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The Great Crash 1929

Galbraith, John Kenneth

3.538 valoraciones por Goodreads
ISBN 10: 039513935X / ISBN 13: 9780395139356
Editorial: Houghton Mifflin, 1988
Condición: Near Fine Encuadernación de tapa dura
Librería: Tornbooks (Austin, TX, Estados Unidos de America)

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Descripción

First Thus Edition. First printing of the reissue with a new introduction by the author. From the library of diplomat W.W. Rostow. Signed and inscribed by the renowned economist and U.S. Ambassador: "For Elspeth and Walt. With more remembrance of things past. With affection. J Kenneth G." Also included is an official memorial service announcement for Galbraith at Harvard. Hardcover; brown cloth; octavo; gilt spine titles; 206 pp.; dustjacket slightly faded at spine, else a near fine copy in like jacket. A rare association copy. Protected in archival mylar. N° de ref. de la librería 006939

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Detalles bibliográficos

Título: The Great Crash 1929

Editorial: Houghton Mifflin

Año de publicación: 1988

Encuadernación: Hardcover

Condición del libro:Near Fine

Condición de la sobrecubierta: Near Fine

Ejemplar firmado: Signed by Author(s)

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Sinopsis:

A study of the stock market crash of 1929 that reveals the influential role of Wall Street on the economic growth of America

Review:

Rampant speculation. Record trading volumes. Assets bought not because of their value but because the buyer believes he can sell them for more in a day or two, or an hour or two. Welcome to the late 1920s. There are obvious and absolute parallels to the great bull market of the late 1990s, writes Galbraith in a new introduction dated 1997. Of course, Galbraith notes, every financial bubble since 1929 has been compared to the Great Crash, which is why this book has never been out of print since it became a bestseller in 1955.

Galbraith writes with great wit and erudition about the perilous actions of investors, and the curious inaction of the government. He notes that the problem wasn't a scarcity of securities to buy and sell; "the ingenuity and zeal with which companies were devised in which securities might be sold was as remarkable as anything." Those words become strikingly relevant in light of revenue-negative start-up companies coming into the market each week in the 1990s, along with fragmented pieces of established companies, like real estate and bottling plants. Of course, the 1920s were different from the 1990s. There was no safety net below citizens, no unemployment insurance or Social Security. And today we don't have the creepy investment trusts--in which shares of companies that held some stocks and bonds were sold for several times the assets' market value. But, boy, are the similarities spooky, particularly the prevailing trend at the time toward corporate mergers and industry consolidations--not to mention all the partially informed people who imagined themselves to be financial geniuses because the shares of stock they bought kept going up. --Lou Schuler

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