Book Review > The Great Crash 1929

Galbraith made the following comment in his foreword about the re-emergence of similar problems in the 1960s: "As a protection against financial illusion or insanity, memory is far better than law. When the memory of the 1929 disaster failed, law and regulation no longer sufficed. For protecting people from the cupidity of others and their own, history is highly utilitarian. It sustains memory and memory serves the same purpose as the [Securities and Exchange Commission] and, on the record, is far more effective."