Charles Kindleberger

Manias, Panics and Crashes; lender-of-last-resort

Kindleberger was a professor of economics at MIT for much of his career, having earlier served as an economist at the Federal Reserve and the State Department, where he contributed to the design of the Marshall Plan. He is best known for 'Manias, Panics and Crashes' (1978), which applied Hyman Minsky's credit-cycle model to centuries of financial history, arguing that speculative bubbles follow a predictable sequence from displacement to collapse.