The Great Crash, 1929 The Great Crash, 1929 The Great Crash, 1929 is a book written by John Kenneth Galbraith and published in 1955; it is an economic history of the lead-up to the Wall Street Crash of 1929. The book argues that the 1929 stock market crash was precipitated by rampant speculation in the stock market, that the common denominator of all speculative episodes is the belief of participants that they can become rich without work and that the tendency towards recurrent speculative orgy serves no useful purpose, but rather is deeply damaging to an economy. It was Galbraith's belief that a good
Wall Street Crash of 1929 wheat production. From 97¢ per bushel in May, the price of wheat rose to $1.49 in July. When it was seen that at this figure American farmers would get rather more for their smaller crop than for that of 1928, stocks went up again. In August, the wheat price fell when France and Italy were bragging of a magnificent harvest, and the situation in Australia improved. This sent a shiver through Wall Street and stock prices quickly dropped, but word of cheap stocks brought a fresh rush of "stags", amateur speculators and investors. Congress voted for a 100 million dollar