Once in Golconda: A True Drama of Wall Street 1920–1938 by John Brooks

By John Brooks

From the New York Times–bestselling writer of Business Adventures comes the chronicle of the inventory marketplace crash of 1929 and its aftermath
Legend had it that anybody who undergone Golconda, a urban in southern India, attained super wealth. yet Golconda, now in ruins, ran out of riches, and its glory vanished perpetually. a few have painted an analogous photo of Wall road among the 2 global wars. yet there's extra to the tale of the bull industry of the Nineteen Twenties and the resultant fiscal devastation that took place the United States.

In interesting aspect, exotic journalist John Brooks recounts the euphoric monetary climb of the twenties in addition to the vertiginous crash of 1929. From the heady days of financial prosperity to the sobering time after the cave in, Brooks's rendering of this story of big fortune after which tragic misfortune is either dramatic and percipient. Profiling a few of the era's so much famous—and infamous—bankers, investors, and hucksters, Brooks supplies a gorgeous and colourful account of this era of increase and bust.

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13 The trend toward concentration was assumed to move progressively from perfect competition to monopoly, unless impeded by strong legislation. In general, this development was seen to coincide with growth in the size of the market, where growth of output and continuous growth in concentration were seen to proceed in step. 14 The hypothesis that we shall develop is that, in the markets in which advertising has been important—where demand had to be forced up rapidly to mop up increasing output—the path toward market concentration has been quite a different one.

But although we can observe much of the functioning of the machine with our eyes, and we can evaluate the input and output, the parts we can see represent only a small proportion of the total, because of things blocking our view. Some people observing the whole apparatus believe that they can explain its workings in some general, overall way, following what we might call the “macro” approach (which, if it oversimplifies, is likely to mislead). On the other hand, some people, like us, prefer to follow the “micro” or inductive approach, which attempts to build up knowledge by looking at the mechanism piece by piece.

Before conducting our investigation, we were pretty sure that the breakfast cereal market had six easily confirmed characteristics: 22 CHAPTER 2 1. 3 The overall shape of the market was virtually the same in the 1980s and in 2001. The fact that there is a relatively small number of competitors, each of which is a substantial manufacturer, means that oligopoly can represent a heightened type of competition because it brings an advanced degree of consciousness of one’s competitors and the influence of one’s actions on them.

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