Summary of The Great Crash 1929

The Great Crash 1929 by John Kenneth Galbraith is a classic economic history of the stock market crash of 1929 and the Great Depression that followed. The book tells the story of the stock market crash and its consequences on individuals, businesses, and the US economy as a whole. It examines the role of speculation, the role of the federal government, and the role of the banking system in bringing about the crisis. Galbraith provides a detailed account of the events leading up to the crash, the stock market crash itself, and its aftermath. He explains how the crisis was a result of the speculative bubble that developed in the 1920s, and how the crash caused a downward spiral of economic activity and created a decade of poverty and despair. The book also explores how the crash changed the way people think about money and the economy, and how it changed the role of the federal government in managing the economy. Finally, Galbraith provides an insightful analysis of the lessons learned from the Great Crash and Depression, and how they can help us avoid similar economic disasters in the future.