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The Great Crash 1929 by John Kenneth…

The Great Crash 1929 (original 1954; edition 2009)

by John Kenneth Galbraith

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1,232199,368 (3.94)62
Title:The Great Crash 1929
Authors:John Kenneth Galbraith
Info:Mariner Books (2009), Edition: Reprint, Paperback, 224 pages
Collections:Your library

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The Great Crash, 1929 by John Kenneth Galbraith (1954)

  1. 10
    This Time Is Different: Eight Centuries of Financial Folly by Carmen M. Reinhart (mercure)
    mercure: Both books take opposite looks at economic crisis; Galbraith looks at the mechanics, Reinhart and Rogoff take a quantitative approach.

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Sad to see how much Galbraith's prediction came true: that collective amnesia could eventually lead to another boom and bust almost as bad as the 1929 crash. ( )
  dasam | Jul 25, 2017 |
Unbelievable similarity to recent events. This book should be on the reading list for school kids. Everyone should read it. ( )
1 vote BrendaRT20 | Nov 3, 2013 |
John Kenneth Galbraith does a good job of explaining the causes of the 1929 stock market crash and its repercussions. Financial matters always confuse me, so unfortunately, I still don't have a clear understanding but that isn't his fault. The gist of it seems to be that there was irresponsible behavior by the banks as well as investors and refusal to acknowledge the problem. Although there were suicides, the rate wasn't really that much higher than it had been before that. Although there are many safeguards that weren't there in 1929, the cautionary note is that there needs to be controls of the financial community and more proactive action taken. Saying everything is fine doesn't make it true. ( )
1 vote jwood652 | Sep 28, 2013 |
From Dad
  H.Lamberson | Mar 15, 2013 |
Excellent, very readable version of the Crash with additional chapters touching briefly on the Depression itself. The author credits Winston Churchill, with starting the problem by putting England back on the gold standard. It was republished in 1987 after the Stock Market fall with a chapters comparing the times to the 1929 Crash. ( )
1 vote carterchristian1 | Oct 25, 2011 |
Showing 1-5 of 15 (next | show all)
Almost 80 years ago, a financial crisis led directly to an economic catastrophe. The Great Crash 1929 sets out the five routes by which one became the other. Not all have direct parallels today, but some do. All these years later, Galbraith's book is still essential reading.
added by mikeg2 | editThe Independent, Stephen Foley (Oct 10, 2008)
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To Catherine Atwater Galbraith
First words
The reissue of a moderately well-known book provides a temptation which, I have observed, very few authors resist. That is to tell, with that combination of deprecatory modesty and evident self-approval of which Somerset Maugham was perhaps the master, just how this good thing came to be done. And I have noticed that authors who are a trifle ashamed of these exercises in self-appreciation begin them with an apology and then go right ahead anyway. And perhaps we should.
(Introduction to 1961 edition).
Some years, like some poets and politicians and some lovely women, are singled out for fame far beyond the common lot, and 1929 was clearly such a year.
The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.
(Introduction to 1961 edition).
In a community where the primary concern is making money, one of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves. None rebukes them. There is always the fear, moreover, that even needful self-criticism may be an excuse for government intervention. That is the ultimate horror.
(Introduction to 1961 edition).
One of the oldest puzzles of politics is who is to regulate the regulators. But an equally baffling problem, which has never received the attention it deserves, is who is to make wise those who are required to have wisdom.
To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.)
Clerks in downtown hotels were said to be asking guests if they wished the room for sleeping or jumping.
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Haiku summary
The bloody bankers
have wrecked the economy.
Can't happen again!

Amazon.com Amazon.com Review (ISBN 0395859999, Paperback)

Rampant speculation. Record trading volumes. Assets bought not because of their value but because the buyer believes he can sell them for more in a day or two, or an hour or two. Welcome to the late 1920s. There are obvious and absolute parallels to the great bull market of the late 1990s, writes Galbraith in a new introduction dated 1997. Of course, Galbraith notes, every financial bubble since 1929 has been compared to the Great Crash, which is why this book has never been out of print since it became a bestseller in 1955.

Galbraith writes with great wit and erudition about the perilous actions of investors, and the curious inaction of the government. He notes that the problem wasn't a scarcity of securities to buy and sell; "the ingenuity and zeal with which companies were devised in which securities might be sold was as remarkable as anything." Those words become strikingly relevant in light of revenue-negative start-up companies coming into the market each week in the 1990s, along with fragmented pieces of established companies, like real estate and bottling plants. Of course, the 1920s were different from the 1990s. There was no safety net below citizens, no unemployment insurance or Social Security. And today we don't have the creepy investment trusts--in which shares of companies that held some stocks and bonds were sold for several times the assets' market value. But, boy, are the similarities spooky, particularly the prevailing trend at the time toward corporate mergers and industry consolidations--not to mention all the partially informed people who imagined themselves to be financial geniuses because the shares of stock they bought kept going up. --Lou Schuler

(retrieved from Amazon Thu, 12 Mar 2015 18:04:58 -0400)

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Presents a study of the stock market crash of 1929 that reveals the influential role of Wall Street on the economic growth of America.

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