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Review of The Great Crash: 1929 By John Kenneth Galbraith - Research Paper

Review of The Great Crash: 1929 By John Kenneth Galbraith

Book Review: Galbraith, John Kenneth. The Great Crash: 1929. First Published 1959. Reprinted 1961.

The main premise behind John Kenneth Galbraith's seminal text upon economic booms and busts, The Great Crash: 1929, is that market stability and corporate interests will always be fundamentally incommensurate. Businessmen will never speak ill about their own companies. Stockbrokers, financial analysts, and even many Wall Street journalists who make their money through heightened investor interest and attention to a burgeoning but highly speculative market will never speak with any true and honest accuracy about the condition of the market. Analysts, executives, and financial ...

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of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves. None rebukes them." (Galbraith 29)
No one person or institution was responsible for the crash on Wall Street, says Galbraith. However, the climate and culture of the United States and even the world financial community as a whole created the conspiracy of silence that ultimately spiraled into the Great Depression that gripped financial America and financially the international community of markets. It was not, the author suggests in a nod to long-term economic history, entirely unprecedented. But "the singular feature of the great crash of 1929 was that the worst continued to worsen," because the level of speculation was so unusually great in comparison to previous bubbles and busts and the increasingly interconnected international economic sphere. ...

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the 1930's.
The book, The Great Crash did not represent a completely new interpretation of the economic condition of the time when it was written during the 1950's. Keynesian modes of redressing economic declines were then the accepted modus opperendi of liberal governments, given the apparent success of the Roosevelt administrations' deployment of the Galbraith-approved New Deal policies and the government spending necessitated by the United States' subsequent entry into World War II. However, Galbraith's condemnation of Wall Street's culture of spending during the 1920's, which was characterized by selling stock to the unwary and a tacitly agreed upon silence in regards to risk, ...

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PAPER DETAILS
Added: 7/15/2016 04:35:52 AM
Category: Book Reports
Type: Premium Paper
Words: 1297
Pages: 5

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