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Forget the Great Depression for a minute. Canadian academics Karl Moore and David Lewis argue that you can get a better perspective on the Great Crash of 2008 AD by contrasting it with the Great Crash of 1788 BC聽- a聽market meltdown that befell the ancient world's most dynamic financial centre almost 4,000 years earlier

In this historic meltdown, the investment that went wrong was in copper. For the first time, investors in a publicly traded pool had experienced the excessive optimism that former Federal Reserve chairman Alan Greenspan would famously describe as 鈥渋rrational exuberance.鈥� Share prices soared. Investors spent anticipated profits before they earned them. Ur never recovered from the credit freeze that followed the calamity of history's first public offering.

Karl Moore, Desautels Faculty of Management at McGill and David Lewis, Faculty of History at California State University, Long Beach were former college roommates in Toronto. In their new book, The Origins of Globalization, they combine archeology, history, religion and economics with the theory and practice of the modern multinational corporation to tell a compelling tale that appears never before to have been told.

, April 8, 2009