Recovery efforts were slow from "summary" of The Great Crash 1929 by John Kenneth Galbraith
The efforts to recover from the economic collapse of 1929 were characterized by a frustrating lack of speed. There was a pervasive sense of sluggishness in the attempts to revive the economy and restore confidence in the financial system. One of the key reasons for this sluggishness was the prevailing belief that the market would eventually correct itself without the need for significant intervention. Additionally, the government's response to the crisis was marked by hesitation and indecision. There was a reluctance to take bold and decisive action to address the root causes of the crash. Instead, policymakers opted for incremental measures that were perceived as too little, too late. This lack of urgency further impeded the recovery efforts and prolonged the economic downturn. Moreover, the complexity of the financial system and the interconnectedness of various sectors made it difficult to implement effective recovery strategies. The intricate web of relationships between banks, businesses, and consumers meant that any policy intervention had far-reaching implications that were not always easy to predict or control. Furthermore, the psychological impact of the crash played a significant role in slowing down the recovery efforts. The widespread loss of confidence and the fear of further market instability created a climate of uncertainty that hindered investment and consumption. The resulting lack of economic activity only served to worsen the already dire situation.- The slow pace of recovery efforts in the aftermath of the Great Crash of 1929 was a result of various factors, including the belief in market self-correction, the government's hesitant response, the complexity of the financial system, and the psychological aftermath of the crash. These factors combined to create a challenging environment that impeded progress and prolonged the economic downturn.
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