Rampant speculation. Record trading volumes. Assets bought not because of their value but because the buyer believes he can sell them for more in a day or two, or an hour or two. Welcome to the late 1920s in the US. There are obvious and absolute parallels to the great bull market of the late 1990s, writes Galbraith in a new introduction dated 1997. Of course, Galbraith notes, every financial bubble since 1929 has been compared to the Great Crash, which is why this book has never been out of print since it became a bestseller in 1955.

Galbraith writes with great wit and erudition about the perilous actions of investors and the curious inaction of the government. He notes that the problem wasn't a scarcity of securities to buy and sell: "The ingenuity and zeal with which companies were devised in which securities might be sold was as remarkable as anything." Those words become strikingly relevant in light of revenue-negative start-up companies coming into the market each week in the 1990s, along with fragmented pieces of established companies, like real estate and bottling plants. Of course, the 1920s were different from the 1990s. There was no safety net below citizens, no unemployment insurance or Social Security. And today we don't have the creepy investment trusts--in which shares of companies that held some stocks and bonds were sold for several times the assets' market value. But, boy, are the similarities spooky, particularly the prevailing trend at the time toward corporate mergers and industry consolidations--not to mention all the partially informed people who imagined themselves to be financial geniuses because the shares of stock they bought kept going up. --Lou Schuler, Amazon.com

Essential Reading, 01 Sep 2008
I found this book captivating, in a "gallows humor" sort of way.

Although written many years ago, and recounting events in the distant past, it should be required reading for anyone in the markets today. More specifically, it should have been required reading a year ago (mid 2007) for those invested in finance and property sectors.

Whether the malaise in those sectors (some stocks down 90%) spreads eventually to the general indexes remains to be seen.

Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns


An excellent book and highly recommended to anyone with any interest whatsoever in economics or the dark days of 1929. , 04 Jan 2007
One of the most surprising and delightful things that I found about the book, particularly in view of the potentially heavy subject matter, was how wonderfully readable Professor Galbraith is. There are not that many world renowned experts in any field who can write as well as they can understand their subject. It's a bit like finding that a world class footballer can also play first violin. This book reads like the work of a top drawer professional writer who has immersed him/herself in the subject for a period and, with ongoing expert guidance and hands-on editing, has brought the subject home in fine style. It reads to me a bit like Tom Wolfe (of the Right Stuff etc), wonderfully literate, sardonic prose. It really is quite unexpected. Marvellous. You will have more than one chuckle out loud which may raise one of the live-in's eyebrows. Chuckling at economics now? Hmmm.

Anyway, the stock market fell, measured by the Times Industrial Average, from 542 down to 224, from October through Nov 1929, and then more gradually to only 58, basically a tenth of its peak 1929 value, by July 1932. Drastic times indeed. This residual value that the market held, 58, in 1932, was roughly the same amount by which the market fell, in only one day, 28/10/1929, Black Thursday. The Professor's contention seems to be that the Depression and the Crash, while not totally unrelated, were less connected than popular opinion held then, or holds now. The contention is that prior to the crash, that the economy was not fundamentally sound. Although there were no glaring warning signs in the economic indicators reported in the first half of 1929, there were some red lights flickering. The Professor goes on to detail and explain those. Of course I am still no expert on what happened in 1929 and why. But due to this book I have a better idea. And it has encouraged me to read more about it. Which I intend to do shortly. And further works by the extremely readable Professor Galbraith will most certainly be on my list.





What Actually Happened in 1929?, 05 Jul 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

What Actually Happened in 1929?, 10 Apr 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

a must read for any investor, 21 Feb 2001
following the "sudden vanishing" of approximately USD 5 trillion dollars of market capitalization in the NASDAQ since march 2001, this book comes as a somewhat "refreshing" read - especially considering that it was published back in 1954! i have never been one to put too much weight on comments such as "history always repeats itself", but this book was rather scary in that it could have easily been written in 2001. for those of you have been following the "irrationally exhuberant" technology equity markets of the last 3 years, this book shows that the will to participate in "easy money opportunities" lives in all of us.

---

 Customer Reviews

Essential Reading, 01 Sep 2008
I found this book captivating, in a "gallows humor" sort of way.

Although written many years ago, and recounting events in the distant past, it should be required reading for anyone in the markets today. More specifically, it should have been required reading a year ago (mid 2007) for those invested in finance and property sectors.

Whether the malaise in those sectors (some stocks down 90%) spreads eventually to the general indexes remains to be seen.

Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns


An excellent book and highly recommended to anyone with any interest whatsoever in economics or the dark days of 1929. , 04 Jan 2007
One of the most surprising and delightful things that I found about the book, particularly in view of the potentially heavy subject matter, was how wonderfully readable Professor Galbraith is. There are not that many world renowned experts in any field who can write as well as they can understand their subject. It's a bit like finding that a world class footballer can also play first violin. This book reads like the work of a top drawer professional writer who has immersed him/herself in the subject for a period and, with ongoing expert guidance and hands-on editing, has brought the subject home in fine style. It reads to me a bit like Tom Wolfe (of the Right Stuff etc), wonderfully literate, sardonic prose. It really is quite unexpected. Marvellous. You will have more than one chuckle out loud which may raise one of the live-in's eyebrows. Chuckling at economics now? Hmmm.

Anyway, the stock market fell, measured by the Times Industrial Average, from 542 down to 224, from October through Nov 1929, and then more gradually to only 58, basically a tenth of its peak 1929 value, by July 1932. Drastic times indeed. This residual value that the market held, 58, in 1932, was roughly the same amount by which the market fell, in only one day, 28/10/1929, Black Thursday. The Professor's contention seems to be that the Depression and the Crash, while not totally unrelated, were less connected than popular opinion held then, or holds now. The contention is that prior to the crash, that the economy was not fundamentally sound. Although there were no glaring warning signs in the economic indicators reported in the first half of 1929, there were some red lights flickering. The Professor goes on to detail and explain those. Of course I am still no expert on what happened in 1929 and why. But due to this book I have a better idea. And it has encouraged me to read more about it. Which I intend to do shortly. And further works by the extremely readable Professor Galbraith will most certainly be on my list.





What Actually Happened in 1929?, 05 Jul 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

What Actually Happened in 1929?, 10 Apr 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

a must read for any investor, 21 Feb 2001
following the "sudden vanishing" of approximately USD 5 trillion dollars of market capitalization in the NASDAQ since march 2001, this book comes as a somewhat "refreshing" read - especially considering that it was published back in 1954! i have never been one to put too much weight on comments such as "history always repeats itself", but this book was rather scary in that it could have easily been written in 2001. for those of you have been following the "irrationally exhuberant" technology equity markets of the last 3 years, this book shows that the will to participate in "easy money opportunities" lives in all of us.

Part memoir, part manifesto, the political creed of an optimist, 14 Sep 2008
This is the first book by an aspirant politician, indeed the first political manifesto, (for that is what it is) that I have read cover to cover. (Perhaps, it occurs to me, I should read some of the works by serving British politicians, too, and not just rely on commentaries by journalists?) I bought the book the day after Barack Obama slipped up re-using the "lipstick on a pig" cliché, when, for the first time, McCain and Palin seemed to have achieved a significant lead in the polls.

Obama wrote this book to update his life story, including how he came to be elected senator for Illinois (he completed his first book "Dreams of my father" some ten years earlier), to offer an analysis of how modern American political life has become so polarised, but above all to state his personal and political principles. It would be easy to be cynical: his principles turn out to offer something to everyone, but this is the prerogative and the stategy of the political centrist. Economically, his liberalism demonstrates why Milton Friedman and others were forced to rebrand themselves as libertarians. He seems well versed in the pros and cons of state intervention, and clearly believes in the value of Keynsian-style state intervention, lamenting the breakdown of the New Deal consensus in the 1970s and 1980s. He does, however, go on record as recognising some of the limits of government. While he offers few concrete proposals as to what should be done, the reader does get the impression that this is a man who is aware of major issues and has thought them through in depth. Sadly but unsurprisingly he has not come up with any new solution to the problem that globalisation presents to American manufacturing and the American working class.

I was left with the impression that Barack Obama is a man of principle, but not one whose principles lead him to try to impose them on others. He recognises, for example, the abortion debate as being one of the most polarising in the US, and lays out his own pro-choice view very carefully, doing his best to respect the "social conservatives" who oppose his view. In one recollection he refers to how a pro-life doctor (but potential Democrat voter) who objected to Obama's implicit inclusion of him within the category of "right wing ideologues who wish to take away a woman's right to choose", and how, having thought the matter through, he changed this statement on his web site to a less confrontational one. Obama sketches out (but no more than sketches) a personal journey that led to his being baptised as an adult (his mother was not an adherent of institutionalised religion, but rather of spiritualist, new age inclinations). Cynically, perhaps, I was reminded of an oft-repeated statement that it would be impossible for an atheist to be elected to high office in the US. Obama believes in the separation of church and state, in accordance with the US Constitution; I do too, and perhaps therefore the privacy of his beliefs, whatever they actually are, should be respected.

Obama devotes a whole chapter to Race, although it is inevitably a backdrop to the whole book. He is of course aware that it is the colour of his skin that has given him the early prominence he has achieved. He tells us of his Kenyan cousins, the mainstream African American family of his wife Michelle, his Indonesian step-father and his white mother's family and mentions ethnic Chinese in-laws. He quietly implies that his background makes him both the epitome of the American dream and someone uniquely placed to deal with the domestic and international problems that confront the US, and to represent and to lead a multi-ethnic America. Not everyone is going to be convinced by that argument: he is certainly not guaranteed to succeed and, to be fair, he does not suggest that others with a less heterogeneous background could not succeed. His analysis of the condition of black America seems balanced - much progress made, but much more still to be made. My only concern for the US is that the programmes that he seems inclined to follow would involve a great deal more state expenditure. It is a shame that he has not put more effort into learning Spanish, acknowledging as he does the burgeoning Latino population of the US.

This is an excellent book. As a commentary on politics in the US over the past 30 years it is easy to read precisely because it is not done to any real depth. As a memoir by someone who is, at the very least, a remarkable man from a very unusual background it is uplifting. Whichever way we might prefer to see the Americans vote, I would hope that all would think it a loss to his country and the world if 2008 turns out to have been the high point in Obama's career. I was convinced that Obama is more than just an excellent public speaker or a politician riding high because of the novelty of his background. He is less beholden to interest groups than most contenders for the presidency. The USA could do a lot worse than bet on Barack Obama for the next 4 years - and I say that as someone who sees a good man in John McCain, too, (although I cannot but feel that he would have made a better president 8 years ago). As we enter the last 8 weeks of the US elections, this is the time to read "Audacity of Hope" if you have not yet done so.


Inspiring, 05 Sep 2008
I don't really know what I was expecting when I started to read this book, but what I wasn't expecting was a genuinely interesting, even-handed and thoughtful portrayal of the American democratic system. While I have obviously seem Obama on the Teevee, I can't say that he ever really energised me in the same way he did so many others. However, upon finishing this book I started to understand a bit more why people find his message so resonant. He writes with compassion and respect for differing opinions, and with the obvious intelligence he displays in speeches and interviews.

It's a refreshing book - I don't know if it's an honest book, because I don't know the man in person - but it certainly comes across as honest. It's well worth reading no matter your views on Obama himself or his political positions - even those at opposite ends of the spectrum should find his gentle humanity somewhat inspiring.

Good, but could be better; much too much rhetoric, 26 Aug 2008
Barack Obama clearly has a lot to say about vision, but when it comes down to it, not enough reality to talk about. The first few chapters about this book are about visions, values, morals, goals, beliefs, ideals, principles and expectations, and then go on to talk more about visions, values, morals, goals, beliefs, ideals, principles and expectations but around a different theme. This type of talk no doubt works brilliantly as a passionate speech, but reading at this level of detail gets tedious pretty quickly. Fortunately, in between all that there are stories to tell that embellish points effectively and there are other points of reference, but compared to other political books I have read, this one took much longer to make its points.

All in all, still worth reading, but be prepared to slog through some of this!

Boring but informative, 18 Jul 2008
I wanted to read the book published by the presidential candidate who I plan on voting for, so I figured that I would buy this book.

While I admit that it reinforces my feeling that Obama will provide for the US and the world much better than McCain, I have to say that it is quite a boring book....difficult to continue reading after a few pages.

Definitely interesting if you have no idea what Obama is about, but dont expect any fireworks!

He writes beautifully but has to nothing to say, 10 Jun 2008
The coming general election campaign might be a better way of finding out what Barack Obama actually thinks than reading this book.

For a politician, this is a very open and well written book on a number of subjects that matter to us all (in the US or abroad). Chapter by chapter, Obama mixes historical detail, life stories and political issues to try and present an explanation of how we have come to this point in time with sometimes such savage disagreements over how to proceed.

It's at that point I found the book disatisfying. Barack Obama doesn't commit to any policy ideas that really go beyond Democrat platitude: healthcare is good, crime is bad, etc. I can understand that he needed to keep some solid statements back prior to the election (or have them lobbed back at him negatively by Clinton or McCain) but it just leaves a final feeling of vagueness in a book that was building towards inspiring.

is this the dullest author in history? read the phone directory instead, it would be more interesting. , 21 Mar 2007
THIS AUTHOR IS A LECTURER IN U.S HISTORY, WELL....I WOULD NOT LIKE TO BE SAT IN A LECTURE THEATER FOR 4 YEARS LISTENING TO THIS DULLARD! WHAT A CRASHING BORE ! The author obviously has some kind of talent because somehow Hugh Brogan has managed to make the perenially exciting History of the most thrillingly dynamic nation on Earth's about as interesting as being locked in a padded cell for a decade. That was basically how I felt reading this truly abominable book. As a BA degree student of U.S History, I thought it might be useful and informative to read this. Sadly however I felt like commiting suicide several times during the course of reading this book. It just went on and on and on and on and on and on and I finally gave up 2/3rds of the way through. I COULD ABSOLUTELY TAKE NO MORE!

The reasons why I say such criticisms are as follows;

1. Sentences are far too long and rambling. By the end of the sentence you have forgotten what started the sentence and what the author is talking about or what the point is. You'll care even less.

2. AWFUL grammar. Did anyone proof read this? or did the proof-reader take his own life when he could stomach no more at page 463?

3. Presumes that anyone reading the book is, as he, a professor of U.S History. *hint for the future-WE READ HISTORY BOOKS TO LEARN THINGS WE DON'T KNOW PAL! WE WEREN'T THERE AT THE TIME, WE WEREN'T ALIVE !

4. NO MENTION OF HUNDREDS OF YEARS OF PRE-COLONIAL NATIVE AMERICAN HISTORY. SHAMEFUL.

5. No mention of Spanish history and other factors in the history of the U.S, for example slavery in the West Indies, South America etc.

6. NOTHING in this book is simply outlined and explained for the uninitiated. NOTHING.

7. Using long words and being verbose DOES NOT MAKE YOU INTERESTING OR INTELLIGENT.

8. Disjointed, incoherent lecturer waffle takes the place of quotes from history, documented facts and anecdotes from the times he is "explaining".

9. You get the point.

If you just want an introduction to U.S History or want to read this subject matter for simple entertainment and self-education just forget it. You need a Ph.d in history to understand what this guy is waffling about.
If you want to learn, get The Limits of Liberty by Maldwyn Jones or the Oxford History of the United States series. An excellent introduction to American history is American Colonies by Alan Taylor. Don't buy this book. You have been warned.

Disappointing, 11 Jul 2002
Sound information but lacking in readability - becomes a bit of a chore. Each chapter addresses one particular event or theme with little analytical overlap between themes. A sound introduction to American history, but lacking in imagination

A VITAL TOOL FOR UNDERSTANDING AMERICA . . . AND BRITAIN, 20 Jun 2002
One of the things Americans are fairly good at, you may be surprised to hear, is history. Certainly their understanding of great events of the past is often a bit one-sided, given two generations of Hollywood conditioning. After all most history gets written by the winners, which means that the losers are all too often made to look like natural losers or bad guys (or both!). Nevertheless, most modern Americans get the point of their War of Independence, their appallingly bloody Civil War, the dreadful legacy of slavery (only ended in 1862!), and so on. And contrary to how it may look, they grasp the main points of world history as well - at least those parts of it in which American casualties have been involved.

Things are not as open here in Britain. Believe it or not, most of us have only a tenuous grasp of our own history, let alone anybody else's. Of course in one sense Britain is obsessed with history, but it is not the history of ordinary people like you and me. Medieval aristocracy and castles may have a superficial romantic appeal, and as academic subjects they are characterised by exemplary discipline and honesty, but to 95% of the UK population they are Other People's History. Other than on the fantasy level, there is no personal involvement or commitment or even continuity. It's a recipe for apathy and/or bigotry.

If this is Britain's attitude to her own history, what then will be its attitude to the history of that Great Embarrassment, the lost Atlantic empire? The answer is that it does not exist. America is the Bermuda Triangle of British school history, the great silent factor, the missing key to understanding every era of Britain's past since the late 16th century. Little wonder then that Britain understands so little of itself (and for the record, I do write as a Briton), when one of the key factors that would give coherent sense to these four centuries is a no-go area, a field ring-fenced against popular awareness through systematic neglect by educationalists and popular publishing houses.

Hugh Brogan's engrossing historical overview of America's past, from pre-history through to about 1990, has the best chance imaginable of changing this ingrained habit of thought. Brogan's academic credentials are impeccable, and yet unlike many academics he writes with grace, wit and considerable passion. While rarely short-changing the reader on hard facts, he never lets facts obscure the thread of the story, and that is all-important, because unless we see how one thing leads to another we will have nothing to contemplate but a bunch of meaningless facts. From the British viewpoint this is invaluable, because Brogan shows how Britain itself has been shaped by its transatlantic engagements at every key stage since the dawn of its own modern nationhood.

And far more importantly (for this is primarily a history of America, rather than of Anglo-American relations), Brogan has done for the United States what only a warmly sympathetic outsider can do for any country. It needs both commitment and detachment in equal parts to sketch out the key events of a nation's history (and explain their meaning) free from the agenda that everyone has when they have grown up in a country and lived its internal political and economic tensions first hand. He has no bias, no wish to perpetuate the socially divisive myths that the older generations have grown up with, and yet equally no wish to tear down the essential beauties of the American dream. Few American historians have totally avoided one tendency or the other, because American historians are by definition protagonists in the still unfolding American story. In contrast, Brogan is socially, politically and economically uninvolved, but he is nevertheless caring and deeply attached to his subject, and he is not afraid to say what he thinks.

Thus whether you are British or American or neither, this book is the ideal starting point for an honest investigation of America's fascinating past - and an indispensable key to understanding its stormy present.

strong and enthusiastic history of USA, 24 Jan 2002
Prof. Brogan can little have suspected when he wrote the first edition in 1983, or updated it in 1995, that the USA would be thrust centre-stage quite so dramatically as it was on the morning of September 11th 2001. Yet, anyone seeking explanations of the American response since, or Americans seeking reasons for the apparent mixed feelings which the rest of the world harbours about their country will find many answers in this wide-ranging and comprehensive study

The book covers the period from the voyage of Columbus to nearly the present day. It is densely packed with fact which illustrates political, economic, and social progress of the USA. The period up to and including the Civil war is dealt with dutifully but unenthusiastically, and the period from '83 to '95 is slightly glib, but the strength of the book is the period from the civil war to the Vietnam war.

Prof Brogan's enthusiasm for the country and admiration of the indomitable spirit of the people shines through in this middle section. I found myself surprised at the extent to which what through British eyes seems eccentric or idiosyncratic behaviour (eg. some of the states' rights, kitchen cabinets of rich industrialists, even Presidential mistresses) is often rooted in history and tradition.

Despit the length of this book it remains readable throughout. The author moves easily from detail to broad themes and back, and his dry humour lightens many passages. Readers of all nationalities will find this account of American history through British eyes adds to their understanding of modern America and its place in the world.

A superb and fascinating overview of the history of the USA, 03 May 2001
This is definitively one of the best history books I have ever read. The author presents in a clear way the mechanisms behind history, with surprising insights and analyses into the causes. His approach of history is more a thematical one than a chronological one. Thanks to this, references to dates are limited to a minimum, and themes are explored thoroughly. From one chapter to the next, there can be some movement back and forth in time but it is done in a very intelligible way. I read this book with tremendous pleasure !

Essential Reading, 01 Sep 2008
I found this book captivating, in a "gallows humor" sort of way.

Although written many years ago, and recounting events in the distant past, it should be required reading for anyone in the markets today. More specifically, it should have been required reading a year ago (mid 2007) for those invested in finance and property sectors.

Whether the malaise in those sectors (some stocks down 90%) spreads eventually to the general indexes remains to be seen.

Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns


An excellent book and highly recommended to anyone with any interest whatsoever in economics or the dark days of 1929. , 04 Jan 2007
One of the most surprising and delightful things that I found about the book, particularly in view of the potentially heavy subject matter, was how wonderfully readable Professor Galbraith is. There are not that many world renowned experts in any field who can write as well as they can understand their subject. It's a bit like finding that a world class footballer can also play first violin. This book reads like the work of a top drawer professional writer who has immersed him/herself in the subject for a period and, with ongoing expert guidance and hands-on editing, has brought the subject home in fine style. It reads to me a bit like Tom Wolfe (of the Right Stuff etc), wonderfully literate, sardonic prose. It really is quite unexpected. Marvellous. You will have more than one chuckle out loud which may raise one of the live-in's eyebrows. Chuckling at economics now? Hmmm.

Anyway, the stock market fell, measured by the Times Industrial Average, from 542 down to 224, from October through Nov 1929, and then more gradually to only 58, basically a tenth of its peak 1929 value, by July 1932. Drastic times indeed. This residual value that the market held, 58, in 1932, was roughly the same amount by which the market fell, in only one day, 28/10/1929, Black Thursday. The Professor's contention seems to be that the Depression and the Crash, while not totally unrelated, were less connected than popular opinion held then, or holds now. The contention is that prior to the crash, that the economy was not fundamentally sound. Although there were no glaring warning signs in the economic indicators reported in the first half of 1929, there were some red lights flickering. The Professor goes on to detail and explain those. Of course I am still no expert on what happened in 1929 and why. But due to this book I have a better idea. And it has encouraged me to read more about it. Which I intend to do shortly. And further works by the extremely readable Professor Galbraith will most certainly be on my list.





What Actually Happened in 1929?, 05 Jul 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

What Actually Happened in 1929?, 10 Apr 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock, preferred and debt so that all of the appreciation would accrue to the common holders. Naturally, the opposite occurred on the way down. Many stocks fell by over 99 percent, as a result.

Everyone who is tempted to buy any item primarily because it is thought to represent an opportunity for a quick buck should read this book.

Look for true value in all that you do!

a must read for any investor, 21 Feb 2001
following the "sudden vanishing" of approximately USD 5 trillion dollars of market capitalization in the NASDAQ since march 2001, this book comes as a somewhat "refreshing" read - especially considering that it was published back in 1954! i have never been one to put too much weight on comments such as "history always repeats itself", but this book was rather scary in that it could have easily been written in 2001. for those of you have been following the "irrationally exhuberant" technology equity markets of the last 3 years, this book shows that the will to participate in "easy money opportunities" lives in all of us.

Part memoir, part manifesto, the political creed of an optimist, 14 Sep 2008
This is the first book by an aspirant politician, indeed the first political manifesto, (for that is what it is) that I have read cover to cover. (Perhaps, it occurs to me, I should read some of the works by serving British politicians, too, and not just rely on commentaries by journalists?) I bought the book the day after Barack Obama slipped up re-using the "lipstick on a pig" cliché, when, for the first time, McCain and Palin seemed to have achieved a significant lead in the polls.

Obama wrote this book to update his life story, including how he came to be elected senator for Illinois (he completed his first book "Dreams of my father" some ten years earlier), to offer an analysis of how modern American political life has become so polarised, but above all to state his personal and political principles. It would be easy to be cynical: his principles turn out to offer something to everyone, but this is the prerogative and the stategy of the political centrist. Economically, his liberalism demonstrates why Milton Friedman and others were forced to rebrand themselves as libertarians. He seems well versed in the pros and cons of state intervention, and clearly believes in the value of Keynsian-style state intervention, lamenting the breakdown of the New Deal consensus in the 1970s and 1980s. He does, however, go on record as recognising some of the limits of government. While he offers few concrete proposals as to what should be done, the reader does get the impression that this is a man who is aware of major issues and has thought them through in depth. Sadly but unsurprisingly he has not come up with any new solution to the problem that globalisation presents to American manufacturing and the American working class.

I was left with the impression that Barack Obama is a man of principle, but not one whose principles lead him to try to impose them on others. He recognises, for example, the abortion debate as being one of the most polarising in the US, and lays out his own pro-choice view very carefully, doing his best to respect the "social conservatives" who oppose his view. In one recollection he refers to how a pro-life doctor (but potential Democrat voter) who objected to Obama's implicit inclusion of him within the category of "right wing ideologues who wish to take away a woman's right to choose", and how, having thought the matter through, he changed this statement on his web site to a less confrontational one. Obama sketches out (but no more than sketches) a personal journey that led to his being baptised as an adult (his mother was not an adherent of institutionalised religion, but rather of spiritualist, new age inclinations). Cynically, perhaps, I was reminded of an oft-repeated statement that it would be impossible for an atheist to be elected to high office in the US. Obama believes in the separation of church and state, in accordance with the US Constitution; I do too, and perhaps therefore the privacy of his beliefs, whatever they actually are, should be respected.

Obama devotes a whole chapter to Race, although it is inevitably a backdrop to the whole book. He is of course aware that it is the colour of his skin that has given him the early prominence he has achieved. He tells us of his Kenyan cousins, the mainstream African American family of his wife Michelle, his Indonesian step-father and his white mother's family and mentions ethnic Chinese in-laws. He quietly implies that his background makes him both the epitome of the American dream and someone uniquely placed to deal with the domestic and international problems that confront the US, and to represent and to lead a multi-ethnic America. Not everyone is going to be convinced by that argument: he is certainly not guaranteed to succeed and, to be fair, he does not suggest that others with a less heterogeneous background could not succeed. His analysis of the condition of black America seems balanced - much progress made, but much more still to be made. My only concern for the US is that the programmes that he seems inclined to follow would involve a great deal more state expenditure. It is a shame that he has not put more effort into learning Spanish, acknowledging as he does the burgeoning Latino population of the US.

This is an excellent book. As a commentary on politics in the US over the past 30 years it is easy to read precisely because it is not done to any real depth. As a memoir by someone who is, at the very least, a remarkable man from a very unusual background it is uplifting. Whichever way we might prefer to see the Americans vote, I would hope that all would think it a loss to his country and the world if 2008 turns out to have been the high point in Obama's career. I was convinced that Obama is more than just an excellent public speaker or a politician riding high because of the novelty of his background. He is less beholden to interest groups than most contenders for the presidency. The USA could do a lot worse than bet on Barack Obama for the next 4 years - and I say that as someone who sees a good man in John McCain, too, (although I cannot but feel that he would have made a better president 8 years ago). As we enter the last 8 weeks of the US elections, this is the time to read "Audacity of Hope" if you have not yet done so.


Inspiring, 05 Sep 2008
I don't really know what I was expecting when I started to read this book, but what I wasn't expecting was a genuinely interesting, even-handed and thoughtful portrayal of the American democratic system. While I have obviously seem Obama on the Teevee, I can't say that he ever really energised me in the same way he did so many others. However, upon finishing this book I started to understand a bit more why people find his message so resonant. He writes with compassion and respect for differing opinions, and with the obvious intelligence he displays in speeches and interviews.

It's a refreshing book - I don't know if it's an honest book, because I don't know the man in person - but it certainly comes across as honest. It's well worth reading no matter your views on Obama himself or his political positions - even those at opposite ends of the spectrum should find his gentle humanity somewhat inspiring.

Good, but could be better; much too much rhetoric, 26 Aug 2008
Barack Obama clearly has a lot to say about vision, but when it comes down to it, not enough reality to talk about. The first few chapters about this book are about visions, values, morals, goals, beliefs, ideals, principles and expectations, and then go on to talk more about visions, values, morals, goals, beliefs, ideals, principles and expectations but around a different theme. This type of talk no doubt works brilliantly as a passionate speech, but reading at this level of detail gets tedious pretty quickly. Fortunately, in between all that there are stories to tell that embellish points effectively and there are other points of reference, but compared to other political books I have read, this one took much longer to make its points.

All in all, still worth reading, but be prepared to slog through some of this!

Boring but informative, 18 Jul 2008
I wanted to read the book published by the presidential candidate who I plan on voting for, so I figured that I would buy this book.

While I admit that it reinforces my feeling that Obama will provide for the US and the world much better than McCain, I have to say that it is quite a boring book....difficult to continue reading after a few pages.

Definitely interesting if you have no idea what Obama is about, but dont expect any fireworks!

He writes beautifully but has to nothing to say, 10 Jun 2008
The coming general election campaign might be a better way of finding out what Barack Obama actually thinks than reading this book.

For a politician, this is a very open and well written book on a number of subjects that matter to us all (in the US or abroad). Chapter by chapter, Obama mixes historical detail, life stories and political issues to try and present an explanation of how we have come to this point in time with sometimes such savage disagreements over how to proceed.

It's at that point I found the book disatisfying. Barack Obama doesn't commit to any policy ideas that really go beyond Democrat platitude: healthcare is good, crime is bad, etc. I can understand that he needed to keep some solid statements back prior to the election (or have them lobbed back at him negatively by Clinton or McCain) but it just leaves a final feeling of vagueness in a book that was building towards inspiring.

is this the dullest author in history? read the phone directory instead, it would be more interesting. , 21 Mar 2007
THIS AUTHOR IS A LECTURER IN U.S HISTORY, WELL....I WOULD NOT LIKE TO BE SAT IN A LECTURE THEATER FOR 4 YEARS LISTENING TO THIS DULLARD! WHAT A CRASHING BORE ! The author obviously has some kind of talent because somehow Hugh Brogan has managed to make the perenially exciting History of the most thrillingly dynamic nation on Earth's about as interesting as being locked in a padded cell for a decade. That was basically how I felt reading this truly abominable book. As a BA degree student of U.S History, I thought it might be useful and informative to read this. Sadly however I felt like commiting suicide several times during the course of reading this book. It just went on and on and on and on and on and on and I finally gave up 2/3rds of the way through. I COULD ABSOLUTELY TAKE NO MORE!

The reasons why I say such criticisms are as follows;

1. Sentences are far too long and rambling. By the end of the sentence you have forgotten what started the sentence and what the author is talking about or what the point is. You'll care even less.

2. AWFUL grammar. Did anyone proof read this? or did the proof-reader take his own life when he could stomach no more at page 463?

3. Presumes that anyone reading the book is, as he, a professor of U.S History. *hint for the future-WE READ HISTORY BOOKS TO LEARN THINGS WE DON'T KNOW PAL! WE WEREN'T THERE AT THE TIME, WE WEREN'T ALIVE !

4. NO MENTION OF HUNDREDS OF YEARS OF PRE-COLONIAL NATIVE AMERICAN HISTORY. SHAMEFUL.

5. No mention of Spanish history and other factors in the history of the U.S, for example slavery in the West Indies, South America etc.

6. NOTHING in this book is simply outlined and explained for the uninitiated. NOTHING.

7. Using long words and being verbose DOES NOT MAKE YOU INTERESTING OR INTELLIGENT.

8. Disjointed, incoherent lecturer waffle takes the place of quotes from history, documented facts and anecdotes from the times he is "explaining".

9. You get the point.

If you just want an introduction to U.S History or want to read this subject matter for simple entertainment and self-education just forget it. You need a Ph.d in history to understand what this guy is waffling about.
If you want to learn, get The Limits of Liberty by Maldwyn Jones or the Oxford History of the United States series. An excellent introduction to American history is American Colonies by Alan Taylor. Don't buy this book. You have been warned.

Disappointing, 11 Jul 2002
Sound information but lacking in readability - becomes a bit of a chore. Each chapter addresses one particular event or theme with little analytical overlap between themes. A sound introduction to American history, but lacking in imagination

A VITAL TOOL FOR UNDERSTANDING AMERICA . . . AND BRITAIN, 20 Jun 2002
One of the things Americans are fairly good at, you may be surprised to hear, is history. Certainly their understanding of great events of the past is often a bit one-sided, given two generations of Hollywood conditioning. After all most history gets written by the winners, which means that the losers are all too often made to look like natural losers or bad guys (or both!). Nevertheless, most modern Americans get the point of their War of Independence, their appallingly bloody Civil War, the dreadful legacy of slavery (only ended in 1862!), and so on. And contrary to how it may look, they grasp the main points of world history as well - at least those parts of it in which American casualties have been involved.

Things are not as open here in Britain. Believe it or not, most of us have only a tenuous grasp of our own history, let alone anybody else's. Of course in one sense Britain is obsessed with history, but it is not the history of ordinary people like you and me. Medieval aristocracy and castles may have a superficial romantic appeal, and as academic subjects they are characterised by exemplary discipline and honesty, but to 95% of the UK population they are Other People's History. Other than on the fantasy level, there is no personal involvement or commitment or even continuity. It's a recipe for apathy and/or bigotry.

If this is Britain's attitude to her own history, what then will be its attitude to the history of that Great Embarrassment, the lost Atlantic empire? The answer is that it does not exist. America is the Bermuda Triangle of British school history, the great silent factor, the missing key to understanding every era of Britain's past since the late 16th century. Little wonder then that Britain understands so little of itself (and for the record, I do write as a Briton), when one of the key factors that would give coherent sense to these four centuries is a no-go area, a field ring-fenced against popular awareness through systematic neglect by educationalists and popular publishing houses.

Hugh Brogan's engrossing historical overview of America's past, from pre-history through to about 1990, has the best chance imaginable of changing this ingrained habit of thought. Brogan's academic credentials are impeccable, and yet unlike many academics he writes with grace, wit and considerable passion. While rarely short-changing the reader on hard facts, he never lets facts obscure the thread of the story, and that is all-important, because unless we see how one thing leads to another we will have nothing to contemplate but a bunch of meaningless facts. From the British viewpoint this is invaluable, because Brogan shows how Britain itself has been shaped by its transatlantic engagements at every key stage since the dawn of its own modern nationhood.

And far more importantly (for this is primarily a history of America, rather than of Anglo-American relations), Brogan has done for the United States what only a warmly sympathetic outsider can do for any country. It needs both commitment and detachment in equal parts to sketch out the key events of a nation's history (and explain their meaning) free from the agenda that everyone has when they have grown up in a country and lived its internal political and economic tensions first hand. He has no bias, no wish to perpetuate the socially divisive myths that the older generations have grown up with, and yet equally no wish to tear down the essential beauties of the American dream. Few American historians have totally avoided one tendency or the other, because American historians are by definition protagonists in the still unfolding American story. In contrast, Brogan is socially, politically and economically uninvolved, but he is nevertheless caring and deeply attached to his subject, and he is not afraid to say what he thinks.

Thus whether you are British or American or neither, this book is the ideal starting point for an honest investigation of America's fascinating past - and an indispensable key to understanding its stormy present.

strong and enthusiastic history of USA, 24 Jan 2002
Prof. Brogan can little have suspected when he wrote the first edition in 1983, or updated it in 1995, that the USA would be thrust centre-stage quite so dramatically as it was on the morning of September 11th 2001. Yet, anyone seeking explanations of the American response since, or Americans seeking reasons for the apparent mixed feelings which the rest of the world harbours about their country will find many answers in this wide-ranging and comprehensive study

The book covers the period from the voyage of Columbus to nearly the present day. It is densely packed with fact which illustrates political, economic, and social progress of the USA. The period up to and including the Civil war is dealt with dutifully but unenthusiastically, and the period from '83 to '95 is slightly glib, but the strength of the book is the period from the civil war to the Vietnam war.

Prof Brogan's enthusiasm for the country and admiration of the indomitable spirit of the people shines through in this middle section. I found myself surprised at the extent to which what through British eyes seems eccentric or idiosyncratic behaviour (eg. some of the states' rights, kitchen cabinets of rich industrialists, even Presidential mistresses) is often rooted in history and tradition.

Despit the length of this book it remains readable throughout. The author moves easily from detail to broad themes and back, and his dry humour lightens many passages. Readers of all nationalities will find this account of American history through British eyes adds to their understanding of modern America and its place in the world.

A superb and fascinating overview of the history of the USA, 03 May 2001
This is definitively one of the best history books I have ever read. The author presents in a clear way the mechanisms behind history, with surprising insights and analyses into the causes. His approach of history is more a thematical one than a chronological one. Thanks to this, references to dates are limited to a minimum, and themes are explored thoroughly. From one chapter to the next, there can be some movement back and forth in time but it is done in a very intelligible way. I read this book with tremendous pleasure !

You'll never learn so much in such a small book, 28 Jan 2007
This book is a work of genius for the whole, exquisitely written it offers wisdom on most pages and nonsense on the others. It's been a very long time since I learnt such a large amount, the language has a poetic beauty to it and anybody interested in governance should read this. The thesis of the book is well known (as it indeed should be) but there are some startling facts about the author. Rousseau was serial child abandoner; he seems to have left five children in foundling hospitals and when attacked by his critic, a certain Voltaire, his defence was that the he would have been a poor father and his children would fair better in a foundling hospital. A slightly implausible fact given the high mortality rate at the founding hospital. Still, we judge him for his ideas, not his actions so this book receives a resounding five stars.

socialist precurser, 22 Mar 2006
this book is not, as other readers claim, endorsing dictatorship, but rather is criticising bad democracy. surprisingly persuasive and well written, as a blueprint to later socialist theories eg Marx, it is fascinating.

A Warning From History, 19 May 2004
This is an important book, perhaps one of the most influential ever written. Unfortunately its influence has been wholly pernicious in the extreme - the blueprint for totalitarian regimes the world over. Rousseau was a psychotic and self obsessed individual who elaborated a theory of human civilization at odds with the basic principles of common sense and reason. From the French Revolutionary terror to the Soviet Gulags - the hallmarks of Rousseau's absurd doctrines can be found. But a willfull disregard for reality seems to be the prerequisite for so called enlightened thinkers and those that provided the ideological bedrock for revolutionaries from the french revolution onwards. The most recent example of an attempt to throw off the 'shackles' of civilization occured in Cambodia - Pol Pot - a true disciple of Rousseau, nurtured in the intellectual salons of the Left Bank. Savage indeed, but noble? In the fevered dreams of Marxist intellectuals were the ovens and gulags first delineated - Rousseau was their precursor, an important document, handle with care.

Rousseau, we love ya!, 06 Mar 2001
It's coherent. It's valid. It's informed. One must make up one's own mind about the 'general will', however. Buy, read, then dismiss. Or buy, read, then love. If you can find it in your soul to love a piece of political theory, that is.

Essential Reading, 01 Sep 2008
I found this book captivating, in a "gallows humor" sort of way.

Although written many years ago, and recounting events in the distant past, it should be required reading for anyone in the markets today. More specifically, it should have been required reading a year ago (mid 2007) for those invested in finance and property sectors.

Whether the malaise in those sectors (some stocks down 90%) spreads eventually to the general indexes remains to be seen.

Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns


An excellent book and highly recommended to anyone with any interest whatsoever in economics or the dark days of 1929. , 04 Jan 2007
One of the most surprising and delightful things that I found about the book, particularly in view of the potentially heavy subject matter, was how wonderfully readable Professor Galbraith is. There are not that many world renowned experts in any field who can write as well as they can understand their subject. It's a bit like finding that a world class footballer can also play first violin. This book reads like the work of a top drawer professional writer who has immersed him/herself in the subject for a period and, with ongoing expert guidance and hands-on editing, has brought the subject home in fine style. It reads to me a bit like Tom Wolfe (of the Right Stuff etc), wonderfully literate, sardonic prose. It really is quite unexpected. Marvellous. You will have more than one chuckle out loud which may raise one of the live-in's eyebrows. Chuckling at economics now? Hmmm.

Anyway, the stock market fell, measured by the Times Industrial Average, from 542 down to 224, from October through Nov 1929, and then more gradually to only 58, basically a tenth of its peak 1929 value, by July 1932. Drastic times indeed. This residual value that the market held, 58, in 1932, was roughly the same amount by which the market fell, in only one day, 28/10/1929, Black Thursday. The Professor's contention seems to be that the Depression and the Crash, while not totally unrelated, were less connected than popular opinion held then, or holds now. The contention is that prior to the crash, that the economy was not fundamentally sound. Although there were no glaring warning signs in the economic indicators reported in the first half of 1929, there were some red lights flickering. The Professor goes on to detail and explain those. Of course I am still no expert on what happened in 1929 and why. But due to this book I have a better idea. And it has encouraged me to read more about it. Which I intend to do shortly. And further works by the extremely readable Professor Galbraith will most certainly be on my list.





What Actually Happened in 1929?, 05 Jul 2004
Having recently lived through the crash of the dot-com stocks, I thought it was a particularly appropriate moment to reread John Kenneth Galbraith's famous history of the stock market crash of 1929 in the United States. Professor Galbraith's final words prove to be prophetic as he suggests that as soon as the lessons of 1929 are forgotten, the speculative excesses that led to that debacle will recur. I am sure that when the dot-bomb experience is forgotten, it will be repeated with some new class of speculation in some future generation.

With the recent experience of seeing a market mania, I came away more impressed with this book than before. Professor Galbraith does a fine job of capturing the psychology that builds into and sustains a mania. He also writes like a novelist rather than like an economist. That talent makes the message easy to grasp and appreciate.

I was also impressed by how our popular perceptions of 1929 are so often wrong. For example, most people believe that many "broken" speculators committed suicide. Although some did, there was no significant rise in the suicide rate compared to a general trend in that direction.

Economists often like to fault the Federal Reserve for the crash. That blame seems somewhat misplaced when you learn that there was very little government debt that the Fed could repurchase to create liquidity. Had the Fed acted differently, the crash might have come a little sooner and not been quite so severe . . . but the fundamentals would probably not have changed too much.

Another misperception is that everyone was speculating. By even the most generous measures, the speculators probably never numbered over a million people.

Although this is a history, Professor Galbraith takes on the economic question of how the crash contributed to the Depression. Although we know very little about the economic details of 1929, I was impressed by the point about how much consumer spending was concentrated in the wealthiest people. As they lost vast sums, both spending for consumer goods and savings for capital were decimated. With the broader income distribution of today, such a cataclysm would not be so harmful (as we saw in the aftermath of the dot-com crash).

There is an excellent parallel discussion of the land boom in Florida earlier in the 1920's that is very rewarding. I was intrigued by the ways that ever increasing ways of extending leverage were created so that both bubbles could climb higher. In Florida, people didn't actually buy the land. They bought options to buy the land, and traded those. In the stock market, holding companies sold stock and then floated new holding companies. These were capitalized with common stock,