"The Great Crash: 1929," by John Kenneth Galbraith
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This paper examines "The Great Crash: 1929," by John Kenneth Galbraith, and the reasons that it gives for the economic downfall of that period. The writer explains some of Galbraith's chief arguments, such as buying on margin and rampant speculation, the lack of responsibility among the higher institutions like the city banks and the Federal Reserve, and the disorganization and miscommunication between governing bodies. The writer concludes that Galbraith gives not only a historical representation of the era, but an almost behind the scenes look at how the higher up were affected as well.
From the Paper:"What Galbraith attempts to do is paint the reader a picture of the entire era both before and after the historic crash. The writing itself flows very uniformly in regards to historical accuracy filled with milestone dates and stock exchange numbers, however, the real importance of the text deals with the overall theory or mental perception of both the higher acting officials all the way down to the average middleclass American worker. It is from this perspective that Galbraith's true message throughout the book will claim that the reason for the crash of 1929 is not necessarily the lack of willingness or financial backing of the people; as was the ending result, but rather the high levels of incompetence, denial, lacking responsibility, and speculation that will ultimately lead to the market's untimely demise."
Sample of Sources Used:
- The Great Crash: 1929 John Kenneth Galbraith, Mariner Books, 1997
- Comparative Reading: The Causes of the 1929 Stock Market Crash: A Speculative Orgy or a New Era? Harold Bierman Jr.; Greenwood Press, 1998
Cite this Book Review:
"The Great Crash: 1929," by John Kenneth Galbraith (2008, October 15) Retrieved June 19, 2013, from http://www.academon.com/book-review/the-great-crash-1929-by-john-kenneth-galbraith-108569/
""The Great Crash: 1929," by John Kenneth Galbraith" 15 October 2008. Web. 19 June. 2013. <http://www.academon.com/book-review/the-great-crash-1929-by-john-kenneth-galbraith-108569/>