The Great Crash 1929 by John Kenneth Galbraith

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Essay The Great Crash 1929 by John Kenneth Galbraith

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A review of the work on the causes, effects and economic lessons of stock market crash.

In his book The Great Crash 1929, John Kenneth Galbraith, a leading economist, examines the meaning of the stock market crash of 1929 which has become a persistent fear for Wall Street ever since. Recent downturns in the market were compared to the Great Crash, for instance, and many were watching to see if the protections put in place to stop this kind of crash would work and prevent a repeat. They did seem to work, and many believe that a crash such as occurred in 1929 is simply impossible given the current structure of the market and of governmental and other controls. Galbraith finds that what happened in 1929 was not an isolated action, however, and that earlier in history there had been other speculative splurges, beginning in 1637 when Dutch speculators invested in tulip bulbs. Galbraith also notes that we are now going through a similar period, but he makes no…

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