Charles Mackay's 'Extraordinary Delusions and the Madness of Popular Opinion' is a study of crowd psychology that remains relevant even in this post-truth age. The book is a classic example of debunking fake news and rumors. Initially published in 1841, it continues to serve as reference material. Kurt Vonnegut cites it in his novel Slaughterhouse-Five.
The book primarily seeks to answer some fundamental questions such as:
Why do people believe the unbelievable?
Why do intelligent individuals believe in bizarre ideas?
The author discusses Tulipomania, a phenomenon that captivated the Netherlands during the Dutch Golden Age, when contract prices for sure bulbs of the recently introduced and fashionable tulip soared to extraordinarily high levels. The significant increase began in 1634 and dramatically collapsed in February 1637. The same pattern applies to the collapse of the South Sea Shipping Company’s stock. It is noteworthy that Albert Einstein purchased shares in this company. According to the author, all mania follows a similar pattern: initial excitement fueled by greed leads to a cycle of good news, which encourages further buying, culminating in a crash.
Essential questions are ignored, and the inner voice of caution is silenced. This also underpins modern pseudoscience. The more we wish something to be accurate, the less inclined we may be to accept reality or seek evidence. Alchemists claimed they could turn metal into gold, deceiving even royalty for money. False narratives can shape reality despite being untrue. The urban legend of the Slender Man serves as another example of how an internet sensation can tap into human fears and desires. These stories or rumors resist rational explanation.
Witchcraft in Scotland resulted in the deaths of over 4,000 people between 1563 and 1736. People desperately sought someone to blame for failed crops, sick livestock, or dying children. Suspicion often fell on social outcasts such as elderly women living alone, healers using traditional remedies, or anyone who appeared different. Notably, even educated individuals supported these trials.
Today, social contagions have spread from coffee houses to smartphones, but the underlying psychology remains unchanged.
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