Memoirs of Extraordinary Popular Delusions — Volume 1

A historical account written in the early 19th century. The book explores the fascinating and often irrational behaviors exhibited by societies throughout history, particularly focusing on collective delusions that have driven entire nations to the brink of folly, such as financial schemes and panics. The opening portion introduces the theme of societal madness and delusion, particularly around financial schemes, as illustrated through the life of John Law and his notorious Mississippi Scheme. Law’s rise and fall are pivotal, showcasing how he captured the nation's imagination and trust with ambitious financial propositions, only to lead it into chaos as irrational exuberance took hold. Mackay vividly paints Law’s transition from a celebrated financier to a scapegoat for the misfortunes that befell France, depicting a society blinded by greed and speculation, ultimately grappling with the consequences of its own collective madness.