ENGLISH

The Causes of the 1929 Stock Market Crash: A Speculative Orgy or a New Era? (Contributions in Economics and Economic History)

By Harold Bierman

Book information

Publisher
Greenwood Press
Year
1998
ISBN
9780313306297, 031330629X
LCC
HB3717 1929 .B388 1998
Open Library ID
OL685149M
Language
english
Format
CHM
Filesize
305 kB (312568 bytes)
Series
Contributions in Economics and Economic History
Pages
184\0
Topic
Economy
Time added
2010-01-07 06:59:20

Description

Attempting to reveal the real causes of the 1929 market crash, Bierman refutes the popular belief that wild speculation had excessively driven up stock market prices and resulted in the crash. Although he acknowledges some prices of stocks such as utilities and banks were overpriced, reasonable explanations exist for the level and increase of all other securities prices. Indeed, if stocks were overpriced in 1929, then they are even more overpriced in the current era of staggering growth in stock prices and investment in securities. The causes of the 1929 crash, Bierman argues, lie in an unfavorable decision by the Massachusetts Department of Public Utilities coupled with the popular practice known as debt leverage in the 1920s corporate and investment arena.

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