Men have been swindled by other men on many occasions. The autumn of 1929 was, perhaps, the first occasion when men succeeded on a large scale in swindling themselves.
About this quote
- What does it mean?
- Historically, people have been deceived by others, but the Great Depression marked a shift where humanity collectively deceived itself through speculative bubbles.
- In plain terms
- People used to get tricked by others, but sometimes they trick themselves on a huge scale.
- What can you take from it?
- Collective self-deception can cause massive economic crashes.
Where it applies
Putting it to work
Questions to consider
- When did you last fool yourself?
- Can you trust a rising market?
Another view
External manipulation still plays a role in financial disasters.
More from John Kenneth Galbraith
In the autumn of 1929 the mightiest of Americans were, for a brief time, revealed as human beings.
Permalink to quote #3 You roll back the stones, and you find slithering things. That is the world of Richard Nixon.
Permalink to quote #5 But now, as throughout history, financial capacity and political perspicacity are inversely correlated.
Permalink to quote #2
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