True stories of crashes, bubbles and frauds that shaped financial markets.
A curated archive of major events in financial history, told clearly and engagingly, to understand how finance became what it is today. From the earliest speculative manias to the most recent global crises, each event is placed in its historical and economic context.
From tulip mania to 2008 and beyond — the events that changed finance forever. For the frauds and collapses that followed, see our financial scandals archive; for how these stories reached the screen, browse our finance movies guide.
The internet boom of the late 1990s sent technology stocks and startup valuations to extraordinary levels. When expectations reversed in 2000, the Nasdaq collapsed, wiping out trillions in market value and exposing the risks of speculative investing.
Read the full storyLong-Term Capital Management combined sophisticated models with extreme leverage. After the 1998 Russian default, the hedge fund nearly collapsed, exposing the systemic risks of leverage.
Read the full storyOn October 19, 1987, the Dow Jones Industrial Average plunged 22.6% in a single trading session. The global crash exposed the risks of automated trading, portfolio insurance and increasingly interconnected financial markets.
Read the full storyThe 1929 stock market crash marked the beginning of one of the most severe economic crises in modern history. Banking failures, deflation, unemployment and collapsing international trade transformed a market shock into the Great Depression.
Read the full storyIn 1907, a failed speculation triggered a banking panic across New York. The crisis exposed the weaknesses of the U.S. banking system and paved the way for the Federal Reserve.
Read the full storyIn the winter of 1636–1637, tulip bulb prices in the Dutch Republic soared to extraordinary levels before collapsing abruptly — the first recorded speculative bubble.
Read the full storyThe events in this archive are part of a larger picture. These sections connect them to the people, the films, and the deeper forces behind financial history.
A historical guide to the major stock market crashes — from 1637 to 2022 — with causes, impact and context.
The frauds, arrests and collapses that often accompanied — or caused — the worst market crises.
How the crashes, bubbles and frauds in this archive have been portrayed on screen — from Wall Street to The Big Short.
The real people behind the events — from J.P. Morgan to the traders who survived the crashes and scandals.