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Crash!: How the Economic Boom and Bust of the 1920s Worked


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Phillip G. Payne's Crash! explores the economic boom and bust of the 1920s, examining the factors that led to the 1929 stock market crash and the subsequent Great Depression. The book analyzes the role of speculation, easy money, and the changing nature of finance, highlighting the actions of key figures like J.P. Morgan and Richard Whitney. Payne traces the shift from a conservative, gold-standard-based economy to one driven by consumerism and fueled by easy credit. Furthermore, the text investigates the impact of World War I, the rise of advertising, and the changing role of government regulation. Ultimately, Crash! provides a detailed account of the economic and social forces that culminated in the devastating financial crisis of 1929.

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