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Euphoria and Paper Wealth

In: Manias, Panics, and Crashes

Author

Listed:
  • Robert Z. Aliber

    (University of Chicago)

  • Charles P. Kindleberger

    (Massachusetts Institute of Technology)

Abstract

Consider the birthdates of some of the tallest buildings in the world. The Empire State Building in New York City — 1250 feet tall — was started in 1929, at the peak of a bubble. In the late 1980s it seemed like 80 percent of the building cranes used to construct tall structures were in Tokyo. By the mid-1990s many of these cranes had migrated to Shanghai and Beijing, and then they moved to the Persian Gulf. Now the tallest building is the Burj Dubai in the United Arab Emirates, completed in 2010.

Suggested Citation

  • Robert Z. Aliber & Charles P. Kindleberger, 2015. "Euphoria and Paper Wealth," Palgrave Macmillan Books, in: Manias, Panics, and Crashes, edition 0, chapter 6, pages 132-142, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-52574-1_7
    DOI: 10.1007/978-1-137-52574-1_7
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