"Men, it has been well said, think in herds; it will be seenthat they go mad in herds, while they only recovertheirsenses slowly, and one by one" (1). When CharlesMackay wrote these words in the 19~(th) century, he illustrated histheme with many of the financial bubbles and episodes of masshysteria from earlier periods. Economists have since applied his ideas to subsequent financial bubbles, for example the dot-com boom of the close of the 20~(th) century. Mackay would surely hove recognised the history of the fine chemicals industry over the last 20 years as a further example of "the madness of crowds."
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