Summary:
The book provides a detailed analysis of the factors leading to the stock market crash of 1929, exploring the speculative financial practices and economic policies of the time. It also examines the aftermath of the crash and its role as a precursor to the Great Depression, offering insights into the human and institutional behaviors that contributed to the financial catastrophe.
Key points:
1. Speculative Bubble: Galbraith discusses the concept of a speculative bubble, where asset prices rise rapidly due to investor behavior, not value. The 1929 crash was due to such a bubble.
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