Memoirs of Extraordinary Popular Delusions and the Madness of Crowds

"Memoirs of Extraordinary Popular Delusions and the Madness of Crowds" by Charles Mackay is a historical investigation into the strange ways groups of people can act irrationally. Looking at events from different times, the book shows how society can make people do things that don't make sense. Financial panics, like the Mississippi Scheme and the South-Sea Bubble are an important focus illustrating how easily people can be tricked by wild ideas. Introducing John Law, a main character in the Mississippi Scheme, the book shows how he rose to power and then lost it all, as he was either a genius or a conman. Readers learn about Law’s early life, including his gambling, and it explains how he met the Duke of Orleans, beginning Law's plan to fix France's money problems after a long period of corruption. This story shows Law's later failure and warns against the dangers of big dreams and the way that society can be tricked.