Abstract
The chapter undertakes a substantial discussion of various financial crises prior and post the 20th century. The chapter first examines the tensions between Efficient Market Theory and the critiques of the Behavioral school who adopt a more psychologically informed approach to financial markets. It will discuss the possible behavioral roots of these crises and give an exposition of the major theories of crisis in comparison and contrast to the behavioral approach to the matter. This will greatly remove the ambiguity surrounding the financial decisions that investors and their advisors undertake. The existing literature on the subject is not fully established and falls at times under conjectures. Therefore, this chapter attempts to capture as much literature as possible and present it objectively, providing criticisms where necessary.
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