Of Galbraith's classic examination of the 1929 financial collapse, the Atlantic Monthly said:"Economic writings are seldom notable for their entert...
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Apr 24, 2008
Trevor
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Even though he said that he would eventually get to talk about the causes of the great depression I have to admit that for much of this book I thought we would be just getting a series of increasingly horrible stories about the crash. But this turned out to be an infinitely better book than I anticipated.
There are quotable quotes – “If there must be madness something may be said for having it on a heroic scale”. Or “This is the rite of the meeting which is called not to do business More...
There are quotable quotes – “If there must be madness something may be said for having it on a heroic scale”. Or “This is the rite of the meeting which is called not to do business More...
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Jan 03, 2009
C. P.
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Prof. Galbraith's analysis of the 1929 Crash is thoroughly applicable to the 2008 Crash, at least to my own analysis of the current event. This is truly a gem of institutional economic history. My one quibble is that at the end of the book, where he tends more to prescription, that he places more emphasis on the "speculative mood" than the very real and problematic structures of leverage which make such a "mood" economically reasonable and profitable until the crash.
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Dec 27, 2008
Tim
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J. K. Galbraith produced his short book on the Great Stock Market Crash of 1929 in late 1954 in an atmosphere that still recalled recent witch hunts over communism (a fact that will help an early twenty-first century reader with some of the few obscure political references). The current Penguin edition adds the short Foreword to the 1975 edition that urged 'memory' as a necessary corrective to over-enthusiasm within the financial system. One can only guess what this grand old man of liberal econ
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Jan 14, 2012
Jeff
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A few pages of Galbraith's writing reveals the man as a genius. In my fairly limited experience, the only (modern native English) writer with a comparable voice for non-fiction prose was Bertrand Russell.
The book is a reply to the canonical history of the crash, and its relation to the succeeding Depression. Galbraith shows in a handsome variety of ways, how that history contradicts many easily observed facts. A better history is set out in parallel.
Most satisfying is the More...
The book is a reply to the canonical history of the crash, and its relation to the succeeding Depression. Galbraith shows in a handsome variety of ways, how that history contradicts many easily observed facts. A better history is set out in parallel.
Most satisfying is the More...
Aug 01, 2009
Robert
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In his usual tart and trenchant style, John Kenneth Galbraith delivers a blow-by-blow account of the events leading up to the Great Crash, the crash itself, and its aftermath. His overall conclusions: the crash was caused not so much by technical factors as by the get-rich-quick mood of investing Americans; the bankers behaved deplorably before and during the crisis; the Fed essentially did nothing; the New York Stock Exchange behaved pretty well; and the ensuing Depression was lengthened and
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May 23, 2009
Scott
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Galbraith is sort of the Lytton Strachey of economics. They share a mordant, sardonic wit that makes their writing entertaining even though their tone may at times strike you as unfair and smug. The book is full of surprises: the notion that suicides increased markedly after the crash is a myth; turns out that more people killed themselves during the booming summer preceding the break. Another surprise was that the crash may in fact have been a symptom of the incipient depression, not the cause
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May 29, 2011
Alex
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I'd say there are two obvious things you could include in a book about the crash. The first is to detail all the crazy anecdotes about farmers becoming millionaires and people jumping out of Wall Street windows, etc, all that sensationalist stuff. The second is to actually give you an understanding of why the crash happened. Possibly you could have both in the same book. But it felt to me that this book couldn't really decide which of those things it wanted to achieve, and kind of brushed quickl
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Jan 03, 2011
Sagar
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Saw this at Foyle's in London and thought it would be a nice continuation of Lefevre's "Reminiscences of a Stock Operator" and Krugman's "Return of Depression Economics", which I was in the process of finishing.
Galbraith's account of the Great Crash is gripping, and reads more like the work of a slightly-removed journalist than an economic historian. Discussions about discount rates and public pronouncements are interwoven with samples of other news of the day-- Lin More...
Galbraith's account of the Great Crash is gripping, and reads more like the work of a slightly-removed journalist than an economic historian. Discussions about discount rates and public pronouncements are interwoven with samples of other news of the day-- Lin More...
Feb 18, 2009
Mark
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An account of the stock market crash of 1929, with some very interesting observations about the relationships between finance, government and the media. He also compares that crash with the one in 1987, and the parallels he draws could very easily be applied to the current financial crisis.
Galbraith goes into detail on the financial structure of the investment trusts, the mechanics of financial bubbles and how those bubbles are fated to burst. Although he gets into some technical fin More...
Galbraith goes into detail on the financial structure of the investment trusts, the mechanics of financial bubbles and how those bubbles are fated to burst. Although he gets into some technical fin More...
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May 15, 2009
Dan
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More than half a century after it was first written, Galbraith's short book is still both enlightening and entertaining. The entertainment comes from his lucid and witty style, which is not what you generally get from contemporary financial writers. The enlightenment comes from Galbraith's ability not so much to tell a story but to distill from the story lessons that have lasting value.
And lasting value they have. The edition I read was updated just after the 1987 market collapse, an More...
And lasting value they have. The edition I read was updated just after the 1987 market collapse, an More...
Jan 22, 2010
Will
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"Al Smith was notified, and his sorrow over the death of his friend was not diminished by the knowledge that the news might start a serious run on their bank."
Galbraith's a good writer, and a witty one: this was a good read. There's a lot of schadenfreude to be had, as one Wall Street malefactor after another gets his comeuppance. And a lot of information, as well.
Of course my aim in reading this was to see what similarities there were between the '29 crash and More...
Galbraith's a good writer, and a witty one: this was a good read. There's a lot of schadenfreude to be had, as one Wall Street malefactor after another gets his comeuppance. And a lot of information, as well.
Of course my aim in reading this was to see what similarities there were between the '29 crash and More...
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Jan 28, 2012
Omar
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As John best summarizes it: "The task of this book, as suggested on an early page, is only to tell what happened in 1929. IT is not to tell whether or when the misfortunes of 1929 will recur. One of the pregnant lessons of that year will by now be plain: it is that very specific and personal misfortune awaits those who presume to believe that the future is revealed to them. Yet, without undue risk, it may be possible to gain from our view of this useful year some insights into the future. W
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Sep 08, 2011
elisabeth
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Galbraith's The Great Crash 1929 is an easy read and gives historical context to the current financial mess in the U.S. It was first published in 1955 and never manages to get out of print because another financial bubble bursts and people like me look for explanations. Turns out people today are like people from yesterday - they want to make easy money and when banks and the government encourage spendthrift behaviour and reckless speculation, people start to believe that they deserve to be rich
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Sep 11, 2010
Mccartjt
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That Goldman Sachs hasn't changed one bit in 80 years. It has recently paid yet another $500million fine for inappropriate behaviour in markets and IMHO they don't deserve even a banking license. Its funny comparing the 1930's to 2010. In the 1930's nothing was supported and everything collapsed. This time around there's way more cumulative debt around us yet TPTB seem hell bent on propping up what Meredith Whitney has called a "Ponzi" scheme. If the system is bankrupt, we should learn
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Nov 26, 2009
Bart
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So, If I told you about a book that attributed the stock market crash to a real-estate boom in Florida and some reflexive market manipulations by Goldman Sachs, you'd assume the book was written sometime after that fateful September day in 2008, right?
Fair enough. But this book was written in 1955. More remarkable still is that not even the names have changed between the crash of 1929 and the crash of 2008. Would you also be surprised to learn that, in the face of private industry More...
Fair enough. But this book was written in 1955. More remarkable still is that not even the names have changed between the crash of 1929 and the crash of 2008. Would you also be surprised to learn that, in the face of private industry More...
Nov 21, 2009
Cv
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When the financial system becomes too complicated for the investors to understand and everything is being run and manipulated by powerful, greedy men, there is destined to be fraud and disaster. That's the lesson I learned from this book, written about the events of the last century which could be about present day.
It's a painful reminder that without oversight, the natural order of the market is toward artificial bubbles, profit-taking and subsequently a crash. This is especially More...
It's a painful reminder that without oversight, the natural order of the market is toward artificial bubbles, profit-taking and subsequently a crash. This is especially More...
Jan 17, 2009
Katie
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I was jumping on the bandwagon with this choice but it was very informative. We were taught at school that overproduction caused the Wall Street Crash which turns out to not quite be the case. The parallels with the current financial situation were almost scary - I was reading about a massive scam that was undercovered in the aftermath of the crash, just as the Bernie Madoff fraud hit the news. For an economist Galbraith also has a sense of homour, parts were almost funny. After reading it I did
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Nov 18, 2010
Brett
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I think this book has an extremely unbiased and accurate view of exactly what caused the crash of 1929. It is also well-written and humorous. It only requires a basic level of economic and financial (or accounting) knowledge to understand as well.
The only reason I didn't give it five stars is because of its last chapter. For some reason Galbraith saw it fit to end his booked with a tacked-on chapter, full of his biased opinions on what caused the depression itself. Here the book compl More...
The only reason I didn't give it five stars is because of its last chapter. For some reason Galbraith saw it fit to end his booked with a tacked-on chapter, full of his biased opinions on what caused the depression itself. Here the book compl More...
Dec 28, 2009
Kim
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I'll have to reread it later to get its full worth. There are still too many areas of Wall Street that I do not understand to follow the author's line of reasoning completely, although I think he does a pretty good job of making sense of it. I just don't understand all the securities, common bonds, yada-yada yet. Still, speculation and creative financing seem to be the major culprits. As he states (more succintly) capitalism rarely leaves a demand unmet for too long. It is definitely a worthwhi
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Jul 05, 2011
Matt
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Perhaps the most I've ever laughed while reading a history book. Galbraith has a deadly, scathing wit which he unleashes on all the incompetent businessmen, arrogant prognosticators, brazen hucksters, and even the gullible public that all contributed to the Great Crash of 1929. It's highly quotable and a joy to read. A first rate economist as well a writer, Galbraith also does a fine job in walking the reader through the economic history of the period leading up to the crash in an easy to unders
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Dec 06, 2011
Midclassind
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Galbraith's account of the 1929 crash was much shorter and more powerful than the fictional novels that say all regulation and taxes are bad (e.g. Rand). The Great Crash 1929 is non-fiction history and should be required reading in economics and finance classes.
The book covers speculation, heavy margin trading and short selling. It includes actual embezzlement cases and an over-valued real estate bubble. Oddly enough, it was written in 1955 about events around 1927-1937. This was More...
The book covers speculation, heavy margin trading and short selling. It includes actual embezzlement cases and an over-valued real estate bubble. Oddly enough, it was written in 1955 about events around 1927-1937. This was More...
Aug 26, 2010
Jason
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"Always when markets are in trouble, the phrases are the same: 'The economic situation is fundamentally sound' or simply 'The fundamentals are good.' All who hear these words should know that something is wrong." - p. xiv. In these introductory words written for the 1997 edition, Galbraith plays the first notes of the leitmotif running through all speculative bubbles, particularly the great bubble and crash of 1929 (and subsequent depression), the notion that expansion of economic spec
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Mar 29, 2011
Themistocles
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J.K. Galbraith writes with much gusto, cynicism and humor. You don't expect those kinds of things from a world-class economist, the more so in a book almost 60 years old! But, there you have it. It's a joy to read and each page, filled with indictment against the stupidity, lust and greed of those riding the wave in '28 and '29, flows easily and naturally.
Mind you, this is probably not a book for those who do not have any understanding of the financial principles involved, but it may More...
Mind you, this is probably not a book for those who do not have any understanding of the financial principles involved, but it may More...
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Dec 30, 2009
Glenn
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It's an impressive weighing of the facts offered by a broadly respected economist. I started out thinking why, if we can understand so much, can't we avoid repeating the history. But the answer to that question rests in the premise of the book. Overriding the wisdom and caring for fellowman is the desire to have more--and that is true at any level of power, education, and/or means. That's how I distill the message. This is not to leave out hope for exceptional individuals and leaders, but i
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Feb 11, 2011
Wanda
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Wittily and clearly written. Sensible and wise. I can summarize it no better than to quote the final sentences:
"Long-run salvation has never been highly regarded if it means disturbance of orderly life and convenience in the present. So inaction will be advocated in the present even though it means deep trouble in the future. Here lies the threat to capitalism. It is what causes men who know that things are going quite wrong to say that thing are fundamentally sound."
"Long-run salvation has never been highly regarded if it means disturbance of orderly life and convenience in the present. So inaction will be advocated in the present even though it means deep trouble in the future. Here lies the threat to capitalism. It is what causes men who know that things are going quite wrong to say that thing are fundamentally sound."
Jun 28, 2009
Moira
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The professorial tone of the book is engaging, and there are some great quotations within. Reading this book gave me a good sense of the players of the era, and the dynamics between business and government at the time. I also thought that many of the analyses of the 29 crash rang true for the 2008/09 recession. However, the battle cry of the book, "speculation is evil!" is, I think, part of most people's basic understanding of that crash today.
Apr 16, 2009
Davis
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This book is 5 stars only for the fact that we are repeating it almost exactly today and this book was first published in the 50's! That is what's so amazing about this book. Now all we need to see are these bank CEOs getting indicted but then found innocent by the jury. It's really sad how history keeps repeating itself. When reading this book, keep in mind that today's Citibank was originally National City Bank during the early 1900's.
Mar 28, 2011
Erik
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Although I'd passed through San Francisco airport as a teenager en route to Hawaii, my first real visit to the Bay was in 1987 when I went to visit my former roommates, Michael and Thomas Miley, their parents and other friends from high school living in the area. At the time Michael, still settling in, was living with his folks on one of the hills which punctuate the city.
Although I always travel with a book, I counted on Michael's collection for when it was completed, his being the More...
Although I always travel with a book, I counted on Michael's collection for when it was completed, his being the More...
Mar 23, 2010
Tyler
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eerily similar to present day matters - he hints at the why's of crashes but never really comes out and says that they're endemic to markets and only offers a few explanations at the end to explain what turns a crash into a great depression. His wit is great at times and it has pounded into my head the phrase "the fundamentals of the economy are sound" in a similar fashion to vonnegut's 'so it goes'
most interesting things - concept of the 'bezzle' - that is the amount of mo More...
most interesting things - concept of the 'bezzle' - that is the amount of mo More...
Sep 20, 2009
Joe
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This book talks about the stock market crash of 1929. It talks about the buildup, conditions that encouraged the environment that was destined for a crash, day-by-day details of the crash itself, and short-term consequences. The book focuses on the crash itself, not the resulting depression.
If you want a long, in-depth technical analysis, look elsewhere; if you're looking for the classic overview, this is it.
If you want a long, in-depth technical analysis, look elsewhere; if you're looking for the classic overview, this is it.
