The Crash and Its Aftermath: A History of Securities Markets in the United States, 1929-1933 (Contributions in Economics & Economic History)
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Author: Barrie A. Wigmore
Publisher: Praeger
Hardcover:
ISBN 10: 0313245746
ISBN 13: 978-0313245749
Wigmore is a financial professional who has created a magnificent work of scholarship. Twelve years in the writing, written about 20 years ago, it makes for amazing reading after the Crash of 2008. An essential book for any serious student of the Great Depression and the history of financial markets.
Review
"In this large volume Wigmore analyzes the infamous 1929 stock market crash and the subsequent depression in the US from 1929 through 1933. The focus is on the role of banks and the turbulent behavior of the securities' markets, but the author includes interesting and relevant discussion of both US and foreign government attempts to contain this collapse of economic activity. The detailed study (year by year, sector by sector, and market by market) supports one clear and convincing thesis: The "Great Depression" was not caused by faulty monetary policy, but was the result of fundamental imbalances and speculation on real goods and services as well as financial markets. Contributing to the debacle were attempts to set unrealistic exchange rates and allowing the disequilibrium to grow between international and domestic markets. Political goals and policies incompatible with reality were situations that no monetary policy could remedy; security markets simply reflected that state of affairs...a valuable source of data and analysis."-CHOICE
"From now on any serious student of the Depression will be obliged to consult this work for a sense of securities price movements, investor attitudes, and relevant contemporary sources."-Journal of Economic History
"The Crash and Its Aftermath is an excellent work of reference on the Great Contraction. It will be useful both to people with only a passing curiosity about the Crash and to those for whom the Great Depression is a major scholarly concern."-Business History
?From now on any serious student of the Depression will be obliged to consult this work for a sense of securities price movements, investor attitudes, and relevant contemporary sources.?-Journal of Economic History
?The Crash and Its Aftermath is an excellent work of reference on the Great Contraction. It will be useful both to people with only a passing curiosity about the Crash and to those for whom the Great Depression is a major scholarly concern.?-Business History
?In this large volume Wigmore analyzes the infamous 1929 stock market crash and the subsequent depression in the US from 1929 through 1933. The focus is on the role of banks and the turbulent behavior of the securities' markets, but the author includes interesting and relevant discussion of both US and foreign government attempts to contain this collapse of economic activity. The detailed study (year by year, sector by sector, and market by market) supports one clear and convincing thesis: The "Great Depression" was not caused by faulty monetary policy, but was the result of fundamental imbalances and speculation on real goods and services as well as financial markets. Contributing to the debacle were attempts to set unrealistic exchange rates and allowing the disequilibrium to grow between international and domestic markets. Political goals and policies incompatible with reality were situations that no monetary policy could remedy; security markets simply reflected that state of affairs...a valuable source of data and analysis.?-CHOICE
