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Essay / Research Paper Abstract
This 3 page paper provides a book review of this work by a well known economist. No additional sources cited.
Page Count:
3 pages (~225 words per page)
File: RT13_SA914gal.rtf
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Unformatted sample text from the term paper:
of 1929. While the crash was not definitely the cause of the Great Depression, it is the case that the crash had an effect on the economy. It caused people
to panic. People would begin to try to withdraw their money from banks because they no longer trusted them. The eerie relationship between what happened at the time and now
is felt, but Galbraith (1997) writes about the event several decades ago. Yet, it is a book that is just as relevant today as when he wrote the piece. While
an economist, Galbraith (1997) writes in terms that most people can comprehend. In other words, rather than rely solely on theory, Galbraith provides easy to understand examples and analogies. While
the authors style is certainly academic, there seems to be a sense that he is reaching for the general public as his major audience. In some way, he is using
his expertise as a recognized and respected economist to explain how things were and why they occurred. However, much of the work is one sided as the author rarely looks
to cyclical factors. Rather, Galbraiths main themes are that everyone should have seen the handwriting on the wall. They did not of course. It is true that on some level,
the people are much wiser today than they were at the time and there are many new economic theories to help explain the drastic result, but it is also the
case that Galbraith provides a great deal of blame without looking to more natural causes. Galbraith (1997) writes about the fact that people would invest money in Florida but they
were not cognizant of the fact that they could lose money. He writes: "The Florida boom contained all of the elements of the classic speculative bubble" (Galbraith, 1997, p.3). He
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