""We are the apes who tell stories," writes William Bernstein. "And no matter how misleading the narrative, if it is compelling enough it will nearly always trump the facts." As Bernstein shows in his eloquent and persuasive new book, The Delusions of Crowds, throughout human history, compelling stories have catalyzed the spread of contagious narratives through susceptible groups-with enormous, often disastrous consequences. Inspired by Charles Mackay's...

The history of the United States has been largely shaped, for better or for worse, by the actions of large groups of people. Rioters on a village green, shoppers lurching about a labyrinthine mall, slaves packed into the dark hold of a ship, strikers assembling outside the factory gates, all have their place in the rich and sometimes tragic history of the American crowd. This study traces that history from the days of anti-colonial revolt to today's...