The Delusions of Crowds

Brief Overview

In "The Delusions of Crowds," William Bernstein, with the elegance of a historian and the insight of an analyst, unveils the nature of mass illusions that have shaped the behavior of individuals and entire societies for centuries. The author guides the reader along the winding paths of history, where at the crossroads of fear and greed, financial bubbles, religious frenzies, and political madness were born. Through vivid examples—from tulip mania to stock market crashes—Bernstein demonstrates how collective thinking can eclipse common sense, and how irrational hopes and fears turn a crowd into an uncontrollable force. This book is not only a chronicle of past mistakes but also a warning for the modern reader: in a world where emotions often overpower reason, it is crucial to recognize the traps of mass consciousness and maintain clarity of mind.