History has shown several instances of “bubbles,” boom and bust periods involving everything from tulips to the American housing market. If the current state of streetwear is any indicator, the golden years of the movement might be about to end with an almighty pop. In 1841, Scottish writer Charles Mackay published Extraordinary Popular Delusions and the Madness of Crowds. The book detailed examples of social epidemics 🤡, market speculation, and urban legends. In the 177 years since its publication, Mackay’s outline of how humans form social in-groups and endorse the absurd to their own detriment has only grown in relevance. Its insights are particularly relevant to the realm of streetwear today, which is officially a billion-dollar business. As the dominant facet of 21st-century fashion, streetwear has come to define and be defined by the fervor with which it is coveted by adoring fans and cunning resellers the world over. It is a single red thread that extends through youth culture in nearly every major city around the globe. It is a bubble at least two decades in the making whose growth shows little sign of slowing. It has evolved from the uniform of skaters, punks, and hip-hop heads to a commercial fad powerful enough to upend the fashion industry itself. Read more at Highsnobiety.