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I read this book for a course that I am undertaking. I'm glad that I did.
It is hard to read this work without making comparisons to the present day: Galbraith lists five main causes for the crash and each has eerie echoes reverberating in the present day economic system. It seems that, as a species, we never learn, but are condemned to circle through our errors on a regular basis. ( )
Excellent book - subject is what people are ready to do in order to gain wealth and what happens when everything goes down the drain. I simplify the matter, I agree, but it is strange that exactly the same thing happened not so long ago (just read the section describing the way speculations rise up and cause the entire structure to collapse) - what, nobody read the book? Or did they think it was obsolete?
La crisis económica y financiera de 1929 dio origen a la gran depresión de los años treinta. John Kenneth Galbraith nos presenta aquí una historia y un análisis de esos hechos, y desentraña los procesos y mecanismos que, desde los años del boominmobiliario de Florida hasta el desastroso otoño de 1929, alimentaron la fiebre especulativa y la ilusión del dinero fácil. Escrito con la intención de contribuir a que la historia no se repita, El crash de 1929borra la visión pintoresca y esteriotipada de los años negros como una histérica partida de ruleta jugada por todo un pueblo, y la sustituye por la nueva imagen, más real y esclarecedora, de una enfermedad social padecida por una pequeña minoría, y alimentada por otra aún más reducida, que llegó a afectar a las formas de cultura y de vida de una sociedad moderna.
The only imperfect thing about this book is that it's too short. I wanted more depth. Galbraith is witty and entertaining; I could have read an entire history of the depression in this vein.
Now unless there's a noted book on the Dutch tulip bubble or the South Seas bubble, I don't know what other economic catastrophe I have to read about this year. ( )
Almost 80 years ago, a financial crisis led directly to an economic catastrophe. The Great Crash 1929 sets out the five routes by which one became the other. Not all have direct parallels today, but some do. All these years later, Galbraith's book is still essential reading.
Oplysninger fra den engelske Almen VidenRedigér teksten, så den bliver dansk.
To Catherine Atwater Galbraith
Første ord
Oplysninger fra den engelske Almen VidenRedigér teksten, så den bliver dansk.
The reissue of a moderately well-known book provides a temptation which, I have observed, very few authors resist. That is to tell, with that combination of deprecatory modesty and evident self-approval of which Somerset Maugham was perhaps the master, just how this good thing came to be done. And I have noticed that authors who are a trifle ashamed of these exercises in self-appreciation begin them with an apology and then go right ahead anyway. And perhaps we should. (Introduction to 1961 edition).
Some years, like some poets and politicians and some lovely women, are singled out for fame far beyond the common lot, and 1929 was clearly such a year.
Citater
Oplysninger fra den engelske Almen VidenRedigér teksten, så den bliver dansk.
The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil. (Introduction to 1961 edition).
In a community where the primary concern is making money, one of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves. None rebukes them. There is always the fear, moreover, that even needful self-criticism may be an excuse for government intervention. That is the ultimate horror. (Introduction to 1961 edition).
One of the oldest puzzles of politics is who is to regulate the regulators. But an equally baffling problem, which has never received the attention it deserves, is who is to make wise those who are required to have wisdom.
To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.)
Clerks in downtown hotels were said to be asking guests if they wished the room for sleeping or jumping.
Sidste ord
Oplysninger fra den engelske Almen VidenRedigér teksten, så den bliver dansk.
It is what causes men who know that things are going quite wrong to say that things are fundamentally sound.
)
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It is hard to read this work without making comparisons to the present day: Galbraith lists five main causes for the crash and each has eerie echoes reverberating in the present day economic system. It seems that, as a species, we never learn, but are condemned to circle through our errors on a regular basis. (