"Extraordinary Popular Delusions and the Madness of Crowds"

"Extraordinary Popular Delusions and the Madness of Crowds" is a book by Charles Mackay that explores how groups of people can become swept up in irrational trends and collective follies. It examines historical examples like financial bubbles, mass hysteria, and popular fads, illustrating how crowd behavior often defies logic and individual judgment. The book highlights the tendency of societies to chase after popular but misguided beliefs, leading to economic crashes and social upheavals. Overall, it underscores the power of collective psychology and the importance of individual rationality in avoiding or understanding such phenomena.