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The Great Crash of 1929 (Paperback)

~ (Author) "ON DECEMBER 4, 1928, President Coolidge sent his last message on the state of the Union to the reconvening Congress..." (more)
Key Phrases: stock exchange practices, rediscount rate, stock exchange firms, Wall Street, The Great Crash, New York (more...)
4.0 out of 5 stars  See all reviews (77 customer reviews)

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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 alternate Paperback edition.
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Product Details

  • Paperback: 224 pages
  • Publisher: Mariner Books (April 30, 1997)
  • Language: English
  • ISBN-10: 0395859999
  • ISBN-13: 978-0395859995
  • Product Dimensions: 8.2 x 5.5 x 0.6 inches
  • Shipping Weight: 8 ounces
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (77 customer reviews)
  • Amazon.com Sales Rank: #102,928 in Books (See Bestsellers in Books)

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    #45 in  Books > History > United States > 20th Century > Depression

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John Kenneth Galbraith
John Kenneth Galbraith
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John Glabraith

Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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First Sentence:
ON DECEMBER 4, 1928, President Coolidge sent his last message on the state of the Union to the reconvening Congress. Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
stock exchange practices, rediscount rate, stock exchange firms, boundless hope
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Wall Street, The Great Crash, New York, Federal Reserve, United States, President Hoover, Richard Whitney, Sachs We Trust, National City, The Twilight of Illusion, Things Become More Serious, General Motors, Blue Ridge, Something Should Be Done, Trading Corporation, General Electric, New Era, Frederick Lewis Allen, Montgomery Ward, White House, The Literary Digest, Professor Dice, Thomas Wilson, Senator Couzens, Harvard Economic Society
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Customer Reviews

77 Reviews
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68 of 73 people found the following review helpful:
4.0 out of 5 stars Exploring the 1929 crash in elegant prose, October 29, 2003
By N. Tsafos (Washington, DC) - See all my reviews
(REAL NAME)   
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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54 of 59 people found the following review helpful:
5.0 out of 5 stars Very relevant today, February 10, 2002
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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33 of 36 people found the following review helpful:
5.0 out of 5 stars What Actually Happened in 1929?, October 24, 2001
Having just lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

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Most Recent Customer Reviews

5.0 out of 5 stars An Enjoyable Read
Too bad humans have no ability to learn from the past. The free market types need government to protect them from themselves. Galbraith makes the depression understandable.
Published 8 days ago by Terry

5.0 out of 5 stars Good Explanation of the Great Crash
Galbraith's 'The Great Crash of 1929' offers a good analysis of why the stock market crashed. The underlying point throughout the book is that an increasingly fragile financial... Read more
Published 13 days ago by Rufus Burgess

3.0 out of 5 stars Outdated pop economics
The Great Crash of 1929 is essentially two books. The first 130 pages or so is a overview of the stock market crash of 1929 and the events leading up to it. Read more
Published 2 months ago by david brown

3.0 out of 5 stars In a nutshell --- IRRATIONAL EXUBERANCE
The more things change, the more they stay the same

Greenspan used the words "irrational exuberance" in the late 90s to describe investor activities that were driving... Read more
Published 2 months ago by R. J. McCabe

5.0 out of 5 stars One of the two "primary documents" essential to understanding the Crash of '29
If you want to know the full extent of the market manipulation on Wall Street during the 1920s, leading up to the 1929 Crash (and the subsequent Great Depression), reading both... Read more
Published 3 months ago by Tim Bigby

4.0 out of 5 stars Excellent, classic analysis of what causes recessions and how to prevent them
This is the classic text, the starting point for any honest examination of Great Depression economic analysis and the seminal text on the economics of deficit spending during an... Read more
Published 3 months ago by Linda Schmidt

5.0 out of 5 stars Great Crash is a Great Read
I recently decided to read The Great Crash 1929 by JK Galbriath because I thought it may provide some insights into the parallels between the Great Crash and the recent GFC. Read more
Published 3 months ago by Michael Terceiro

4.0 out of 5 stars The tipping point for me
I read this book in 1979, during the Jimmy Carter years. I was looking for explanations not only of the Great Depression but also what was happening at that time. Read more
Published 4 months ago by C. Huson

4.0 out of 5 stars A Succinct Treatment of a Relevant Topic
There was a time when leading Democrats were well-versed in literature like this. They should be able to articulate the need for government oversight of the Stock Market as though... Read more
Published 5 months ago by Gord o' The Books

4.0 out of 5 stars What goes around comes around
It's never a good sign when this book reappears on bookshelves across the country. First published in 1955 during a sharp recession in the Eisenhower era, "The Great Crash, 1929"... Read more
Published 6 months ago by Timothy J. Graczewski

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