–89 and [Japanese stocks in the late 1980s](https://en.wikipedia.org/wiki/Japanese_asset_price_bubble "Japanese asset price bubble"). Stock market bubbles frequently produce hot markets in [initial public offerings](https://en.wikipedia.org/wiki/Initial_public_offering "Initial public offering"), since investment bankers and their clients see opportunities to float new stock issues at inflated prices. These hot IPO markets misallocate investment funds to areas dictated by speculative trends, rather than to enterprises generating longstanding economic value. Typically when there is an over abundance of IPOs in a bubble market, a large portion of the IPO companies fail completely, never achieve what is promised to the investors, or can even be vehicles for fraud. ## Whether rational or irrational \[[edit](https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&action=edit&section=3 "Edit section: Whether rational or irrational")\] Emotional and cognitive biases (see [behavioral finance](https://en.wikipedia.org/wiki/Behavioral_finance "Behavioral finance")) seem to be the causes of bubbles, but often, when the phenomenon appears, pundits try to find a rationale, so as not to be against the crowd. Thus, sometimes, people will dismiss concerns about overpriced markets by citing a [new economy](https://en.wikipedia.org/wiki/New_economy "New economy") where the old stock valuation rules may no longer apply. This type of thinking helps to further propagate the bubble whereby everyone is investing with the intent of finding a [greater fool](https://en.wikipedia.org/wiki/Greater_fool_theory "Greater fool theory"). Still, some analysts cite the wisdom of crowds and say that price movements really do reflect [rational expectations](https://en.wikipedia.org/wiki/Rational_expectations "Rational expectations") of fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles.[\[11\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-11) To sort out the competing claims between behavioral finance and efficient markets theorists, observers need to find bubbles that occur when a readily available measure of fundamental value is also observable. The bubble in closed-end country funds in the late 1980s is instructive here, as are the bubbles that occur in experimental asset markets. According to the [efficient-market hypothesis](https://en.wikipedia.org/wiki/Efficient-market_hypothesis "Efficient-market hypothesis"), this doesn't happen, and so any data is wrong.[\[12\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-12) For closed-end country funds, observers can compare the stock prices to the net asset value per share (the net value of the fund's total holdings divided by the number of shares outstanding). For experimental asset markets, observers can compare the stock prices to the expected returns from holding the stock (which the experimenter determines and communicates to the traders). In both instances, closed-end country funds and experimental markets, stock prices clearly diverge from fundamental values. Nobel laureate Dr. [Vernon Smith](https://en.wikipedia.org/wiki/Vernon_L._Smith "Vernon L. Smith") has illustrated the closed-end country fund phenomenon with a chart showing prices and net asset values of the [Spain Fund](https://en.wikipedia.org/w/index.php?title=Spain_Fund&action=edit&redlink=1 "Spain Fund (page does not exist)") \[[zh](https://zh.wikipedia.org/wiki/%E4%BC%8A%E5%88%A9%E6%AF%94%E4%BA%9E%E7%BE%8E%E6%B4%B2%E5%9F%BA%E9%87%91 "zh:伊利比亞美洲基金")\] in 1989 and 1990 in his work on price bubbles.[\[13\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-13) At its peak, the Spain Fund traded near \$35, nearly triple its Net Asset Value of about \$12 per share. At the same time the Spain Fund and other closed-end country funds were trading at very substantial premiums, the number of closed-end country funds available exploded thanks to many issuers creating new country funds and selling the IPOs at high premiums. It only took a few months for the premiums in closed-end country funds to fade back to the more typical discounts at which closed-end funds trade. Those who had bought them at premiums had run out of "greater fools". For a while, though, the supply of "greater fools" had been outstanding. A rising price on any share will attract the attention of investors. Not all of those investors are willing or interested in studying the intrinsics of the share and for such people the rising price itself is reason enough to invest. In turn, the additional investment will provide buoyancy to the price, thus completing a [positive feedback](https://en.wikipedia.org/wiki/Positive_feedback "Positive feedback") loop. Like all dynamic systems, financial markets operate in an ever-changing equilibrium, which translates into price [volatility](https://en.wikipedia.org/wiki/Volatility_$finance$ "Volatility (finance)"). However, a self-adjustment ([negative feedback](https://en.wikipedia.org/wiki/Negative_feedback "Negative feedback")) takes place normally: when prices rise more people are encouraged to sell, while fewer are encouraged to buy. This puts a limit on volatility. However, once positive feedback takes over, the market, like all systems with positive feedback, enters a state of increasing [disequilibrium](https://en.wikipedia.org/wiki/Economic_equilibrium "Economic equilibrium"). This can be seen in financial bubbles where asset prices rapidly spike upwards far beyond what could be considered the rational "economic value", only to fall rapidly afterwards. ## Effect of incentives \[[edit](https://en.wikipedia.org/w/index.php?title=Stock_market_bubble&action=edit&section=5 "Edit section: Effect of incentives")\] Investment managers, such as stock [mutual fund](https://en.wikipedia.org/wiki/Mutual_fund "Mutual fund") managers, are compensated and retained in part due to their performance relative to peers. Taking a conservative or contrarian position as a bubble builds results in performance unfavorable to peers. This may cause customers to go elsewhere and can affect the investment manager's own employment or compensation. The typical short-term focus of U.S. equity markets exacerbates the risk for investment managers that do not participate during the building phase of a bubble, particularly one that builds over a longer period of time. In attempting to maximize returns for clients and maintain their employment, they may rationally participate in a bubble they believe to be forming, as the benefits outweigh the risks of not doing so.[\[14\]](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_note-14) - [Histoire des bourses de valeurs](https://fr.wikipedia.org/wiki/Histoire_des_bourses_de_valeurs "fr:Histoire des bourses de valeurs") (French) - [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") - [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble") - [Asset allocation](https://en.wikipedia.org/wiki/Asset_allocation "Asset allocation") - [Business cycle](https://en.wikipedia.org/wiki/Business_cycle "Business cycle") - [Collective behavior](https://en.wikipedia.org/wiki/Collective_behavior "Collective behavior") - [Diversification (finance)](https://en.wikipedia.org/wiki/Diversification_$finance$ "Diversification (finance)") - [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") - [Fictitious capital](https://en.wikipedia.org/wiki/Fictitious_capital "Fictitious capital") - [Financial modeling](https://en.wikipedia.org/wiki/Financial_modeling "Financial modeling") - [Financial risk management](https://en.wikipedia.org/wiki/Financial_risk_management "Financial risk management") - [Irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance") - [Market trend](https://en.wikipedia.org/wiki/Market_trend "Market trend") - [Risk management](https://en.wikipedia.org/wiki/Risk_management "Risk management") - [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash") 1. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-Smith1988_1-0) Smith, Vernon L.; Suchanek, Gerry L.; Williams, Arlington W. (1988). "Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets". Econometrica. 56 (5): 1119–1151\. [CiteSeerX](https://en.wikipedia.org/wiki/CiteSeerX_$identifier$ "CiteSeerX (identifier)") [10\.1.1.360.174](https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.360.174). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.2307/1911361](https://doi.org/10.2307%2F1911361). [JSTOR](https://en.wikipedia.org/wiki/JSTOR_$identifier$ "JSTOR (identifier)") [1911361](https://www.jstor.org/stable/1911361). 2. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-DeLong1990_2-0) De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (1990). ["Noise Trader Risk in Financial Markets"](http://www.j-bradford-delong.net/pdf_files/Noise_Traders_Main.pdf) (PDF). Journal of Political Economy. 98 (4): 703–738\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1086/261703](https://doi.org/10.1086%2F261703). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [12112860](https://api.semanticscholar.org/CorpusID:12112860). 3. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-Froot1991_3-0) Froot, Kenneth A.; Obstfeld, Maurice (1991). ["Intrinsic Bubbles: The Case of Stock Prices"](https://doi.org/10.3386%2Fw3091). American Economic Review. 81 (5): 1189–1214\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.3386/w3091](https://doi.org/10.3386%2Fw3091). [JSTOR](https://en.wikipedia.org/wiki/JSTOR_$identifier$ "JSTOR (identifier)") [2006913](https://www.jstor.org/stable/2006913). 4. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-Topol1991_4-0) Topol, Richard (1991). "Bubbles and Volatility of Stock Prices: Effect of Mimetic Contagion". The Economic Journal. 101 (407): 786–800\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.2307/2233855](https://doi.org/10.2307%2F2233855). [JSTOR](https://en.wikipedia.org/wiki/JSTOR_$identifier$ "JSTOR (identifier)") [2233855](https://www.jstor.org/stable/2233855). 5. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-5) [Brooks, John](https://en.wikipedia.org/wiki/John_Brooks_$writer$ "John Brooks (writer)"): The Fluctuation: The Little Crash in '62, in Business Adventures: Twelve Classic Tales from the World of Wall Street. (New York: Weybright & Talley, 1968) 6. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-6) Neal, Larry (2005). "Venture Shares of the Dutch East India Company", in Origins of Value, in The Origins of Value: The Financial Innovations that Created Modern Capital Markets, Goetzmann & Rouwenhorst (eds.), Oxford University Press, 2005, pp. 165–175 7. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-7) [Shiller, Robert](https://en.wikipedia.org/wiki/Robert_Shiller "Robert Shiller") (2011). Economics 252, Financial Markets: Lecture 4 – Portfolio Diversification and Supporting Financial Institutions (Open Yale Courses). \[Transcript\] 8. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-8) Petram, Lodewijk: The World's First Stock Exchange: How the Amsterdam Market for Dutch East India Company Shares Became a Modern Securities Market, 1602–1700. Translated from the Dutch by Lynne Richards. (Columbia University Press, 2014, 304pp) 9. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-9) Macaulay, Catherine R. (2015). "Capitalism's renaissance? The potential of repositioning the financial 'meta-economy'”. (Futures, Volume 68, April 2015, p. 5–18) 10. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-10) Terrell, Ellen. ["Research Guides: Business Booms, Busts, & Bubbles: A Resource Guide on Economic Manias & Crashes: Tulip Mania"](https://guides.loc.gov/business-booms-busts/tulip-mania). guides.loc.gov. Retrieved 2025-01-07. 11. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-11) Sergey Perminov, Trendocracy and Stock Market Manipulations (2008, [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-4357-5244-3](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4357-5244-3 "Special:BookSources/978-1-4357-5244-3") ). 12. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-12) Krugman, Paul (2009-09-02). ["How Did Economists Get It So Wrong?"](https://www.nytimes.com/2009/09/06/magazine/06Economic-t.html). The New York Times. 13. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-13) Porter, David P.; [Smith, Vernon L.](https://en.wikipedia.org/wiki/Vernon_L._Smith "Vernon L. Smith") (2003). "Stock Market Bubbles in the Laboratory". The Journal of Behavioral Finance. 4 (1): 7–20\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1207/S15427579JPFM0401\_03](https://doi.org/10.1207%2FS15427579JPFM0401_03). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [8561988](https://api.semanticscholar.org/CorpusID:8561988). 14. [^](https://en.wikipedia.org/wiki/Stock_market_bubble#cite_ref-14) [Blodget-The Atlantic-Why Wall St. Always Blows It](https://www.theatlantic.com/doc/200812/blodget-wall-street) - Accounts of the [South Sea Bubble](https://en.wikipedia.org/wiki/South_Sea_Bubble "South Sea Bubble"), [John Law](https://en.wikipedia.org/wiki/John_Law_$economist$ "John Law (economist)") and the [Mississippi Company](https://en.wikipedia.org/wiki/Mississippi_Company "Mississippi Company") can be found in [Charles Mackay](https://en.wikipedia.org/wiki/Charles_Mackay_$author$ "Charles Mackay (author)")'s classic [Extraordinary Popular Delusions and the Madness of Crowds](https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds "Extraordinary Popular Delusions and the Madness of Crowds") (1843) – [available from Project Gutenberg](http://www.gutenberg.org/browse/authors/m#a516). Warning: this reference has been widely criticized by historians.
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