"Great Crash: 1929"

Paper Summary:

This paper reviews Galbraith's book, "Great Crash: 1929", and explains the main premise behind the text, which states that market stability and corporate interests will always be fundamentally incommensurate. The paper also explains the purpose behind Galbraith's book, points out the novelty of the book's thesis at the time it was written, and highlights the arguments Galbraith used to support his thesis.

From the Paper:

"The emotional and biased potentiality within the economic climate that Galbraith highlighted was a relatively novel thesis in its presentation, in the way that it deployed a psychological reading of economic relations between investors, brokers, and the media. However, Galbraith points out that the financial analyst's views of the burst of wealth of the period were not uniformly congratulatory. He cites one article from The New York Times, noting that when temporary breaks in the market's skyrocketing, hysterical upswing, "which preceded the crash" early in 1928, in June, in December, and in February and March of 1929, and finally when "the real crash came", the paper reported the event with jubilation would be an exaggeration. Nevertheless, the paper "covered it with an unmistakable absence of sorrow". Galbraith's statements are confirmed, in terms of the New York Times with the article of the period, from October 24, 1929."

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