Black Swan: Economic Crises, Volume 1 (Accounting, Finance, Sustainability, Governance & Fraud: Theory and Application)

This book presents to the reader the economic, fiscal and financial crises in world history that have had a great impact on the entire world and the fiscal measures taken by governments to combat each crisis since the 1600s in chronological order. Such events are often described as Black Swans, a concept introduced by economist and risk analyst Nassim Nicholas Taleb in the book Fooled By Randomness in 2001, in reference to events that were thought to be impossible but had a huge impact when they did happen. The first part of the book discusses the crisis models in order to allow the reader to better understand the financial, fiscal and economic crises that are detailed in the following chapters. Each chapter starts with an overview of the crisis in question followed by an analysis of the impact on the affected countries. They go on to highlight the causes of the crisis in question, the fiscal and financial measures employed to recover from it and ends on a description of the post-crisis period. Given the profusion of black swan events that the 21st century has already witnessed, this book would be a valuable read for academics and students of economics as well as practitioners and policy makers. Preface Contents Editor and Contributors List of Charts List of Tables 1 General Overview of Crisis Models and Financial Crises 1.1 Introduction 1.2 First-Generation Money Crisis Models 1.3 Second-Generation Money Crisis Models 1.4 Third-Generation Money Crisis Models 1.5 Conclusion References 2 Dutch Tulip Mania: Tulip Crisis 2.1 Introduction 2.2 Tulip: The Central Concept of Tulip Mania 2.2.1 History of Tulip and Its Journey to Europe 2.3 Measures Against Tulip Mania 2.3.1 Contemporary Opinions on Tulip Mania 2.4 Conclusion References 3 Bengal Bubble (1669–1772) and East India Syndrome (1669– –) 3.1 Introduction 3.2 Indian Economy 3.2.1 Indian Economy in Ancient Times 3.2.2 Indian Economy in Mediaeval and New Age 3.2.3 Indian Economy Under British Rule 3.3 Bengal Bubble, Crisis and Its Result 3.3.1 Formation of Bengal Bubble 3.3.2 Bengal Bubble Crisis 3.3.3 Bengal Famine 3.3.4 East India Company Syndrome 3.4 Conclusion References 4 The Danish State Bankruptcy of 1813 4.1 Introduction 4.2 Napoleonic Wars and General Political Situation Before the Crisis 4.3 Development of Banking System in Norway 4.4 Bankruptcy of Danish State and Financial Reform of 1813 4.5 Conclusion References 5 1873–1896 Long Depression 5.1 Introduction 5.1.1 Background of the Crisis 5.1.2 The United States 5.1.3 Germany-Austria 5.1.4 The United Kingdom 5.2 The Great Depression of British Agriculture (1873–1896) 5.3 Conclusion References 6 Australian Banking Crisis of 1893 6.1 Introduction 6.1.1 Australia 6.1.2 Australian Banking System 6.2 Crisis and Pre-crisis General Outlook 6.3 Australian Banking Crisis of 1893 and Its Background 6.3.1 Causes of the Crisis 6.3.2 Post-crisis Period 6.4 Conclusion References Index