The Stock Market Boom and Crash of 1929 Was Not a Bubble

A Book of Readings

Edited By: Bernard C. Beaudreau

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After the 1929 crash, Yale Professor Irving Fisher argued the boom was warranted. While his view was dismissed in favor of "irrational exuberance," this book shows why Fisher was right, pointing to the Smoot-Hawley Tariff as the cause of both the boom and the crash.

In the aftermath of the stock market crash of 1929, Yale University Economics Professor Irving Fisher remained steadfast in his view that the boom in…

In the aftermath of the stock market crash of 1929, Yale University Economics Professor Irving Fisher remained steadfast in his view that the boom in prices had been warranted, pointing to the myriad innovations of the 1920s, including the introduction of the electric unit drive and utility-supplied power. Dismissed by most, this view has since given way to Alan Greenspan’s view of irrational exuberance. This book presents a series of contemporary and period writings which rehabilitate the fundamentals view, showing why Irving Fisher was right. Whereas Fisher was unable to provide a convincing narrative for the crash, these writings point to the Hoover Administration’s tariff initiative, the Smoot-Hawley Tariff Bill, as the key element which contributed to both the boom and the crash.

Bernard C. Beaudreau is Professor of Economics at Université Laval, Québec, Canada. His research interests include economic theory, consilient science, economic history, and international trade. He has published extensively in both economic and non-economic journals, and is the author of many works on the Great Depression and the New Deal.