It is unfortunate that Charles Mackay is no longer alive to add yet another chapter or two to his insightful book of human follies, Extraordinary Popular Delusions and the Madness of Crowds. First published in 1841, his book chronicles in sixteen examples of crowd psychology with some of the notable economic and social foibles of the past. The preface includes his observation that “[w]e find that whole communities suddenly fix their minds on one object, and go mad in its pursuit: that millions of people become simultaneously impressed with one delusion and run after it, til their attention is caught by some new folly more captivating than the first.”
Chapter headings include The Mississippi Scheme, The South-Sea Bubble, The Tulipomania, Fortune-Telling, The Magnetisers, The Crusades, and The Witch Mania. These and the other chapters were chosen by Mackay to illustrate recurring but transient moral and economic epidemics, and to “show how easily the masses have been led astray, and how imitative and gregarious men are, even in their infatuations and crimes.” The foreword by Bernard Baruch in the 1932 edition references Schiller’s dictum: “Anyone taken as an individual is tolerably sensible and reasonable – as a member of a crowd he at once becomes a blockhead.”