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The Emergence of Swindles

In: Manias, Panics and Crashes

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  • Charles P. Kindleberger
  • Peter L. Bernstein

Abstract

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

Suggested Citation

  • Charles P. Kindleberger & Peter L. Bernstein, 2000. "The Emergence of Swindles," Palgrave Macmillan Books, in: Manias, Panics and Crashes, edition 0, chapter 5, pages 73-90, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-53675-3_5
    DOI: 10.1057/9780230536753_5
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