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The Great Crash 1929

ePub The Great Crash 1929 by John Kenneth Galbraith in History

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NEW YORK TIMES BESTSELLER“Magisterial . . . [A] rich portrait of ancient Egypt’s complex evolution over the course of three millenniums.”—Los Angeles Times NAMED ONE OF THE BEST BOOKS OF THE YEAR BY The Washington Post • Publishers Weekly In this landmark volume; one of the world’s most renowned Egyptologists tells the epic story of this great civilization; from its birth as the first nation-state to its absorption into the Roman Empire. Drawing upon forty years of archaeological research; award-winning scholar Toby Wilkinson takes us inside a tribal society with a pre-monetary economy and decadent; divine kings who ruled with all-too-recognizable human emotions. Here are the legendary leaders: Akhenaten; the “heretic king;” who with his wife Nefertiti brought about a revolution with a bold new religion; Tutankhamun; whose dazzling tomb would remain hidden for three millennia; and eleven pharaohs called Ramesses; the last of whom presided over the militarism; lawlessness; and corruption that caused a political and societal decline. Filled with new information and unique interpretations; The Rise and Fall of Ancient Egypt is a riveting and revelatory work of wild drama; bold spectacle; unforgettable characters; and sweeping history. “With a literary flair and a sense for a story well told; Mr. Wilkinson offers a highly readable; factually up-to-date account.”—The Wall Street Journal “[Wilkinson] writes with considerable verve. . . . [He] is nimble at conveying the sumptuous pageantry and cultural sophistication of pharaonic Egypt.”—The New York Times


#84528 in Books Galbraith; John Kenneth/ Galbraith; James K. (FRW) 2009-09-10 2009-09-10Original language:EnglishPDF # 1 8.25 x .55 x 5.50l; .48 #File Name: 0547248164224 pagesMariner Books


Review
5 of 5 people found the following review helpful. Excellent; but scaryBy Øystein SjølieJohn Kenneth Galbraith's book on The Great Crash in 1929 is a short and vivid story about the causes leading to the stock market crash in October 1929. Reading it in February 2009; it is like a horror story. The description of the boom years; from 1925 to 1929; are very similar to today. Then people bought stocks on the margin; now they got houses. A main investment object was securitized stock loans; today it was CDOs bases on mortgages. Then; as now; capital was flowing to the US from the whole world to take part in the boom.Galbraith also spend some space to discuss why this particular crash led to The Great Depression; while most crashes don't get us into anything like that. That part is also very scary; 54 years after the writing. He claims that income distribution in 1929 was partly responsible. Today; it is almost as uneven. The credit and banking system was distorted in pretty much the same way as today. And the current account ran a deficit (however; far smaller than today).There is consolation in two important differences. The US is no longer on gold standard. That will probably prevent the devastating and long-lasting deflation from the Great Depression. And balanced budgets are not the holy grail of public finances; as it were in the 1930s (including under president Roosevelt).To anyone with the slightest interest of the mechanisms of booms and busts; I will recommend Galbraith's excellent work. There are naturally simplifications and political biases; but in a couple of hours reading; he offers a lot of understanding.0 of 0 people found the following review helpful. Five StarsBy Robert G. San SocieSo how do you think no regulations will work? Read this and find out.0 of 0 people found the following review helpful. Good Explanation of the Great CrashBy Rufus BurgessGalbraith's 'The Great Crash of 1929' offers a good analysis of why the stock market crashed. The underlying point throughout the book is that an increasingly fragile financial sector created a speculative bubble which eventually popped.To be clear: Galbraith does not try to prove what caused the Great Depression. The first 3/5th of the books is on the follow up to the Great Crash; the next 1/5 on its aftermath; and the last 1/5 on how it contributed to the Great Depression. As an account of the Great Crash it uses easy to understand explanations; clearly written for laymen; centered around a compelling story. This means that more a sophisticated quantitative analysis; that would have presumably centered around Keyne's 'General Theory'; is ignored. This is conventional in Galbraith's works where he tries to convey economic theory in a language that ordinary people can understand.The problems with Galbraith's analysis is; yes; he does ignore the Federal Reserve and largely omits changes in the money supply. While Friedman goes as far as to say monetary factors CAUSED the Great Depression most contemporary economist would disagree. The money hypothesis contributed to the depression but did NOT cause it. In hindsight Galbraith's tentative analysis of what caused the Great Depression is obviously incomplete but; ironically; more accurate than Friedman's monetary analysis.Someone wishing to understand the Great Depression should look elsewhere. People looking to understand the theoretical underpinnings of the business cycle and depressions should look elsewhere (ex: Keyne's 'General Theory' or the works of Hyman Minsky). If you are looking for a good explanation of the Great Crash Galbraith's work stands the test of time.

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