The Great Crash 1929 by J.K. Galbraith
Published by Penguin Books Published in 1954.
Prof. Galbraith’s assessment of the disastrous collapse of the US stock markets is an engrossing read for a number of reasons. Firstly because of the momentous impact on the world economy, which took decades to recover; secondly because of the insights into trading practices and the personalities involved; and thirdly because of the possibilities of it happening again. It’s also probably one of the first books written about the phenomenon of insider action, which created a tipping point for the crash of a booming economy. It’s written in an easy to read style with a number of cynical observations about the personalities involved and the banking system, which operated on self made credit and preyed on the hysteria of the masses, who thought that a free lunch actually existed. It’s a short book, about 200 pages, but essential reading for anyone thinking of entering the market.
Review by Robert de Vos
Find Robert at www.livinginthehereandnow.co.
