Overview

At the turn of the millennium, the world stood on the edge of a technological revolution unlike anything seen before. The internet-once a curiosity of academics and hobbyists-had exploded into public consciousness. Every day brought promises of a ""new economy,"" a world where brick-and-mortar businesses would be replaced, ordinary rules of finance would be rewritten, and anyone with a clever idea and a dot-com domain could become a millionaire overnight. It was a moment defined by ambition, optimism, and, for many, a blind belief that technology alone could defy gravity. The dot-com boom was more than a financial frenzy. It was a cultural movement. College students dropped out to chase startup dreams. Venture capitalists raced to outbid one another. Wall Street analysts praised unproven business models with religious fervor. And ordinary people-teachers, construction workers, retirees-poured their savings into stocks they barely understood, convinced they were witnessing the future unfold. And in many ways, they were. But as with every great boom in history, human psychology played as large a role as innovation. Hype overshadowed fundamentals. Promises outpaced profits. Cash burned faster than ideas could form. And when reality finally intruded in the spring of 2000, the collapse was swift, brutal, and transformative. The dot-com crash wiped out trillions of dollars in market value, shuttered thousands of companies, and reshaped the technology landscape forever. Yet it also planted the seeds for today's digital giants. Without the excesses and failures of the early internet era, we may never have seen the discipline, resilience, and groundbreaking innovation that followed. This book explores that extraordinary journey-how dreams turned to disasters, how speculation became contagion, and how a market built on hope ultimately collapsed under the weight of its own expectations. More importantly, it examines the lessons this moment left behind: how investors can avoid future bubbles, how companies can grow sustainably, and how innovation and risk must coexist responsibly. As part of the Financial Crisis Series, this volume is both a history and a mirror. The stories of Pets.com, Webvan, and hundreds of lesser-known startups are not relics of a bygone era-they echo in today's crypto booms, AI hype cycles, and every new promise of a world transformed. The players and platforms may change, but the patterns rarely do. Whether you're a student of finance, a tech enthusiast, or simply a curious reader, I hope this book offers clarity, insight, and a deeper understanding of one of the most fascinating economic dramas of our time. Oluchi Ike

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