JOHN KENNETH GALBRAITH--THE CAUSES OF THE GREAT CRASH

JOHN KENNETH GALBRAITH--THE CAUSES OF THE GREAT CRASH In this article the main economic factors that contributed to the collapse of the economy are examined. *1921-29 The US was prosperous. We had cars, roads, radios, flight, and modern construction had begun. *The income was unequally distributed *Worker output rose while prices and wages remained static thus, mainly businesses profited. *Secretary of treasury Andrew Mellon reduced income taxes to benefit the rich *Those who received the …

…the pres. and should have requested the power from FDR so he could solve the problems. *During Coolidge's presidency many men tried to warn him. For example, William Z. Ripley whom he listened to however, when he said that regulation was the responsibility of the states Coolidge took no action. Also, if it seemed the market was in trouble the president or Secreteary of Treasury would issue statements saying that the market was actually fine.