A letter of recommendation.
Insights that will determine your economic destiny unfold!
Introduction

PART 01.
Rise or Fall: The Two Faces of the Bubble

01.
The fate of investment
Who will have the last laugh? | The positive benefits and definition of bubbles | The great triangle that drives the economy | Novice investors and professional speculators | Two factors that cause bubbles

02.
Rationality and irrationality
Two Variables That Determine a Bubble's Impact | The Event That Rocked the Global Economy

PART 02.
The Rise and Fall of Bubbles: The Birth of a Bubble

01.
Market Management Tricks
The Price of War | The Rise of a New Strategist | What Seems Like an Attractive Investment | The Failure of a Solution

02.
Why did they make a bad deal?
Things Made Possible by the "Possibility" of Capital Accumulation | People Who Deliberately Create Bubbles | Why Did the Media Not Tell the Truth? | The Government's Carrot and Stick Appeasement of Angry Investors | The Startup Boom

[CAUSES AND EFFECTS]
01.
An incident deliberately created by a small number of people
02.
Those who have lost are noisy, those who have gained are silent.

PART 03.
Where the Overflowing Liquidity Fell: The First Emerging Market Bubble

01.
Capital heading overseas
Where the post-war liquidity overflowed | Attempts to exploit locals and the resulting consequences

02.
Who shapes and expands the narrative?
The Remark That Caused a Panic in the Stock Market | 3 Causes of Failure

[CAUSES AND EFFECTS]
01.
A bait too tempting to ignore
02.
Making major changes to the banking system

PART 04.
A Pour of Money: The Democratization of Speculation Begins

01.
The biggest bubble in history
The emergence of innovative technologies that changed the world
02.
What triggered it?
A deluge of ads and emotionally charged media reports | Four crucial factors | The suspicious truth finally revealed

[CAUSES AND EFFECTS]
01.
From the middle class to the working class, the democratization of speculation begins.
02.
The cost of 'social savings' that still remains after 200 years

PART 05.
People Who Swallowed Other People's Money: The Real Estate Bubble

01.
Short-lived glory and long-lasting pain
The Tragedy of Humanism | The Opium of the Middle Class: The Real Estate Giants Created by the Desire for Profit | The Sudden Crash of the Real Estate Market | Four Reasons Why the Real Estate Bubble Lasted So Long | It's Time to Pay the Price for Excess

[CAUSES AND EFFECTS]
01.
Leverage to make a lot of money just by buying and selling land
02.
The stage created by the financial system

PART 06.
The pandemic that caused creative destruction: A world turned upside down.

01.
A meeting of amazing innovation and creative speculation
Improving inconvenience and becoming a trend | 1,138 percent return, stocks inflating like tires | Articles pouring in about overnight riches | The difference between failed companies and those on the path to success | Ordinary people who were uninformed were blindsided.

[CAUSES AND EFFECTS]
01.
Between innovation and greater innovation
02.
cause creative destruction

PART 07.
The Economic Earthquake: The Day the Financial Center Collapsed

01.
A huge fireworks bursts forth
A nation that inspires patriotism | A saturated market, where people flock to alternatives | The real estate market | The framework is concentrated in stocks | The continued decline, with no apparent reason | The media, which weaves and edits stories, becomes the market's sycophant.

[CAUSES AND EFFECTS]
01.
The result of large-scale investment based on rumors in a vicious cycle
02.
Two Lessons from the Roaring Twenties

PART 08.
Money Games for Political Purposes: A Record of Desire and Chaos

01.
The Beginning of a Lost Era
The U.S. Administration and Japan's Financial Markets | An Era of Brilliant Growth Begins | An Irreversible Promise | Private Needs and Government Desires | The Peak of the Boom | The Festival Is Over: Deeper Floors Beneath

[CAUSES AND EFFECTS]
01.
Lost time created by politics
02.
The stark difference between a tech bubble and a political bubble

PART 09.
Amazing Innovation or Irrational Exuberance: Optimism and Skepticism in the Digital World

01.
Is this the beginning of innovation or a sign of danger?
The Expansion of the Invisible World | The Emergence of the Big Bang That Heats Up the Market | The Overheated Imitation | The Emergence of Channels That Fascinated Investors | From $3.1 Billion to $0

PART 10.
Someone's Playing the Wrong Game: Shaking the Foundations of the Economy

01.
A product of foolishness that is mistaken for the answer
Cassandra's Warning | The Global Housing Embracing a Time Bomb

02.
The 'no more talking, no more nagging' investment that was hit hard
Ordinary people's days were turned upside down | The first bank run in 150 years and a chain of financial institution failures | The astronomical cost of foolishness

[CAUSES AND EFFECTS]
01.
The gold rush mentality that turns ordinary people into speculators
02.
Lessons from a Perfectly Disruptive Model

PART 11.
The Continent Moves: Casino Capitalism

01.
Who controls it and why?
The country with the world's largest middle class | A first step toward capitalism | People with incomprehensible investment philosophies

02.
propaganda
Bubble boards aiming for economic stimulus | Signs of a downturn | 90 percent of trading volume comes from individual investors

[CAUSES AND EFFECTS]
01.
History repeats itself

PART 12.
A Future You Never Dreamed of: Predicting Bubbles

01.
The giant triangle that drives the economy
Blockchain Technology | Market Insights | Useful or Disruptive? | The Rise of Algorithmic Trading and High-Frequency Trading

02.
What should the government do?
Two Questions We Must Ask Now: Will We Explode or Alleviate the Pain?

03.
There is a fourth power
The Role of the Fourth Power | Between Corruption and Truth
04.
Will you be the one who gains or the one who loses?

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“Is it a bubble now or not?”
A great insight that penetrates the flow of wealth and great transformation over 300 years!
"Bubble: The Great Wealth Transformation" now available in Korea!

- How have bubbles influenced the flow of money and wealth?
- Who creates and uses bubbles and why?
- How does a tiny bubble spark turn into a flame and then collapse?
- What is the difference between a company that collapsed in the bubble and a company that won?
- What is the difference between those who profit from the bubble and those who lose both money and fame?
- In an age where we cannot predict even an inch ahead, how can we predict and prepare for the future?

While concerns about a bubble are growing over the stock market and real estate market, which are moving in the opposite direction of the real economy, there are also counterarguments that it is too early to make a judgment call because the market is still rational.
Is it a bubble or not? Interpretations of the current situation may vary depending on one's vested interests, but one thing is clear: countries around the world have poured an incredible amount of money into responding to COVID-19, and the unmanageable debt they incur will ultimately cost someone, someday.

No one knows the future.
However, judging reality rationally is the most reliable shortcut to predicting the future.
Fortunately, we have the shoulders of giants to foresee the future.
Every time there is a social change or issue, the global economy faces a major turning point.
The economic changes brought about by COVID-19 are not unprecedented in history, although their seeds may have taken different forms.
"Bubble: The Great Wealth Transformation" examines how the economy reacts and moves in response to social issues and changes, helping readers assess the current situation.
This book, which offers insights and a new framework for how to interpret, predict, and act in a rapidly changing economic environment, was selected as one of the Financial Times' Book of the Year.


The tectonic shift that changed history
The rise and fall of wealth, desire and chaos unfold at a glance!

"Bubble: The Great Wealth Transformation" examines the bubbles that have shaken history from the first bubble in human history to the present.
We visit the great booms and busts that occurred around the world over 300 years, including Paris, London, Central and South America, New York, Tokyo, Silicon Valley, and Shanghai, and uncover their causes and effects.
We examine who benefited and who suffered in the process, and what roles the powerful, politicians, and the media played.
By following this process, we can understand why markets inflate and burst, and why some bubbles have positive effects while others cause economic, social, and political distress that borders on disaster.

The book begins by identifying the point at which anomalies first spark in the market.
The authors use the analogy of a fire to explain the phenomenon in which an economy grows at high risk and then suddenly bursts into flames.
Because it is tangible, destructive, can exist forever unless someone puts it out, and once it starts, it is difficult to control.
In particular, like fire, bubbles can be effectively explained by utilizing three elements.
Fire can start with a small spark and quickly become a large conflagration if given enough of the three elements of oxygen, heat, and fuel.
And once a fire starts, it can be extinguished by removing any one of these three elements.
The creation and disappearance of bubbles are also similar to fire.
When the three elements of 'speculation, marketability, and credit' have an irrational pattern, a bubble occurs.
The authors call this massive triangular structure that drives the economy the "bubble triangle."
"Bubble: The Great Wealth Transformation" unfolds a captivating narrative spanning 300 years of financial history, using a variety of accessible examples and metaphors.
It's a fascinating insight and chronicle of bubbles: how markets react and move to new technologies or political initiatives, how they inflate and burst, and what social repercussions and consequences they leave behind.

John D., an economist who studies modern economics and finance, received much attention for winning the Wordsworth Prize, awarded for a book that makes a significant contribution to British economic history.
Turner and William Quinn, a prominent economist and influential voice on economic policy, realized that ordinary citizens need to understand the fundamentals of capitalism to avoid financial crises and achieve healthy economic growth, which led them to write the book.
In "Bubble: The Great Wealth Transformation," the authors take readers on a clear and engaging intellectual journey that explores the hidden workings of capitalism and how to address them, crossing the past, present, and future.


The two faces of the bubble, rise or fall!
What will you choose for your economic destiny over the next 10 years?

The book begins with an interesting question.
The question is, “What is the difference between the greatest composer in history, Gerald Handel, and Shane Filan, lead singer of the boy band Westlife?”
Handel is one of the most revered classical composers who composed numerous operas, while Filan is a member of a British boy band.
But there are other differences.
The point is that one of them lost his entire fortune in the bubble, while the other got out before the bubble burst and made a great profit.

The book vividly shows that bubbles have two faces.
Bubbles waste enormous resources and have the destructive power to overturn the global economic landscape.
However, not all bubbles are destructive, and some have positive effects on society.
It also ultimately contributes to future economic growth by fostering innovation and encouraging more people to become entrepreneurs.

The same is true on an individual level.
Once the bubble burst, the media would publish numerous articles about the misfortunes of those who lost money, but there were also many who did not.
Even people who weren't rich made good decisions and made money, and they looked at the plan with a more sober eye.

A look at the vivid history of the bubble's impact and destructive power reveals important lessons for us today.
The point is that we need to be aware of what a bubble could do to our daily lives and what steps we need to take when such a situation arises.
This book reveals why ordinary people are disproportionately affected by bubbles and clearly explains how to prepare for them to avoid being left behind in the midst of a massive upheaval.


“Why, who creates and exploits bubbles?”
Amazing insights to help you navigate the rapidly changing market!

Why do people who have never traded stocks invest huge amounts of money in companies they know little about? Why do they invest a lot of money just because a friend recommended it, or invest a lot of money in companies established in countries they have never visited, and why do people lose precious assets due to investment philosophies they cannot understand? The authors analyze in detail the psychology that turns ordinary people into speculators, the true nature of those in power who encourage speculation, and the media that cleverly exploits investor psychology.
Amazingly, during every single one of the 300-year bubble periods, countless news outlets, newspapers, and television programs, while the market was deteriorating, continued to report overly optimistic statements rather than telling the truth, and reported the subjective comments of bankers, traders, and politicians rather than objectively assessing the situation.
Even advertising information was presented as if it were objective fact.
Many powerful figures also praised the stocks they owned, and even created bubbles by fabricating facts.

The authors warn readers by highlighting the journalists, politicians, and those in power who, while the bubble was growing, tried to participate rather than resolve the situation.
It is also a sharp signal to keep an eye on any moves that encourage bubbles in the name of revitalizing the economy and to judge the market with a clear eye.

So, in this current situation where we cannot predict even an inch ahead, what questions should individual investors, as well as entrepreneurs, the media, and policymakers, ask and what actions should they take? How should we prepare for the enormous powers that create bubbles and their influence? This book is also generous with advice on what to do to predict the future and guard against potential dangers.

The historical events caused by the bubble throughout 300 years of human history, along with the great secrets, ambitions, and surprising stories hidden behind them, pose important questions for us.
We need to understand not only the knowledge and aspects of finance and economics, but also the social, technological, psychological, and political sciences that go beyond that.
To develop an individual mental model for each investor, it is essential to look back on past experiences.
"Bubble: The Great Wealth Transformation" will be a meaningful journey for those of us living in today's world, where great expectations and fears coexist, to help us make the right choices that will determine the fate of the economy and plan for the future.