Great Crash 1929 Term Paper

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John Kenneth Galbraith's The Great Crash: 1929

John Kenneth Galbraith's book The Great Crash: 1929 claims that the depression of 1929 was a direct result of the miscalculations of the financial analysts and the other brokers which caused the crash of the stocks. He states that these actors of the economic field had a direct involvement in the stock market and had become too greedy to actually see what was happening to the market around them-too greedy to actually fear the recuperation's of what was easily predictable as the downfall.

The Great Crash of 1929 was one which shook the very foundations of the economic theories that were prevalent in the past and forced the society to realize that there was something fundamentally wrong when our basic concepts were proven so drastically wrong. John Kenneth Galbraith like many other economists remains fascinated with the Crash of 1929. As an economist of contemporary times he wrote a study of the Great Crash of 1929, and in it ridiculed the predictions presented by many scholars of 'an end to the era of boom and bust'. Today, Gailbraith is more than 90 years old and yet remains wizened to a point that as a Harvard professor his opinion counts in more than just his home. Gailbraith compared the contemporary markets to that of the past and suggested that the economists were merely busy in "another exercise in speculative optimism.

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" He predicted that this high would soon cause another recession mirroring the 1929 one we saw in the past. In his book we find remarkable similarities of our situation with the economic situation of the past and we are then forced to accept his condemnation of the capitalistic structure of economics. He wrote in The Crash of 1929, "...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." (page 27)

With these words he lays the foundations for his critique of the economic condition of the past and present. He suggests that the financial analysts are so consumed with their own profits and loss that they would rather suffer en mass than accept that there is….....

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