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Books > Business & Economics > Economics > Macroeconomics
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The Great Myths of 1929 and the Lessons to Be Learned (Hardcover)
Loot Price: R2,755
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The Great Myths of 1929 and the Lessons to Be Learned (Hardcover)
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What actually was the economic situation in 1929 and what happened
to the stock market? Harold Bierman's fresh look at the Crash of
'29 provides provocative answers that challenge the "facts" and
overturn previously held assumptions concerning the catastrophic
events that led to ten years of economic depression and very likely
created the fertile soil of despair and unrest that ultimately led
to World War II. This cogent re-evaluation takes a different tack
and arrives at a different set of conclusions than John Kenneth
Galbraith's classic overview of the period, The Great Crash. Echoes
of the great stock market price declines that ended ten years of
the greatest prosperity the U.S. had ever experienced have
continued to reverberate down the corridors of history. Bierman
believes that a more complete understanding of these past events
can enhance current market decisions; that by accurately assessing
the stock market crash of 1929-1932, readers can better grasp the
present market situation and more wisely forecast the future.
Arriving at drastically different conclusions from most widely read
books on the subject, the 11-chapter study takes the position that
the stock market was not unreasonably high in October of '29,
asserting that, in fact, there was reason for optimism. Bierman
presents sound explanations for the initial decline that are not
dependent on the assumption of overvaluation. He also clarifies the
vital distinction between speculation and investment and shows how
President Herbert Hoover's "war on speculation" may have
contributed to the crash and subsequent depression. The first
chapter outlines seven commonly held myths regarding 1929. Other
chapters compare the stockmarket and profitability of corporations;
attempt to determine whether RCA stock was outrageously overpriced
or merely a reasonably priced growth stock; and look at the 1931
banking system hearings. The Mitchell, Wiggin, and Insull affairs
are all given new, fact-based twists. Final chapters examine margin
buying, probability, and short selling, develop important
perspectives on the crash of 1987, and extract valuable lessons to
be learned. The book effectively refutes prior notions and replaces
them with solidly built, readable explanations that are most
relevant to history courses dealing with the period or courses on
investment in common stock. Any general reader with an interest in
early twentieth century history or in investment will find this a
rewarding read.
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