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The Great Crash of 1929 [Paperback]

John Kenneth Galbraith
4.2 out of 5 stars  See all reviews (124 customer reviews)


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Book Description

April 30, 1997 0395859999 978-0395859995 Edition Unstated
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.


Editorial Reviews

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 ) --This text refers to an out of print or unavailable edition of this title.

Product Details

  • Paperback: 224 pages
  • Publisher: Mariner Books; Edition Unstated edition (April 30, 1997)
  • Language: English
  • ISBN-10: 0395859999
  • ISBN-13: 978-0395859995
  • Product Dimensions: 5.6 x 0.6 x 8.2 inches
  • Shipping Weight: 8 ounces
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (124 customer reviews)
  • Amazon Best Sellers Rank: #502,183 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews
86 of 86 people found the following review helpful
5.0 out of 5 stars Don't buy the Kindle version June 25, 2011
By CFT
Format:Paperback
Well-written chronicle of the 1929 Wall Street crash; and the key figures and investments that contributed to the market's collapse. JKG's laconic humor makes the book a delightful read.

A negative is that the Kindle version is very poorly copyedited. The electronic version is rife with misspellings, missing words, and other copy errors. Buy the print copy.
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105 of 110 people found the following review helpful
5.0 out of 5 stars Very relevant today February 10, 2002
By Ben R.
Format:Paperback
Recall the talk before the bust of the "New Economy," in which distended P/E ratios and lack of profits were to be irrelevant. Recall Enron's public proclamations of its stability and projected earnings increases. Keep these in mind as you read The Great Crash, and you will be very, very skeptical of analysts, to say nothing of executives.

Galbraith's theme is that market stability and corporate interests are fundamentally at odds. After pumping up prices by gambling with borrowed money, the financiers and executives simply hope to cash in and make it out alive. In the ensuing crisis, CEOs will never speak evil about their own companies or the condition of the market, so their speech is about as useful to an investor as a pre-game pep talk is to a bettor. Analysts, as well as executives, are salesmen of their own stock, and their primary objective is to get you to buy high.

Galbraith is a talented storyteller, and he highlights themes that are likely to accompany future bubbles so that the reader knows what to be skeptical about. This is a very entertaining read, and if you actively compare what Galbraith tells you of the 20's to what you know about the 90's, you'll likely not be swept away by future investing mania.

* * *

2008 Update:

Having learned a thing or two since I wrote that, I can think of no book better suited to explain our current predicament to the layman. Excessive leverage, housing bubble, financial deregulation, and crony capitalism -- sound familiar? You'll read about this stuff happening back in the '20s and shake your head in disbelief.
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90 of 98 people found the following review helpful
4.0 out of 5 stars Exploring the 1929 crash in elegant prose October 29, 2003
Format:Paperback
Economics, like physics, has a fundamental canon: you cannot make money out of nothing. To narrate the history of financial bubbles is to chronicle those times when people overlooked that fact. In those instances, asset prices soar merely to be resold for profit, with little regard as to their actual value; when something shakes confidence and buyers are in short supply, a crash follows as prices were sustainable only insofar as they could be resold higher.

According to John Galbraith, the stock-market crash that took place in the fall of 1929 was typical of this prototype. Mr. Galbraith, a Harvard economist, traced the optimism to the Florida real-estate bubble of 1925 which made people forget the elementary rules of money making. What follows is an elegant narrative that interweaves economics with history to produce one of the most telling and lucid accounts of the developments, economic and otherwise, that lead up to the October 1929 crash.

The crash, according to Mr. Galbraith, was caused by an admixture of bad income distribution (economy too dependent on luxury spending and investment), bad corporate structure, bad banking structure, foreign imbalances, and bad economic intelligence. In seeking compelling explanations, the "Great Crash" often resists conventional wisdom: for example, to those who blame the abundance of credit, Mr. Galbraith answers: "on numerous occasions before and since credit has been easy, and there has been no speculation whatever." Mr. Galbraith looks beyond central banking and interest rates to compile a rich and diverse history of the 1929 crash.

So what about preventing future crises? Here, Mr. Galbraith is ambivalent. Regulation has and can play a substantial role in preventing future troubles. But the problem lies elsewhere: people continue to believe that they have been blessed, and that they can make money with little or no effort. When wise men see such folly and decide to partake in it rather than spoil it, a bubble that later crashes is inevitable. For all those who seek an economic solution to this economic problem, Mr. Galbraith surely disappoints. The surest protection against over-speculation, he writes, is to remind people that you can never get something from nothing. Those in love with central banking might find the idea simplistic, yet its beauty lies with its simplicity.
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Most Recent Customer Reviews
5.0 out of 5 stars Read the second edition of this book
I have a funny story that relates to this book.
2008, mid summer I was on a beach vacation with an author I worked for. Read more
Published 7 days ago by Jamie C. Lutton
5.0 out of 5 stars What my Momma told me is in this book
If it weren't so sad, it would be funny. Galbraith is funny, and it's sometimes difficult, for me, to separate the irony from the straight writing here. Read more
Published 24 days ago by dan
4.0 out of 5 stars Galbraith is an economic authority
This book helps to explain the 1929 fiscal debacle . If you enjoy history and finance , it's a great read , despite Galbraith's writing style
Published 1 month ago by bruce duncan
5.0 out of 5 stars jCrash of 1929
as I am 86 yrs old and lived trought the great depression
this was very factual and every one should read it
for sure this stupid president needs to but I am afraid... Read more
Published 1 month ago by donjones1
3.0 out of 5 stars Not the indepth treatment I expected.
I expected more details regarding the state of affairs at the time- people nad government. The ecomomics that were applied and what worked and did not work and why.
Published 1 month ago by Edward V. Ragusa
5.0 out of 5 stars Interesting and useful
This book is very easy to read and very useful. Shows how history book should be written. Recommended by Buffett himself:)
Published 3 months ago by raj
5.0 out of 5 stars Bigger than now
This classic book of the great crash made me feel better about now. Having lived through the Great Crash, learning to hate republicans and worshopping FDR this book again puts it... Read more
Published 4 months ago by Melvin C. Shaffer
5.0 out of 5 stars Excellent read.
The book was received very quickly and in great condition. For those interested in a slightly more indepth look at the causes of the depression I recommened this book. Read more
Published 4 months ago by KSN
3.0 out of 5 stars The Great Crash of 1929
I found the dissection of how the crash occured, facinating. Interesting in how the economy goes "round and round".All in all, a good read.
Published 4 months ago by James E. Uberti
5.0 out of 5 stars A classic read
Don't miss this opportunity to learn of our distant past, for it appears that our current Republicans are working hard to set the clock back to conditions that existed before the... Read more
Published 4 months ago by John N. Teeter
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