"The Great Crash 1929" by John Kenneth Galbraith is a non-fiction book that provides a detailed analysis of the events leading up to the stock market crash of 1929 and the subsequent economic depression.

The book begins by examining the economic policies and practices of the 1920s, which set the stage for the speculative bubble that formed in the stock market. Galbraith argues that the widespread belief in the market's infallibility and the promotion of speculative investments by banks and investment trusts led to the overvaluation of stocks and the creation of a speculative bubble.

The book then delves into the psychological and emotional factors that contributed to the market's instability. Galbraith discusses the role of optimism, overconfidence, and herd behavior among investors, which fueled the market's growth but also contributed to its eventual collapse.

Galbraith provides a detailed account of the events leading up to the crash, including the increasing volume of stock purchases on margin, the rising level of corporate debt, and the growing number of investment trusts. He also explores the role of financial institutions and regulators, such as the Federal Reserve, in contributing to the market's instability.

The book then describes the immediate aftermath of the crash, including the widespread panic and sell-off of stocks. Galbraith explains how the stock market crash led to a decline in consumer confidence, a contraction of credit, and a deepening economic depression.

Galbraith concludes the book by discussing the lessons that can be learned from the crash and the need for sound economic policies and regulations to prevent future financial disasters. He argues that the events of 1929 demonstrate the dangers of unchecked speculation and the need for responsible financial practices and regulation.