I’m not sure that one per decade is unusually many. The US had a lot of bubbles in the 19th century—canal bubbles, real estate bubbles, railroad bubbles, etc. In all these cases (as with today), there was a real innovation underneath, that bedazzled investors into funding instances of it that didn’t make sense.
I’m not sure that one per decade is unusually many. The US had a lot of bubbles in the 19th century—canal bubbles, real estate bubbles, railroad bubbles, etc. In all these cases (as with today), there was a real innovation underneath, that bedazzled investors into funding instances of it that didn’t make sense.