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Description edit
Of Galbraith's classic examination of the 1929 financial collapse, the Atlantic Monthly said:"Economic writings are seldom notable for their entertainment value, but this book is. Galbraith's prose has grace and wit, and he distills a good deal of sardonic fun from the whopping errors of the... read more
Ridiculously Simplified Synopsis edit
Quotes edit
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“a serious depression like that of 1920-21 is outside the range of probability”
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“instead of inflation the country was experiencing the most violent deflation in the nation's history”
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“It is what causes men who know that things are going quite wrong to say that things are fundamentally sound”
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However, the time had come, as in all periods of speculation, when men sought not to be persuaded of the reality of things but to find excuses for escaping into the new world of fantasy.
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By affirming solemnly that prosperity will continue, it is believed, one can help insure that prosperity will in fact continue.
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5) The poor state of economic intelligence.
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Speculation, accordingly, is most likely to break out after a substantial period of prosperity, rather than in the early phases of recovery from a depression.
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Always when markets are in trouble, the phrases are the same: 'The economic situation is fundamentally sound' or simply 'The fundamentals are good.' All who hear these words should know that something is wrong.
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4) The dubious state of the foreign balance.
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Tuesday, October 29, was the most devastating day in the history of the New York stock market, and it may have been the most devastating day in the history of markets.
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Wisdom, itself, is often an abstraction associated not with fact or reality but with the man who asserts it and the manner of its assertion.
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The distribution of income is no longer quite so lopsided. Between 1929 and 1948 the share of total personal income going to the 5 per cent of the population with the highest income dropped from nearly a third to less than a fifth of the total.
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Many things were wrong, but five weaknesses seem to have had an especially intimate bearing on the ensuing disaster. They are: 1) The bad distribution of income.
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Setting & Locations edit
- Wall Street
- New York
- Washington
- United States
- Florida
- White House
- Peru
- Europe
- London
- Paris
- Princeton
- Blue Ridge
- Chicago
- Britain
- Boston
First Sentence edit
ON DECEMBER 4, 1928, President Coolidge sent his last message on the state of the Union to the reconvening Congress.
Authors & Contributors edit
- John Kenneth Galbraith (Author)
First Edition edit
Original Language: English
Publisher: Houghton Mifflin
Country: USA
Publication Date: 1954
ISBN: N/A
Page Count: 224
Publisher: Houghton Mifflin
Country: USA
Publication Date: 1954
ISBN: N/A
Page Count: 224
Classification edit
- Library of Congress: HB3717 1929 .G3
- Dewey: 338.54097309043
Subjects edit
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