The Great Crash Of 1929
In The Great Crash 1929, John Kenneth Galbraith considers the significance of the stock market crash of 1929 and the depression which followed. In the introduction, which was included for the 1988 release, he discusses the comparisons between the Great Crash of 1929 and the Crash of 1987. He refers to the date October 19, 1987, as “the most devastating day in the history of financial markets at least since the bursting of the South Sea Bubble.” He asks, how many economists and investors were observing to see if the safeguards put in place to stop this kind of crash would work and prevent a repeat of 1929? These protections did appear to work and many believed that another crash, such as the Great Crash of 1929, was impossible given the current set-up of the market, governmental screening, and other controls now put in place. Galbraith finds that The Great Crash of 1929 was not a random event. He observes that earlier in history there had been many other preceding examples.......
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