Extraordinary Popular Delusions and the Madness of Crowds

Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.

In reading The History of Nations, we find that, like individuals, they have their whims and their peculiarities, their seasons of excitement and recklessness, when they care not what they do. We find that whole communities suddenly fix their minds upon one object and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first.

I never lost money by turning a profit.

Let us not, in the pride of our superior knowledge, turn with contempt from the follies of our predecessors. The study of the errors into which great minds have fallen in the pursuit of truth can never be uninstructive. As the man looks back to the days of his childhood and his youth, and recalls to his mind the strange notions and false opinions that swayed his actions at the time, that he may wonder at them; so should society, for its edification, look back to the opinions which governed ages that fled.

Many persons grow insensibly attached to that which gives them a great deal of trouble, as a mother often loves her sick and ever-ailing child better than her more healthy offspring.

Three causes especially have excited the discontent of mankind; and, by impelling us to seek remedies for the irremediable, have bewildered us in a maze of madness and error. These are death, toil, and the ignorance of the future..

We find that whole communities suddenly fix their minds upon one object, and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first.

Nations, like individuals, cannot become desperate gamblers with impunity. Punishment is sure to overtake them sooner or later.

An enthusiastic philosopher, of whose name we are not informed, had constructed a very satisfactory theory on some subject or other, and was not a little proud of it. "But the facts, my dear fellow," said his friend, "the facts do not agree with your theory."—"Don't they?" replied the philosopher, shrugging his shoulders, "then, tant pis pour les faits;"—so much the worse for the facts!

During seasons of great pestilence men have often believed the prophecies of crazed fanatics, that the end of the world was come. Credulity is always greatest in times of calamity. Prophecies of all sorts are rife on such occasions, and are readily believed, whether for good or evil. During the great plague, which ravaged all Europe, between the years 1345 and 1350, it was generally considered that the end of the world was at hand. Pretended prophets were to be found in all the principal cities of Germany, France, and Italy, predicting that within ten years the trump of the Archangel would sound, and the Saviour appear in the clouds to call the earth to judgment.

In February 1720 an edict was published, which, instead of restoring the credit of the paper, as was intended, destroyed it irrecoverably, and drove the country to the very brink of revolution...

Credulity is always greatest in times of calamity.

Thus did they nurse their folly, as the good wife of Tam O’Shanter did her wrath, “to keep it warm.

Much as the sage may affect to despise the opinion of the world, there are few who would not rather expose their lives a hundred times than be condemned to live on, in society, but not of it - a by-word of reproach to all who know their history, and a mark for scorn to point his finger at.

Some men, by dint of excessive egotism, manage to persuade their contemporaries that they are very great men indeed: they publish their acquirements so loudly in people’s ears, and keep up their own praises so incessantly, that the world’s applause is actually taken by storm.

Every age has its peculiar folly—some scheme, project, or phantasy into which it plunges, spurred on either by the love of gain, the necessity of excitement, or the mere force of imitation.

We all pay an involuntary homage to antiquity – a “blind homage,” as Bacon calls it in his “Novum Organum,” which tends greatly to the obstruction of truth. To the great majority of mortal eyes, Time sanctifies everything that he does not destroy. The mere fact of anything being spared by the great foe makes it a favourite with us, who are sure to fall his victims.

Injury was aggravated by insult, and insult was embittered by pleasantry.

Every fool aspired to be a knave.

Le crime fait la honte, et non pas l'échafaud." (Shame comes from the crime, not the scaffold.)

Posterity is grateful if our contemporaries are not.

whose foundation, being fraud, illusion, credulity, and infatuation, fell to the ground as soon as the artful management of its directors was discovered.

The English commenced their career of extravagance somewhat later than the French; but as soon as the delirium seized them, they were determined not to be outdone.

the dangerous practice of stockjobbing, and would divert the genius of the nation from trade and industry. It would hold out a dangerous lure to decoy the unwary to their ruin, by making them part with the earnings of their labour for a prospect of imaginary wealth.

He who, during his life, had been flattered with an excess of adulation, to which history scarcely offers a parallel, was now cursed as a tyrant, a bigot, and a plunderer.

The study of the errors into which great minds have fallen in the pursuit of truth can never be uninstructive.

It seemed at that time as if the whole nation had turned stockjobbers. Exchange Alley was every day blocked up by crowds, and Cornhill was impassable for the number of carriages. Everybody came to purchase stock. “Every fool aspired to be a knave.” In the words of a ballad, published at the time, and sung about the streets, [“A South Sea Ballad; or, Merry Remarks upon Exchange Alley Bubbles. To a new tune, called ‘The Grand Elixir; or, the Philosopher’s Stone Discovered.’“] Then stars and garters did appear Among the meaner rabble; To buy and sell, to see and hear, The Jews and Gentiles squabble. The greatest ladies thither came, And plied in chariots daily, Or pawned their jewels for a sum To venture in the Alley.