Cannizzaro Reaction

The Cannizzaro reaction is pretty old, over 150 years old in fact, but it is still an important reaction in organic chemistry. It involves the disproportionation of two equivalents of an aldehyde, meaning one is oxidized to the carboxylic acid and the other is reduced to the alcohol. What is the mechanism? What are the applications? When does this act as unwanted side reactions? Let's take a look!