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The Great Depression By John Kenneth Galbraith

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Introduction
The Great Depression, as an unprecedented time of economic collapse and social disarray, cast a dark shadow over the U.S. and affected countries worldwide. The causes of it have always been a fascinating topic for historians and economists. There has been much debate, and no agreement has been reached. In the mid-20th century, John Kenneth Galbraith published one of his bestsellers, the Great Crash, 1929. In less than 200 pages, the book vividly recounts the history of the Wall Street Crash of 1929, covering the lead-up, actual occurrence, and aftermath. Professor Galbraith, with his witty prose, keen insights, and crisp narration, argues that the blind optimism and excessive speculation kept up the market mania and eventually led to the crash. The stock market crash certainly contributed to the Great Depression, but Galbraith also assigns significant roles to other weaknesses in the economy.
Summary of the book
The beginning chapter sets the tone: the “Roaring Twenties” for the U.S. was a time of high and rising production and employment. Most Americans, including President Coolidge, anticipated the future with “boundless hope and optimism” (14). Such a promising vision is paired with the “desire to get rich quickly with a minimum of physical effort” (3). The rise and fall of Florida real estate perfectly manifested the speculation: more and more people bought and sold property with the rising profits, but the bubble soon burst in 1925 as both the demand for

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