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The Great Crash 1929, by John Kenneth Galbraith
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Of Galbraith's classic examination of the 1929 financial collapse, the Atlantic Monthly said:"Economic writings are seldom notable for their entertainment value, but this book is. Galbraith's prose has grace and wit, and he distills a good deal of sardonic fun from the whopping errors of the nation's oracles and the wondrous antics of the financial community." Now, with the stock market riding historic highs, the celebrated economist returns with new insights on the legacy of our past and the consequences of blind optimism and power plays within the financial community.
- Sales Rank: #74786 in eBooks
- Published on: 2009-09-10
- Released on: 2009-09-10
- Format: Kindle eBook
Amazon.com Review
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
Review
"[A] skilled analysis of that most memorable year in our economic history." (St. Louis Post-Dispatch )
"Most intriguing for its depiction of the delusion that swept the culture, and the ways financiers and bankers, wishful academics and supine regulators willfully ignored reality and in the process encouraged the epic collapse of the stock market." (New York Times )
"Paints a vivid picture of how the supposedly rational capitalist system seemed to lose its collective mind, and it has spooky parallels with what we are witnessing now." (Fortune )
About the Author
John Kenneth Galbraith, born in 1908, was one of the twentieth century's most influential economists. He produced dozens of books and hundreds of articles on economics, politics, foreign policy and the arts, his most famous including the popular trilogy on economics, American Capitalism (1952), The Affluent Society (1958), and The New Industrial State (1967). He taught at Harvard University for many years and was also active in politics, serving as an adviser to Franklin D. Roosevelt, Harry S. Truman, John F. Kennedy and Lyndon B. Johnson. James K. Galbraith, born in 1952, teaches at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin, and is the author, most recently, of The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too (Free Press).
Most helpful customer reviews
2 of 2 people found the following review helpful.
Great introduction to a very turbulent and complex time in US economic history.
By Boston suburban dweller
Wonderful read. JKG is a great writer, and keeps the story going through what could be labor-some or dry economic topics. Best audience is someone interested in markets & willing to think along the way. It's not a thriller or such, where you just sit back and read. JKG likely does not get "passive" or inattentive readers. If you want to gain a perspective on what happened in 1929, you'll need to read many, many books to gain a full understanding. This is a great quick intro.
2 of 2 people found the following review helpful.
Fantastic book
By C. Eldredge
This book is an extremely clear account of the stock market bubble and disastrous crash of the late 1920s. I have read quite a few financial histories, and they are often quite difficult going. However, Mr. Galbraith's account is a pleasure to read, not least because of his very dry wit. The major drawback to the book is that despite the fact that it has been continuously in print since 1955, we have kept on falling into the same trap over and over, leading to unhappy thoughts about our wise leaders.
1 of 1 people found the following review helpful.
Must read
By Bob Garey
I've just read this book for the third time in the last 30 years. It is eerily relevant to understanding the financial markets, including the post-bubble declines after 2000 and 2007, as it is 1929 and the years immediately after. Also, it is the opposite of dry reading. Enjoyable, understandable, and enlightening. You won't regret reading it.
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