By morgan primeaux
The Great Crash, 1929
by John Kenneth Galbraith
These wise words warn us about not learning from our mistakes. Currently, in our society many are suffering from the aftermath of a plethora of financial mistakes that resemble many of the same mistakes made in the United States in our not too distant past. Americans have much to learn about how not to fall into financial woes. By looking at the circumstances that caused the Great Depression, we can learn much. The author John Kenneth Galbraith starting writing this book for a number of different reasons. His main motivation though, was that he felt that if he wrote, in more detail, about the Great Crash, people would learn and make sure this legendary fall in the economy never reoccurred.
John Kenneth Galbraith was born on October 15th 1908 in Ontario Canada, he lived through and witnessed the Great Depression and it’s affect on the people of our society. During his career, he wrote 48 books and over 1000 articles on a variety of topics. He also was a professor at Harvard University. For many years and through many presidents he was a member of the Democratic Party, including Franklin D. Roosevelt, Harry S. Truman, John F. Kennedy, and Lyndon B. Johnson. For a time he was also a United States ambassador to India. Although his name is foreign to us, he was very well known and very respected in the world of Economists. . He received a medal of freedom in 1946 and a Presidential medal of freedom in 2000 and France made him a commandeur de la legion d’honneur.
Through Galbraith’s experience and research he came to the conclusion that the Great Depression was brought on by five major failings in the United States Economy:
1. An Imbalance in the Income. Galbraith claims “that the 5% or the population with the highest incomes in that year received approximately one third of all of the personal income” this left...