Galbraith the great crash5/10/2023 ![]() For Florida, air-conditioning and improved transport revealed its climate advantage.įlorida illustrated a further key component of the boom: financial leverage. Booms need “the indispensable element of substance”. In Galbraith’s telling, Florida real estate in the mid-1920s provided a foretaste of the stock-market boom that would follow later in the decade. What similarities would he find in today’s financial markets? Galbraith observed that, unlike military historians, the economic historian is expected to use past experience to foretell the future. ![]() ![]() Galbraith’s entertaining 1954 account of the stock-market collapse of 1929 The Great Crash (re-released by Penguin in paperback last year), the celebrated economist took delight in recording the madness of crowds, responding to the lure of easy wealth. ![]()
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