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Russ Lemley



Articles by Russ Lemley

John Kenneth Galbraith’s The Great Crash, 1929: A Retrospective

August 21, 2024

The New Deal has been a key driver behind how the Democratic Party justified its hold on political power in the United States. The precursor to the New Deal was the Great Depression, which, in the minds of many Americans, was triggered by the stock market crash in late 1929.However, is the Democratic memory of the crash and Depression thereafter accurate? Did those events justify the policies Democrats pursued through the New Deal? One way to explore these questions is to look at how Left-liberal pundits themselves answered them. And one of the key intellectual leaders behind justifying the New Deal, wrote a book that tried to do just that.John Kenneth Galbraith was a popular intellectual during and after World War II, at a time when Keynesianism had become the

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