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The Great Crash of 1929
 
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The Great Crash of 1929 [Paperback]

John Kenneth Galbraith (Author)
3.7 out of 5 stars  See all reviews (27 customer reviews)

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The Great Crash 1929 The Great Crash 1929 3.7 out of 5 stars (27)
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Rampant speculation. Record trading volumes. Assets bought not because of their value but because the buyer believes he can sell them for more in a day or two, or an hour or two. Welcome to the late 1920s. There are obvious and absolute parallels to the great bull market of the late 1990s, writes Galbraith in a new introduction dated 1997. Of course, Galbraith notes, every financial bubble since 1929 has been compared to the Great Crash, which is why this book has never been out of print since it became a bestseller in 1955.

Galbraith writes with great wit and erudition about the perilous actions of investors, and the curious inaction of the government. He notes that the problem wasn't a scarcity of securities to buy and sell; "the ingenuity and zeal with which companies were devised in which securities might be sold was as remarkable as anything." Those words become strikingly relevant in light of revenue-negative start-up companies coming into the market each week in the 1990s, along with fragmented pieces of established companies, like real estate and bottling plants. Of course, the 1920s were different from the 1990s. There was no safety net below citizens, no unemployment insurance or Social Security. And today we don't have the creepy investment trusts--in which shares of companies that held some stocks and bonds were sold for several times the assets' market value. But, boy, are the similarities spooky, particularly the prevailing trend at the time toward corporate mergers and industry consolidations--not to mention all the partially informed people who imagined themselves to be financial geniuses because the shares of stock they bought kept going up. --Lou Schuler

Review

"[A] skilled analysis of that most memorable year in our economic history." (St. Louis Post-Dispatch )

"Most intriguing for its depiction of the delusion that swept the culture, and the ways financiers and bankers, wishful academics and supine regulators willfully ignored reality and in the process encouraged the epic collapse of the stock market." (New York Times )

"Paints a vivid picture of how the supposedly rational capitalist system seemed to lose its collective mind, and it has spooky parallels with what we are witnessing now." (Fortune ) --This text refers to an alternate Paperback edition.
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Customer Reviews

27 Reviews
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3.7 out of 5 stars (27 customer reviews)
 
 
 
 
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3 of 3 people found the following review helpful
4.0 out of 5 stars Exploring the 1929 crash in elegant prose, Oct 29 2003
By 
N. Tsafos (Washington, DC) - See all my reviews
(REAL NAME)   
This review is from: The Great Crash of 1929 (Paperback)
Economics, like physics, has a fundamental canon: you cannot make money out of nothing. To narrate the history of financial bubbles is to chronicle those times when people overlooked that fact. In those instances, asset prices soar merely to be resold for profit, with little regard as to their actual value; when something shakes confidence and buyers are in short supply, a crash follows as prices were sustainable only insofar as they could be resold higher.

According to John Galbraith, the stock-market crash that took place in the fall of 1929 was typical of this prototype. Mr. Galbraith, a Harvard economist, traced the optimism to the Florida real-estate bubble of 1925 which made people forget the elementary rules of money making. What follows is an elegant narrative that interweaves economics with history to produce one of the most telling and lucid accounts of the developments, economic and otherwise, that lead up to the October 1929 crash.

The crash, according to Mr. Galbraith, was caused by an admixture of bad income distribution (economy too dependent on luxury spending and investment), bad corporate structure, bad banking structure, foreign imbalances, and bad economic intelligence. In seeking compelling explanations, the "Great Crash" often resists conventional wisdom: for example, to those who blame the abundance of credit, Mr. Galbraith answers: "on numerous occasions before and since credit has been easy, and there has been no speculation whatever." Mr. Galbraith looks beyond central banking and interest rates to compile a rich and diverse history of the 1929 crash.

So what about preventing future crises? Here, Mr. Galbraith is ambivalent. Regulation has and can play a substantial role in preventing future troubles. But the problem lies elsewhere: people continue to believe that they have been blessed, and that they can make money with little or no effort. When wise men see such folly and decide to partake in it rather than spoil it, a bubble that later crashes is inevitable. For all those who seek an economic solution to this economic problem, Mr. Galbraith surely disappoints. The surest protection against over-speculation, he writes, is to remind people that you can never get something from nothing. Those in love with central banking might find the idea simplistic, yet its beauty lies with its simplicity.
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3 of 3 people found the following review helpful
5.0 out of 5 stars Very relevant today, Feb 10 2002
This review is from: The Great Crash of 1929 (Paperback)
Recall the talk before the bust of the "New Economy," in which distended P/E ratios and lack of profits were to be irrelevant. Recall Enron's public proclamations of its stability and projected earnings increases. Keep these in mind as you read The Great Crash, and you will never again listen to an analyst, much less an executive.

Galbraith's theme is that market stability and corporate interests are fundamentally at odds. CEOs will never speak evil about their own companies or the condition of the market, so their speech is about as useful to an investor as a pre-game pep talk is to a bettor. Analysts, as well as executives, are salesmen of their own stock, and their primary objective is to get you to buy high.

So why did the 1929 -- or the 2000 -- crash occur? Buying high is great as long as someone is always buying higher; however, such an aggrandized pyramid scheme is doomed to failure. It's as simple as that. So why, then, read Galbraith's book? He is a talented storyteller, and he highlights themes that are likely to accompany future bubbles so that the reader knows what to be skeptical about. This is a very entertaining read, and if you actively compare what Galbraith tells you of the 20's to what you know about the 90's, you'll likely not be swept away by future investing mania.

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2 of 2 people found the following review helpful
5.0 out of 5 stars Fascinating. Effective. Inventive., Jan 5 2003
By 
Matthew J. Fery (Dayton, OH USA) - See all my reviews
(REAL NAME)   
This review is from: The Great Crash of 1929 (Paperback)
Galbraith's inventive work on the fascinating events leading up and preceding the 1929 stock market crash is must-read for anyone interested in the national economy, how it functions, how it fails, and what role the federal government plays in perpetuating or stifling the situation.

He very convincingly establishes a good groundwork for the reader, explaining why the stock market was in such a large expansion and how federal regulation (or lack therof) enabled the financial firms to operate in very risky and perhaps unethical ways.

Obviously, the book chronicles the disastrous declines in 1929 and further discusses the federal government's attempts to revive the American economy, those for the most part failed.

The most important lesson this book can allay to the reader is that economies are not self-sustaining structures that are only subject to supply and demand shifts. In instances like the 1929 crash, the prognosis for dynamic economies can often lie in the actions of a handful of actors/people. A good lesson to remember.

Indeed there are many lessons to be learned from this book, many that are relevant to today's economy (2003). Read this book with care and with a comparative mindset!

A must read for economists and public policy makers!

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