An authoritative "biography" of one of history's great financial crises with enduring lessons about contemporary finance

In this newly-revised second edition, offering 50% entirely new material, The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy, delivers a groundbreaking examination of one of the most consequential crises in financial history. Deftly weaving historical evidence, insightful analysis, and compelling narrative, The Panic of 1907 explains how and why a financial panic unfolds, with lessons that can be applied to our understanding of present-day financial and monetary systems. In the book, you'll find:

• The reasons why, despite today's stronger monetary regime and risk-mitigation tools, our modern institutions are not immune to future crises
• Explanations about the development of the United States' Federal Reserve System, which was created in 1913 in direct response to the Panic of 1907
• An engaging and entertaining account of an innately fascinating period in financial and economic history, with remarkable leaders and a gallery of rogues

An indispensable tale that belongs on the shelves of anyone with an interest in American or financial history, The Panic of 1907 is an expert retelling of one of the most important, but least well-known crises of the last 200 years.

PRAISE FOR
THE PANIC OF 1907 SECOND EDITION

"This book should be required reading for all central bankers and for anyone interested in the role of financial crises as major historical events. Bruner and Carr have expanded their magisterial analysis from the prior edition to encompass an even wider scope of history and politics. One cannot understand the tragedies of the 20th century without starting here."
-ANDREW METRICK, Janet L. Yellen Professor of Finance and Management, and Director, Yale Program on Financial Stability, Yale School of Management

"In their unparalleled study of The Panic of 1907, Bruner and Carr provide a model of how one can understand a financial panic. They combine an historically informed, detailed narrative of events with contemporary insights from information economics, which can explain how such upheavals occur. A page-turning chronicle of financial drama if there ever was one."
-CHARLES CALOMIRIS, Henry Kaufman Professor of Financial Institutions, Columbia Business School, Columbia University

"This welcome new edition of The Panic of 1907 incorporates the substantial outpouring of research its previous edition did much to stimulate. The result is simply the best 'biography' of any of history's major financial crises."
-RICHARD SYLLA, Professor Emeritus of Economics, Stern School of Business, New York University

"The Panic of 1907 is an invaluable resource for students of financial crises. It reviews the causes of the near meltdown that occurred in 1907 and the mitigating actions taken. And it offers a very useful framework for analysis of both historical and present-day financial crises."
-MICHAEL E. O'NEILL, Director of Citigroup, Inc (2009-2011) and Chairman of the Board of Directors (2012-2018)

"The Panic of 1907 is a fascinating account of the events and characters involved during the Panic and adds valuable new reference material for this critical event in American financial history, material that will be of primary interest to academic researchers and curious students alike."
-JON MOEN, Professor of Economics, Department of Economics, The University of Mississippi