Not recommended for anyone that isn’t native in English. 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 had a great mind and a great writing style, but was highly invested in New Deal politics and socialist ideology of the 1930s, and while I believe he was an honest man, he hardly mentions the tremendous sovereign debt accumulated during WWI and its eventual collapse. He tries to understand the reasons for both, but maybe there are not enough comparisons to other speculative booms for his explanations to be fully convincing. Thirteen million shares changed hands the highest daily volume in the exchange's history at that point and the tape didn't stop running until four hours after the market closed. 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). J.K. Galbraith writes with much gusto, cynicism and humor. Galbraith writes on a period of time where everything seemed, but a dream, to where everything became a nightmare. 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. As soon as the opening bell rang on Oct. 28, prices began to drop. 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. Dull and hard to read. Unfortunately, I can not go to the library myself so PLEASE can I get this detailed summary? He is also very opinionated and judgmental, which is fun to read. I'd say it's a good introduction and overall it offered a great general view on the period/phenomenon. One can only guess what this grand old man of liberal econ. The Great Migration was the movement of six million African Americans out of the South to urban areas in the Northeast, Midwest, and West between... 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. Yet, without undue risk, it may be possible to gain from our view of this useful year some insights into the future. Americans had a lot to be proud of back then: World War I was thoroughly behind them, radio had been invented, and automobiles were growing cheaper and more popular. Nevertheless a witty account of the events of 1929. THE GREAT CRASH: 1929- summary please? 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). The crowds on Wall Street after the stock exchange crashed. I read half of this book before taking it back to the library.
There have been more crashes since with bigger numbers and bigger losses but nothing quite rivals the terror and devastation of Black Tuesday: October 29, 1929. See 1 question about The Great Crash of 1929…, 40 books every self-respecting investor needs to read, Morgan Jerkins Journeys Across the USA to Retrace Black History. 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.
Stock transactions in those days were printed on ticker tape, which could only produce 285 words a minute. Galbraith writes on a period of time where everything seemed, but a dream, to where everything became a nightmare. 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. 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. Brokers called in margins; if stockholders couldn't pay up, their stocks were sold, wiping out many an investor's life savings in an instant. 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. Rumors of investors jumping out of buildings spread through Wall Street; although they weren't true, they drove the prices down further. 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." Is neglect of sovereign debt issues not a problem today, when governments prefer to blame financial turmoil on everyone but themselves? For a book on economic issues this is entertaining! The New York Stock Exchange's board of governors considered closing the market, but decided against it, lest the move increase the panic. In the fall of 1929, economist Irving Fisher announced that "stock prices have reached what looks like a permanent plateau." 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. It has some good observations, but I found A Nation in Torment by Edward Ellis to be a better book. One can only guess what this grand old man of liberal economics would have written in 2008. Galbraith crams in a lot of atmosphere. He uses his knowledge of the Great Depression and the Stock Market to explain what happened. The Great Crash 1929 by Galbraith: Chapter 5- "The Crash" Summary By the autumn of 1929, the economy had faced a catastrophe: a depression. 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. The market recovered for a few months and then slid again, gliding swiftly and steadily with the rest of the country into the Great Depression. The following day, President Herbert Hoover went on the radio to reassure the American people, saying "The fundamental business of the country...is on a sound and prosperous basis.". The demand for billions of dollars at once is illogical because not all the money will be stored in the bank which is why interest is received. April 28th 1997 He uses his knowledge of the Great Depression and the Stock Market to explain what happened. 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. The Great Crash 1929 by Galbraith: Chapter 1 - "Vi... Massachusetts Department of Public Utilities. Stocks were on a tear: between 1924 and 1929, the Dow Jones Industrial Average quadrupled. The ticker tape ran so far behind the actual transactions that some traders simply let it run out. Accessed March 14, 2015. http://www.corbisimages.com/stock-photo/rights-managed/U508221INP/new-york-stock-. Now, with th. Galbraith crams in a lot of atmosphere. The industries and factories culminated to an apex and then plummeted, followed by the fall of the stock market. Very readable, easy to understand, it flows quite nicely. The market recovered for a few months and then slid again, gliding swiftly and steadily with the rest of the country into the Great Depression. The Dow had dropped another 12%. Seventy-nine years ago this week, the New York Stock Exchange experienced the worst financial panic the country had ever seen.
Summary: There can be little doubt that J.K.Galbraith's classic book about investment markets, The Great Crash 1929, is required reading for all investors. Welcome! Trades happened so quickly that although people knew they were losing money, they didn't know how much. What a disappointment!
A prolific author, he produced four dozen books & over a 1000 articles on many subjects. This caused many Americans to panic and quickly take their money from banks at once.