The Great Crash, 1929 — When Speculation Becomes a Self-Reinforcing System
A financial bubble becomes especially dangerous when its own success begins to look like evidence that the system is sound.
Welcome to Crisis in Perception, where we examine the systems shaping our world.
Using The Great Crash, 1929 by John Kenneth Galbraith as our lens, this investigation explores how speculation becomes a self-reinforcing system rather than simply a collection of bad investment decisions.
Galbraith traces the interaction of rising prices, margin credit, investment trusts, institutional reassurance, and widespread confidence. As prices climbed, the boom appeared to validate…
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