The recent death of Professor Leslie Pressnell (obituary here) reminded me of the time when economists, bankers, and City professionals would have been familiar with and taken courses on monetary history. Pressnell, an expert on English banking during the Industrial Revolution, was a leading advocate of the need for such courses. Indeed, had the current generation of economists and bankers courses in monetary history, the crisis of 2008 might not have happened. It would be a befitting memorial to Professor Pressnell if you looked to the past in order to understand the present. Here is a good place to start.
My colleague and former PhD student Gareth Campbell has created a website about the British Railway Mania - click here . This episode has been described by the Economist as probably the greatest bubble in human history. Gareth's website provides background on the Mania and posits some explanations for the 'bubble'. In his explanation of why the bubble happened, Gareth places a lot of emphasis on investor myopia regarding future dividends and uncalled capital. His study of investors during the episode does not support the view that this episode was fuelled by naive and irrational investors.