Remembering and Learning from Financial Crises
Youssef Cassis (ed.), Catherine R. Schenk (ed.)
Published:
2021
Online ISBN:
9780191913495
Print ISBN:
9780198870906
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Remembering and Learning from Financial Crises
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Laure Quennouëlle-Corre
Pages
165–183
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Published:
October 2021
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Quennouëlle-Corre, Laure, 'The 1987 Stock Exchange Crash in Historical Perspective: A Crisis Denied?', in Youssef Cassis, and Catherine R. Schenk (eds), Remembering and Learning from Financial Crises (
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Abstract
This chapter aims to explore the different facets of the collective memory of the 1987 Crash in the US, which represented an unprecedented collapse of prices on the global stock markets. The 22.3% fall of the Dow Jones on Black Monday (19 October 1987) represents the biggest single-day stock market collapse in history—even greater than that of 24 October 1929. The crash spread to other major financial markets over the world, but was quickly resolved thanks to the central banks’ intervention on the capital markets. In the context of Reaganomics, the crash can be seen as the first financial crisis of the second globalization wave in the strictest sense of the term ‘financial’, without taking into consideration the banking crises of the 1970s and the debt crisis in the early 1980s. However, unlike other financial crises, memories of this market break remained either vague or inexistent in public opinion, or fragmented and partial for economists and historians—until the subprime crisis. Since then, the 1987 warning and the potential dangers of uncontrolled markets were brought to light. The final lesson to be learned from this example of an evolving memory is about using the past.
Keywords: 1987 Crash, behavioural economics, Black Monday, collective memory, financial deregulation, neoliberalism, programme trading, stock exchange
Subject
Financial Markets
Collection: Oxford Scholarship Online
Laure Quennouëlle-Corre, The 1987 Stock Exchange Crash in Historical Perspective: A Crisis Denied? In: Remembering and Learning from Financial Crises. Edited by: Youssef Cassis and Catherine R. Schenk, Oxford University Press. © OUP 2021. DOI: 10.1093/oso/9780198870906.003.0008
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