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<div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>The speculative bubble</span> </div> </a> <ul id="toc-The_speculative_bubble-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Aftermath_of_the_crash" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Aftermath_of_the_crash"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Aftermath of the crash</span> </div> </a> <ul id="toc-Aftermath_of_the_crash-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_influence_of_the_Wall_Street_crash_on_the_Great_Depression" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#The_influence_of_the_Wall_Street_crash_on_the_Great_Depression"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>The influence of the Wall Street crash on the Great Depression</span> </div> </a> <ul id="toc-The_influence_of_the_Wall_Street_crash_on_the_Great_Depression-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Prospects_for_recurrence" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Prospects_for_recurrence"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Prospects for recurrence</span> </div> </a> <ul id="toc-Prospects_for_recurrence-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Reception_and_popular_culture" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Reception_and_popular_culture"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Reception and popular culture</span> </div> </a> <ul id="toc-Reception_and_popular_culture-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Revisions_and_updates" class="vector-toc-list-item vector-toc-level-1 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<div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">1955 book by John Kenneth Galbraith</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about the book. For the event, see <a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a>.</div> <p class="mw-empty-elt"> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:TheGreatCrash1929.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/c/cf/TheGreatCrash1929.jpg/220px-TheGreatCrash1929.jpg" decoding="async" width="220" height="322" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/c/cf/TheGreatCrash1929.jpg 1.5x" data-file-width="232" data-file-height="340" /></a><figcaption>First edition (publ. <a href="/wiki/Houghton_Mifflin" class="mw-redirect" title="Houghton Mifflin">Houghton Mifflin</a>)</figcaption></figure> <p><i><b>The Great Crash, 1929</b></i> is a book written by <a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">John Kenneth Galbraith</a> and published in 1955. It is an economic history of the lead-up to the <a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a>. The book argues that the 1929 stock market crash was precipitated by rampant speculation in the stock market, that the common denominator of all speculative episodes is the belief of participants that they can become rich without work<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> and that the tendency towards recurrent speculative orgy serves no useful purpose, but rather is deeply damaging to an economy.<sup id="cite_ref-Galbraith,_p19_2-0" class="reference"><a href="#cite_note-Galbraith,_p19-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> It was Galbraith's belief that a good knowledge of what happened in 1929 was the best safeguard against its recurrence.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="The_idea_for_the_book">The idea for the book</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Great_Crash,_1929&action=edit&section=1" title="Edit section: The idea for the book"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Galbraith wrote the book during a break from working on the manuscript of what would become <i><a href="/wiki/The_Affluent_Society" title="The Affluent Society">The Affluent Society</a></i>. Galbraith was asked by <a href="/wiki/Arthur_M._Schlesinger_Jr." title="Arthur M. Schlesinger Jr.">Arthur M. Schlesinger Jr.</a> if he would write the definitive work on the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> that he would then use as a reference source for his own intended work on Roosevelt. Galbraith chose to concentrate on the days that ushered in the depression. "I never enjoyed writing a book more; indeed, it is the only one I remember in no sense as a labor but as a joy."<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Galbraith received much praise for his work, including his humorous observations of human behavior during the speculative stock market bubble and subsequent crash.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> The publication of the book, which was one of Galbraith's first bestsellers, coincided with the 25th anniversary of the crash, at a time when it and the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> that followed were still raw memories - and stock price levels were only then recovering to pre-crash levels. Galbraith considered it the useful task of the historian to keep fresh the memory of such crashes, the fading of which he correlates with their re-occurrence.<sup id="cite_ref-Galbraith,_p19_2-1" class="reference"><a href="#cite_note-Galbraith,_p19-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="The_speculative_bubble">The speculative bubble</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Great_Crash,_1929&action=edit&section=2" title="Edit section: The speculative bubble"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Florida_land_boom_of_the_1920s" title="Florida land boom of the 1920s">Florida land boom of the 1920s</a> established the mood "and the conviction that God intended the American middle classes to be rich," a sentiment so strong that it survived the ensuing crash of property prices.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> In the early 1920s, yields of common stocks were favorable and prices low. In the final six months of 1924, prices began to rise and continued through 1925, from 106 in May 1924 stock prices rose to 181 by December 1925.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> After a couple of short downturns during 1926, prices began to increase in earnest throughout 1927, the year in which conventional wisdom saw the seeds of what became the Great Crash sown. Following Britain's return to the <a href="/wiki/Gold_Standard" class="mw-redirect" title="Gold Standard">Gold Standard</a>, and subsequent foreign exchange crises, there followed an exodus of gold from Europe to the United States. </p><p>In the spring of 1927, <a href="/wiki/Montagu_Norman" class="mw-redirect" title="Montagu Norman">Montagu Norman</a> and other governors of European Banks asked the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> to ease their monetary policy and they agreed, reducing the <a href="/wiki/Interest_rate#Related_terms" title="Interest rate">rediscount rate</a> from 4 to 3.5%, a move that Lional Robbins described as resulting “in one of the most costly errors committed by it or any other banking system in the last 75 years”. The funds released by the Fed became available to invest in the stock market and <i>“from that date, according to all the evidence, the situation got completely out of control.”</i><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Galbraith disagreed with this simplistic analysis by arguing that the availability of money in the past was no sure recipe for a bubble in common stocks and that prices could still be regarded as a true valuation of the stock at the end of 1927. It is early in 1928 that the “escape into make believe” started in earnest, when the market began to rise by large vaulting leaps rather than steady increments. Prominent investors, such as Harrison Williams, the proponent of both the Shenandoah & Blue Ridge Trusts, were described by Professor Dice as “having vision for the future and boundless hope and optimism” and not “hampered by the heavy armour of tradition”.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>On 12 March, the volume of trading had reached 3,875,910 shares, an all-time high. By 20 June, 5,052,790 shares were traded in a falling market that many prematurely thought signalled the end of the bull market.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Prices rose once more and after the election of Hoover, with a <i>“victory boom”</i> resulting in an all-time record trading of 6,641,250 shares in a rising market (16 November). Overall, the market rose during the year from 245 to 331 which was accompanied by a phenomenal increase in trading on margin,<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> which relieved the buyer from putting up the full purchase price of the stock by using the securities as collateral for a loan. The buyer obtained full benefit of ownership in rising stock valuation, but the loan amount remained the same. People swarmed to buy stock on margin. In the early 1920s, brokers' loans used to finance purchases on margin averaged 1–1.5 billion but by November 1928 had reached six billion. By the end of 1928, the interest on such loans was yielding 12% to lenders which led to a flood of gold converging on Wall St. from all over the world to fuel the purchase of stocks on margin.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Aftermath_of_the_crash">Aftermath of the crash</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Great_Crash,_1929&action=edit&section=3" title="Edit section: Aftermath of the crash"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the wake of <a href="/wiki/Black_Tuesday" class="mw-redirect" title="Black Tuesday">Black Tuesday</a>, London newspapers reported that ruined speculators were throwing themselves from windows but Galbraith asserts there was no substance to these claims of widespread suicides.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Embezzlement now came to the fore. During the bubble, there was a net increase of what Galbraith calls “psychic wealth”; the person being robbed was unaware of their loss whilst the embezzler was materially improved. With the bursting of the bubble, accounts were now more closely scrutinized and reports of defaulting employees became a daily occurrence after the first week of the crash. The looting of the Union Industrial Bank became the most spectacular embezzlement of the period. Unknown to each other, several of the bank's officers began making away with funds for speculation. Over a period of time, they became aware of each other's activities and unable to expose each other entered into a cooperative venture which in time came to include all of the principal officers of the bank. They took a short position just as the market “soared into the blue yonder of the summer sky”; so costly was this to the group that they took a long position just before the crash and this was to prove a mortal blow.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="The_influence_of_the_Wall_Street_crash_on_the_Great_Depression">The influence of the Wall Street crash on the Great Depression</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Great_Crash,_1929&action=edit&section=4" title="Edit section: The influence of the Wall Street crash on the Great Depression"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Contrary to what had been Wall Street's perceived tendency in playing down its influence, Galbraith asserted the important contribution of the 1929 crash on the Great Depression which followed:<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> causing a contraction of demand for goods, destroying for a time the normal means of investment and lending, arresting economic growth and causing financial hardship which alienated many from the economic system. <sup id="cite_ref-Galbraith,_p19_2-2" class="reference"><a href="#cite_note-Galbraith,_p19-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Galbraith further argues that the Great Depression was caused by a mixture of five main weaknesses: </p><p>First, an imbalance in the income distribution. Galbraith asserts that "the 5 per cent of the population with the highest incomes in that year [1929] received approximately one third of all personal income." Personal income in the form of rents, dividends, and interest of the well-to-do was approximately twice as much as in the period following the Second World War, leaving the economy dependent on a high level of investment and luxury <a href="/wiki/Consumer_spending" title="Consumer spending">consumer spending</a>, and vulnerable to the stock market crash.<sup id="cite_ref-Galbraith,_p195_16-0" class="reference"><a href="#cite_note-Galbraith,_p195-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Second, problems in the structure of corporations. Most specifically, he cites newly formed investment entities of the era (such as <a href="/wiki/Holding_company" title="Holding company">holding companies</a> and <a href="/wiki/Investment_trust" title="Investment trust">investment trusts</a>) as contributing to a <a href="/wiki/Deflation" title="Deflation">deflationary</a> spiral, due in no small part to their high reliance on <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a>. Dividends paid the interest on the bonds in the holding companies, and when these were interrupted, the structure collapsed. “It would be hard to imagine a corporate system better designed to continue and accentuate a deflationary cycle." Also, "The fact was that American enterprise in the twenties had opened its hospitable arms to an exceptional number of promoters, grafters, swindlers, impostors, and frauds. This, in the long history of such activities, was a kind of flood tide of corporate larceny."<sup id="cite_ref-Galbraith,_p195_16-1" class="reference"><a href="#cite_note-Galbraith,_p195-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Third, the bad banking structure. The weakness was manifest in the large number of units working independently. As one failed, pressure was applied to another, leading to a domino effect accelerated by increasing unemployment and lower incomes.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Fourth, foreign trade imbalances. During World War I, the US became a creditor nation, exporting more than it imported. High tariffs on imports contributed to this imbalance. Subsequent defaults by foreign governments led to a decline in exports, which was especially hard on farmers. </p><p>And finally, "the poor state of economic intelligence." Galbraith says that the "economists and those who offered economic counsel in the late twenties and early thirties were almost uniquely perverse" and that "the burden of reputable economic advice was invariably on the side of measures that would make things worse."<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Prospects_for_recurrence">Prospects for recurrence</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Great_Crash,_1929&action=edit&section=5" title="Edit section: Prospects for recurrence"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Galbraith was of the opinion that the Great Crash had burned itself so deeply into the national consciousness that America had been spared another bubble up to the present time (1954).;<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> however he thought the chances of another speculative orgy which characterized the 1929 crash as rather good as he felt the American people remained susceptible to the conviction that unlimited rewards were to be had and that they individually were meant to share in it. He considered the sense of responsibility in the financial community for the wider community as a whole as not being small but "nearly nil".<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Even though government powers were available to prevent a recurrence of a bubble their use was not attractive or politically expedient since an election is in the offing even on the day after an election.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Reception_and_popular_culture">Reception and popular culture</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Great_Crash,_1929&action=edit&section=6" title="Edit section: Reception and popular culture"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2008 and 2009, <a href="/wiki/Jim_Cramer" title="Jim Cramer">Jim Cramer</a> took to waving John Kenneth Galbraith's book,<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> and praising it on his show <a href="/wiki/Mad_Money" title="Mad Money">Mad Money</a>. He has been struck by the similarities between the crash described by Galbraith and the crash occurring in the <a href="/wiki/Late_2000s_recession" class="mw-redirect" title="Late 2000s recession">Late 2000s recession</a>.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Revisions_and_updates">Revisions and updates</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Great_Crash,_1929&action=edit&section=7" title="Edit section: Revisions and updates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Revised editions of the book, each time with updated research and a more timely version of the introduction, were published in 1961, 1972, 1988, 1997 and 2009. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Great_Crash,_1929&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Debt_deflation" title="Debt deflation">Debt deflation</a></li> <li><a href="/wiki/Financial_Instability_Hypothesis" class="mw-redirect" title="Financial Instability Hypothesis">Financial Instability Hypothesis</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Great_Crash,_1929&action=edit&section=9" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Galbraith, p10</span> </li> <li id="cite_note-Galbraith,_p19-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-Galbraith,_p19_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Galbraith,_p19_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Galbraith,_p19_2-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">Galbraith, p19</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Galbraith. p28</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Galbraith, p9,10</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">”Professor Galbraith performed a necessary and useful task in producing a lively and highly readable account of that disaster...it abounds in witty remarks” --Financial Times; “The Great Crash, one of the most engrossing books I have ever read, is also tinged with grim humor” -- The Telegraph</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Galbraith, p35</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Galbraith, p36</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Galbraith, page 39</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text">Galbraith, page 42</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">Galbraith, p43</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">Galbraith, p46</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Galbraith, p49</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">Galbraith, P148</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">Galbraith, p154</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">Galbraith, p203</span> </li> <li id="cite_note-Galbraith,_p195-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-Galbraith,_p195_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Galbraith,_p195_16-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Galbraith, p195</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">Galbraith, p197</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">Galbraith, p200</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">Galbraith, p28</span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text">Galbraith, p20</span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text">Galbraith, p206</span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.esquire.com/features/green/jim-cramer-on-recession-0209-2">Someday We'll All Look Back on This and Laugh...</a>. <i>Esquire</i>.</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.thestreet.com/story/10444223/cramers-mad-money-recap-making-sense-of-the-market.html">Cramer's 'Mad Money' Recap: Making Sense of the Market</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121010222048/http://www.thestreet.com/story/10444223/cramers-mad-money-recap-making-sense-of-the-market.html">Archived</a> 2012-10-10 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. TheStreet.com</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Reference_works">Reference works</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Great_Crash,_1929&action=edit&section=10" title="Edit section: Reference works"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Galbraith, J.K, <i>The Great Crash</i> 1929, Pelican, 1961 </p> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output 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a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:John_Kenneth_Galbraith" title="Template:John Kenneth Galbraith"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:John_Kenneth_Galbraith" title="Template talk:John Kenneth Galbraith"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:John_Kenneth_Galbraith" title="Special:EditPage/Template:John Kenneth Galbraith"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="John_Kenneth_Galbraith" style="font-size:114%;margin:0 4em"><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">John Kenneth Galbraith</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Books</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/American_Capitalism" title="American Capitalism">American Capitalism</a></i> (1952)</li> <li><i><a class="mw-selflink selflink">The Great Crash, 1929</a></i> (1954)</li> <li><i><a href="/wiki/The_Affluent_Society" title="The Affluent Society">The Affluent Society</a></i> (1958)</li> <li><i><a href="/wiki/The_New_Industrial_State" title="The New Industrial State">The New Industrial State</a></i> (1967)</li> <li><i><a href="/wiki/Economics_and_the_Public_Purpose" title="Economics and the Public Purpose">Economics and the Public Purpose</a></i> (1973)</li> <li><i><a href="/wiki/The_Age_of_Uncertainty" title="The Age of Uncertainty">The Age of Uncertainty</a></i> (1977)</li> <li><i><a href="/wiki/The_Nature_of_Mass_Poverty" title="The Nature of Mass Poverty">The Nature of Mass Poverty</a></i> (1979)</li> <li><i><a href="/wiki/The_Anatomy_of_Power" title="The Anatomy of Power">The Anatomy of Power</a></i> (1983)</li> <li><i><a href="/wiki/A_Tenured_Professor" title="A Tenured Professor">A Tenured Professor</a></i> (1990)</li> <li><i><a href="/wiki/The_Culture_of_Contentment" title="The Culture of Contentment">The Culture of Contentment</a></i> (1992)</li> <li><i><a href="/wiki/The_Economics_of_Innocent_Fraud" title="The Economics of Innocent Fraud">The Economics of Innocent Fraud</a></i> (2004)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">People</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Catherine_Galbraith" title="Catherine Galbraith">Catherine Galbraith</a> (wife)</li> <li><a href="/wiki/Peter_W._Galbraith" class="mw-redirect" title="Peter W. Galbraith">Peter W. Galbraith</a> (son)</li> <li><a href="/wiki/James_K._Galbraith" title="James K. Galbraith">James K. Galbraith</a> (son)</li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=The_Great_Crash,_1929&oldid=1250494519">https://en.wikipedia.org/w/index.php?title=The_Great_Crash,_1929&oldid=1250494519</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:1955_non-fiction_books" title="Category:1955 non-fiction books">1955 non-fiction books</a></li><li><a href="/wiki/Category:1955_in_economic_history" title="Category:1955 in economic history">1955 in economic history</a></li><li><a href="/wiki/Category:Economic_history_of_the_United_States" title="Category:Economic history of the United States">Economic history of the United States</a></li><li><a href="/wiki/Category:Houghton_Mifflin_books" title="Category:Houghton Mifflin books">Houghton Mifflin books</a></li><li><a href="/wiki/Category:Books_by_John_Kenneth_Galbraith" title="Category:Books by John Kenneth Galbraith">Books by John Kenneth Galbraith</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Webarchive_template_wayback_links" title="Category:Webarchive template wayback links">Webarchive template wayback links</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 10 October 2024, at 19:20<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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