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The Great Crash of 1929

3.94  ·  Rating details ·  3,871 Ratings  ·  287 Reviews
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 th ...more
Paperback, 224 pages
Published April 30th 1997 by Mariner Books (first published 1954)
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Jan-Maat
To regard the people of any time as particularly obtuse seems vaguely improper, and it also establishes a precedent which members of this generation might regret.


The strength of this book is its sharp focus. I read Lords of Finance which covers, broadly speaking, the same topic, but that was one of those fashionably long books that shows the reader plenty of trees, but leaves no sense of the shape of the forest. How different Galbraith's book.

The very narrowness and interest in precise details
...more
Trevor
Apr 24, 2008 rated it really liked it
Shelves: economics, history
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 but to do no
...more
Kamal Sabry Shaker
أعتقد أنه كتاب يهم المتخصصين أكثر من القراء الغير متخصصين .. يركز الكتاب على أسباب الانهيار الاقتصادى والكساد الكبير الذى ساد أوروبا وأمريكا فى العام 1929 ولكن من وجهة نظر وتحليل خبراء سوق البورصة الأمريكية أو ما يعرف بالوول ستريت .. وعليه فأنا كقارئ يضع دائماً التوقعات العظيمة ويعول على الكتاب من مجرد الاسم .. لم يستهوينى الكتاب ووجدت أكثر فقراته مكرر وغير مهمة لموضوع الكتاب وحشو بالمعلومات والبيانات والأرقام.
نعود إلى موضوع المراجعة هو الكتاب الذى يؤرخ لحالة ركود اقتصادى وكساد لم يسبق له مثيل ف
...more
Mikey B.
Jul 15, 2017 rated it really liked it
Recommended to Mikey B. by: Sanjay Varma
For a book on economic issues this is entertaining! It has sardonic wit.

Mr. Galbraith (Canadian born by the way) explores the before, then the dark days of October 1929, and the devastating aftermath.

What is interesting throughout, is the constant flow of reassurances, from those who should (I suppose) have known better, that the “economy was solid” along with a multitude of similar buoyant phrases. Doomsayers, and there were not many, were dismissed as charlatans. The eternal optimists, even af
...more
Hadrian
Although this book was published almost sixty years ago, and it describes an event over eighty years in the past, it seems only too familiar.

Galbraith describes with clarity and thoroughness the events which preceded the great crash. For example:

-A major real estate bubble. Thousands of speculators were bidding for the chance to set a price on the land, not even the land itself. A Mr. Charles Ponzi was also heavily involved in the buzz, selling dozens of plots of real estate per acre of Florida
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Mohamed IBrahim


الكتاب يلف ويدور ويكرر نفسه ولا يعطي تحليل دقيق ل(لأحداث ما قبل الانهيار واثناءه ولا يمل م تمرار ما يقوله قي كل الفصول
يمكن حشر كل المئتي صفحة في خمسون وستكون أكثر من كافية ليقول كل ما يريده.
يمكن القول بأنك ستخرج بعد قراءته مع معرفة دقيقة بما كان يحدث قبل وأثناء الانهيار ولكنك لن تعرف لماذا حدث أبداً وما الذي يريد الكاتب ايصاله لك
John Gurney
May 04, 2015 rated it really liked it
I first read John Kenneth Galbraith's The Great Crash of 1929 in college (or was it high school- so many years ago) and rereading it now, it retains its crisp narration and wittiness. It is not a long book, reflecting that Galbraith concisely covers the build-up to the crash and its aftermath.
Tim Pendry
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 ...more
Greg
First published in the U.S.A. 1954.
I found a 1984 Pelican paperback edition in Vinnies for $2. as well as a Donald Fagen CD The Nightfly in mint condition for $2.
A favourite song of mine is Black Friday on Steely Dan's Katy Lied album. The first and last lines of Black Friday are 'When Black Friday comes', 'I'll guess I'll change my name.' Released in 1975 by the way.

The Great Crash 1929 is clearly explained. Fascinating. The question that I keep asking throughout is, how could this be allowed t
...more
Sagar Jethani
Dec 22, 2010 rated it it was amazing
Shelves: history, finance
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-- Lindbergh's flight across the Atl
...more
Jeff
Jan 14, 2012 rated it really liked it
Shelves: history
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 way in which Galbraith
...more
Greg Strandberg
Jun 03, 2015 rated it liked it
I read half of this book before taking it back to the library. It has some good observations, but I found A Nation in Torment by Edward Ellis to be a better book. I suspect the reason why most talk-up this book and Galbraith in general is that he served in the FDR administration, was educated at Harvard, and takes a Keynsian approach to economics. He'd later serve in the Truman, Kennedy, and Johnson administrations.

The book is short and slanted too much toward the bankers, in my mind. Galbraith
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Dorotea
Nov 23, 2017 rated it liked it
Very readable, easy to understand, it flows quite nicely. I'd say it's a good introduction and overall it offered a great general view on the period/phenomenon.
But if you are really wondering what caused the Great Depression, I would highly recommend Eichengreen's article"The Origins and Nature of the Great Slump Revisited". It's not as entertaining as this book, and quite frankly I greatly dislike Eichengreen's writing style, but that is the real deal.
Shirley
Mar 14, 2018 rated it liked it
see the great depression: america, 1929-1941 "review" a little more enjoyable because he speaks in terms i understand
Will
Jan 04, 2010 rated it really liked it
"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 our very own. Turns out there wer
...more
Mark
Feb 05, 2009 rated it really liked it
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 financial speak
...more
elisabeth
Sep 08, 2011 rated it really liked it
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 ...more
C.P.
Dec 29, 2008 rated it really liked it  ·  review of another edition
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.
Melinda
Jun 18, 2017 rated it it was amazing
What a cool funny informative book. This book was written back in the 1950's and, while it's been revised over the years, this info is totally relevant and the they way the author has written this is quirky, funny, and not dry at all.
Daniel
Dec 08, 2007 rated it it was amazing
Recommends it for: all
One of the few books that Galbraith failed to make money on.

But it's well worth reading because as I write this today on the 10th of December 2007, it looks like this housing bubble is going to be UNPECEDENTED in the amount of damage done as it finally bursts.

Yuyud_D2
Feb 20, 2018 rated it really liked it
Shelves: informational
The book gave a very detailed description and the various reasons that might have lead to the Great Depression, it also included a lot of details of the events like the action bankers and politicians took before the crash. It did bore me a little bit toward the end because of how much information it gives you. You would like this book if you enjoy American history
Omar Halabieh
Jan 09, 2012 rated it it was amazing
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. We can ...more
Nathan  Fisher
Jul 24, 2017 rated it it was amazing
One of those great books by liberals that can't but reaffirm one's belief in the obvious rightness of Marxism (only jokingly nodded to here, but at least respected as a threat). It's genuinely *hilarious* and read in conjunction with any book about 2008 would be bound to forcibly march someone a few steps left.
Lamont Whiteside
Jun 13, 2013 rated it really liked it
In “The Great Crash: 1929” John Kenneth Galbraith wrote on the great depression in a manner very different from regular books discussing the topic of finance. He uses his knowledge of the Great Depression and the Stock Market to explain what happened. Galbraith writes on a period of time where everything seemed, but a dream, to where everything became a nightmare. Americans began to gain too much confidence in the stock market, which essentially destroyed the stock market. Galbraith wrote on how ...more
Ricardo Alves
Sep 11, 2014 rated it it was amazing
Crónica do crash bolsista de 1929, que levaria à Grande Depressão, com efeitos devastadores, dento e fora dos Estados Unidos.
Galbraith, que era um académico e um economista sagaz, procedeu a um levantamento historiográfico com o à-vontade dum bom narrador, ainda por cima provido de humor -- o que, num tema árido como este, é feito de monta (não foi em vão que John Kenneth Galbraith se deixou tentar pela ficção).
A mentalidade do especulador é esta: fazer muito dinheiro com pouco trabalho e no mai
...more
Mark Hartzer
May 14, 2017 rated it it was amazing
I was going to give this a 4 star review until I got to the final chapter where Galbraith enumerates his ideas on the cause of the Great Crash and subsequent Great Depression.

Galbraith: "... the economy was fundamentally unsound. Many things were wrong, but five weaknesses seem to have had an especially intimate bearing on the ensuing disaster. They are:
1.) The bad distribution of income." Uh oh, that sounds familiar.
2.) The bad corporate structure. The fact was that American enterprise in the t
...more
Sanjay Varma
Jun 14, 2015 rated it really liked it
Shelves: non-fiction
A beautiful example of mid- 20th century prose. If you liked the editorial style of Lewis Lapham, Alan Abelson, or William Buckley, or if you were stirred by John Kennedy's "Profiles in Courage," then this book will thrill you.

But Galbraith also draws careful and circumspect conclusions, which gives this book a timeless quality, as if it could apply to economic catastrophes in any era.

Here is Galbraith describing the use of margin loans to buy stock, which fueled the market's rise: "Everywhere
...more
Themistocles
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 well be wor
...more
Alex
May 29, 2011 rated it it was ok
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 ...more
Ahmed
May 16, 2018 rated it liked it  ·  review of another edition
يتتبع غالبرايث ماحدث في وول ستريت قبيل الانهيار الكبير في البورصة والذي أدى بدوره الى الكساد الكبير..ومن ثم في الفصل الأخير يحلل أسباب هذا الانهيار ويتنبأ بما قد يحدث في المستقبل..المثير في هذا الفصل أن كل ما استعرضه من عوامل تحمي الاقتصاد من الوقوع في كساد آخر تم تفكيكها في المستقبل..ونفس العوامل تقريباً التي أدت إلى انهيار البورصة في ١٩٢٩ هي التي أدت الى كارثة ٢٠٠٨.

٣ نجوم لأن لم يستعرض العيوب الهيكلية في الاقتصاد الامريكي الا في النهاية، وتمنيت لو أنه تتبع مساراتها منذ البداية
لا أنصح الغير مهت
...more
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John Kenneth Galbraith was a Canadian-American economist. He was a Keynesian and an institutionalist, a leading proponent of 20th-century American liberalism and democratic socialism. His books on economic topics were bestsellers in the 1950s and 1960s. A prolific author, he produced four dozen books & over a 1000 articles on many subjects. Among his most famous works was his economics trilogy ...more
“The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.” 19 likes
“In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in — or more precisely not in — the country’s businesses and banks. This inventory — it should perhaps be called the bezzle — amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks.



Just as the boom accelerated the rate of growth, so the crash enormously advanced the rate of discovery. Within a few days, something close to a universal trust turned into something akin to universal suspicion. Audits were ordered. Strained or preoccupied behavior was noticed. Most important, the collapse in stock values made irredeemable the position of the employee who had embezzled to play the market. He now confessed.”
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