--- title: "Meaning & Key Takeaway of: No one was responsible for the great Wall…" description: "\"No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it. Both were the product of free choice and de..." image: "https://sms4smile.com/quotes/i/3fe/john-kenneth-galbraith-643_choices_no-one-was-responsible-for-the-great-wal_1795644.png" --- # No one was responsible for the great Wall Street crash. No… ![“No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it. Both were the product of free choice and decision of hundreds of thousands of individuals.” quote by John Kenneth Galbraith](https://sms4smile.com/quotes/i/3fe/john-kenneth-galbraith-643_choices_no-one-was-responsible-for-the-great-wal_1795644.png) [Download](https://sms4smile.com/quotes/i/3fe/john-kenneth-galbraith-643_choices_no-one-was-responsible-for-the-great-wal_1795644.png) [Open image](https://sms4smile.com/quotes/i/3fe/john-kenneth-galbraith-643_choices_no-one-was-responsible-for-the-great-wal_1795644.png) > “No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it. Both were the product of free choice and decision of hundreds of thousands of individuals.” [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. The crash resulted from countless independent choices, not a single mastermind. **In simple terms:** Many small decisions caused the crash. Key Takeaway Recognize collective impact of individual actions. Themes economics responsibility market dynamics Mood reflective analytical Type historical economic When to use this quote - financial regulation - investment decisions - public policy - education on economics Key Concepts collective behavior systemic risk free will Questions to Reflect On - How do individual choices aggregate into systemic crises? - Can responsibility be assigned without a single culprit? A Different Perspective Oversimplifies complex market forces to individual choices alone. ★ ★ ★ ★ ★ No ratings yet [Choices](https://sms4smile.com/quotes/about/choices/) [Choices and decisions](https://sms4smile.com/quotes/about/choices-and-decisions/) [Customer](https://sms4smile.com/quotes/about/customer/) [Decision](https://sms4smile.com/quotes/about/decision/) [Free choice](https://sms4smile.com/quotes/about/free-choice/) [Great wall](https://sms4smile.com/quotes/about/great-wall/) [Individual](https://sms4smile.com/quotes/about/individual/) [Speculation](https://sms4smile.com/quotes/about/speculation/) [Streets](https://sms4smile.com/quotes/about/streets/) [Wall](https://sms4smile.com/quotes/about/wall/) [Wall St](https://sms4smile.com/quotes/about/wall-st/) [Wall street](https://sms4smile.com/quotes/about/wall-street/) ## Related quotes > [If choices and decisions derive from hidden mental processes, then free choice is either an illusion or, at minimum, more tightly constrained than previously…](https://sms4smile.com/quotes/david-eagleman/if-choices-and-decisions-derive-from-hidden-mental-processes-then/) [David Eagleman](https://sms4smile.com/quotes/author/david-eagleman/) > [“He reasoned that if choices and decisions derive from hidden mental processes, then free choice is either an illusion or, at minimum, more tightly…](https://sms4smile.com/quotes/david-eagleman/he-reasoned-that-if-choices-and-decisions-derive-from-hidden-mental/) [David Eagleman](https://sms4smile.com/quotes/author/david-eagleman/) > [There was something superficial in attributing anything so awful as the Great Depression to anything so insubstantial as speculation in common stocks.](https://sms4smile.com/quotes/john-kenneth-galbraith/there-was-something-superficial-in-attributing-anything-so-awful-as/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [Communities don't think, don't believe, don't want, don't have needs, don't have interests and don't make decisions. Only individuals have minds that generate desires…](https://sms4smile.com/quotes/harry-browne/communities-don-t-think-don-t-believe-don-t-want-don-t-have-needs-don/) [Harry Browne](https://sms4smile.com/quotes/author/harry-browne/) > [“The choices we made, the long-forgotten decisions, the painfully unforgettable ones, are the framework of our lives, thought Alicia. All of her choices and…](https://sms4smile.com/quotes/valerie-frankel/the-choices-we-made-the-long-forgotten-decisions-the-painfully/) [Valerie Frankel](https://sms4smile.com/quotes/author/valerie-frankel/) > [“There is a type of courage that cannot always be seen. It's a bravery that you have to choose for yourself. You use it…](https://sms4smile.com/quotes/brittany-burgunder/there-is-a-type-of-courage-that-cannot-always-be-seen-it-s-a-bravery/) [Brittany Burgunder](https://sms4smile.com/quotes/author/brittany-burgunder/) > [...there must be an inviolate place where the choices and decisions, however imperfect, are the writer's own, where the decision must be as individual…](https://sms4smile.com/quotes/janet-frame/there-must-be-an-inviolate-place-where-the-choices-and-decisions/) [Janet Frame](https://sms4smile.com/quotes/author/janet-frame/) > [Consider what you think justice requires, and decide accordingly. But never give your reasons; for your judgment will probably be right, but your reasons…](https://sms4smile.com/quotes/william-murray-1st-earl-of-mansfield/consider-what-you-think-justice-requires-and-decide-accordingly-but/) [William Murray, 1st Earl of Mansfield](https://sms4smile.com/quotes/author/william-murray-1st-earl-of-mansfield/) > [“When you are unsure about what you believe in, anything can turn into an argument. Everything can become debatable. But when you know what…](https://sms4smile.com/quotes/jos-n-harris/when-you-are-unsure-about-what-you-believe-in-anything-can-turn-into/) [José N. Harris](https://sms4smile.com/quotes/author/jos-n-harris/) > [Power is the faculty or capacity to act, the strength and potency to accomplish something. It is the vital energy to make choices and…](https://sms4smile.com/quotes/anonymous/power-is-the-faculty-or-capacity-to-act-the-strength-and-potency-to/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [I think my deepest criticism of the educational system . . . is that it's all based upon a distrust of the student. Don't…](https://sms4smile.com/quotes/carl-rogers/i-think-my-deepest-criticism-of-the-educational-system-is-that-it-s/) [Carl Rogers](https://sms4smile.com/quotes/author/carl-rogers/) > [Ultimately, our lives hinge on the ability to make right choices and decisions. By God's grace, I made the most important decision a person…](https://sms4smile.com/quotes/r-a-dickey/ultimately-our-lives-hinge-on-the-ability-to-make-right-choices-and/) [R.A. Dickey](https://sms4smile.com/quotes/author/r-a-dickey/) > [“Make choices and decisions and step on it so hard till it sticks on your shoes whare ever you go,if you cant bring it…](https://sms4smile.com/quotes/narjit-singh/make-choices-and-decisions-and-step-on-it-so-hard-till-it-sticks-on/) [Narjit Singh](https://sms4smile.com/quotes/author/narjit-singh/) > [Your life is like credit. If you make bad choices and decisions its gonna effect everything in your life as well as yourself.](https://sms4smile.com/quotes/anonymous/your-life-is-like-credit-if-you-make-bad-choices-and-decisions-its/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [“What would you think if I told you that, yes, your bad choices and decisions have had a part in your ending up under…](https://sms4smile.com/quotes/andy-andrews/what-would-you-think-if-i-told-you-that-yes-your-bad-choices-and/) [Andy Andrews](https://sms4smile.com/quotes/author/andy-andrews/) ## More by John Kenneth Galbraith > [Getting on the cover of TIME guarantees the existence of opposition in the future.](https://sms4smile.com/quotes/john-kenneth-galbraith/getting-on-the-cover-of-time-guarantees-the-existence-of-opposition/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [Technology means the systematic application of scientific or other organized knowledge to practical tasks.](https://sms4smile.com/quotes/john-kenneth-galbraith/technology-means-the-systematic-application-of-scientific-or-other/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [“Men can labor to make sense out of single steps toward the goal without ever pausing to reflect that the goal itself is ludicrous.”](https://sms4smile.com/quotes/john-kenneth-galbraith/men-can-labor-to-make-sense-out-of-single-steps-toward-the-goal/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to…](https://sms4smile.com/quotes/john-kenneth-galbraith/consumer-wants-can-have-bizarre-frivolous-or-even-immoral-origins-and/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [That one never need to look beyond the love of money for explanation of human behavior is one of the most jealously guarded simplification…](https://sms4smile.com/quotes/john-kenneth-galbraith/that-one-never-need-to-look-beyond-the-love-of-money-for-explanation/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [Agriculture is one economic activity that does not obey the laws of demand and supply.](https://sms4smile.com/quotes/john-kenneth-galbraith/agriculture-is-one-economic-activity-that-does-not-obey-the-laws-of/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [If we were not in Vietnam, all that part of the world would be enjoying the obscurity it so richly deserves.](https://sms4smile.com/quotes/john-kenneth-galbraith/if-we-were-not-in-vietnam-all-that-part-of-the-world-would-be/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [Washington is a place where men praise courage and act on elaborate personal cost-benefit calculations.](https://sms4smile.com/quotes/john-kenneth-galbraith/washington-is-a-place-where-men-praise-courage-and-act-on-elaborate/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [World War II revealed two of the enduring features of the Keynesian Revolution. One was the moral difference between spending for welfare and spending…](https://sms4smile.com/quotes/john-kenneth-galbraith/world-war-ii-revealed-two-of-the-enduring-features-of-the-keynesian/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [Money is what fueled the industrial society. But in the informational society, the fuel, the power, is knowledge. One has now come to see…](https://sms4smile.com/quotes/john-kenneth-galbraith/money-is-what-fueled-the-industrial-society-but-in-the-informational/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [While it will be desirable to achieve planned results, it will be even more important to avoid unplanned disasters.](https://sms4smile.com/quotes/john-kenneth-galbraith/while-it-will-be-desirable-to-achieve-planned-results-it-will-be-even/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [A bad book is the worse that it cannot repent. It has not been the devil's policy to keep the masses of mankind in…](https://sms4smile.com/quotes/john-kenneth-galbraith/a-bad-book-is-the-worse-that-it-cannot-repent-it-has-not-been-the/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [Genius is a rising stock market.](https://sms4smile.com/quotes/john-kenneth-galbraith/genius-is-a-rising-stock-market/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy—what an older and less elegant…](https://sms4smile.com/quotes/john-kenneth-galbraith/mr-david-stockman-has-said-that-supply-side-economics-was-merely-a/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [Inventions that are not made, like babies that are not born, are rarely missed. In the absence of new developments, old ones may seem…](https://sms4smile.com/quotes/john-kenneth-galbraith/inventions-that-are-not-made-like-babies-that-are-not-born-are-rarely/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) [Explore all 434 John Kenneth Galbraith quotes ](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) ## More Choices quotes > [Of all the people who have affected my life and influenced the choices I've made, none has been more important than my father. I…](https://sms4smile.com/quotes/teddy-atlas/of-all-the-people-who-have-affected-my-life-and-influenced-the/) [Teddy Atlas](https://sms4smile.com/quotes/author/teddy-atlas/) > [“Don’t allow anyone to pressure you into taking a job in a field that doesn’t feel right in your gut. You are the one…](https://sms4smile.com/quotes/alison-james/don-t-allow-anyone-to-pressure-you-into-taking-a-job-in-a-field-that/) Alison James > [When you have a choice, choose happy!](https://sms4smile.com/quotes/pancho-barnes/when-you-have-a-choice-choose-happy/) Pancho Barnes > [By making conscious choices in our behavior and where we focus our attention, we can transform our experience of our body, decrease our biological…](https://sms4smile.com/quotes/deepak-chopra/by-making-conscious-choices-in-our-behavior-and-where-we-focus-our/) [Deepak Chopra](https://sms4smile.com/quotes/author/deepak-chopra/) > [Movies have power. Power to impact society and the choices we make. I want to entertain, but I also want to say something to…](https://sms4smile.com/quotes/gina-prince-bythewood/movies-have-power-power-to-impact-society-and-the-choices-we-make-i/) [Gina Prince-Bythewood](https://sms4smile.com/quotes/author/gina-prince-bythewood/) > [If you have a different mindset, you will have a different outcome: if you make different choices from your peers, your life will then…](https://sms4smile.com/quotes/jack-ma/if-you-have-a-different-mindset-you-will-have-a-different-outcome-if/) [Jack Ma](https://sms4smile.com/quotes/author/jack-ma/) > [Personally, I prefer contemporary films, but the market calls for more period choices, especially since China opened up a cinema market in Hong Kong.…](https://sms4smile.com/quotes/donnie-yen/personally-i-prefer-contemporary-films-but-the-market-calls-for-more/) [Donnie Yen](https://sms4smile.com/quotes/author/donnie-yen/) > [Clarissa," he said, "here with the vampire, I see. When things have settled a bit, we really must discuss you choice in pets..](https://sms4smile.com/quotes/cassandra-clare/clarissa-he-said-here-with-the-vampire-i-see-when-things-have-settled/) [Cassandra Clare](https://sms4smile.com/quotes/author/cassandra-clare/) > [Change is inevitable but personal growth is a choice.](https://sms4smile.com/quotes/bob-proctor/change-is-inevitable-but-personal-growth-is-a-choice/) [Bob Proctor](https://sms4smile.com/quotes/author/bob-proctor/) > [Time hath not yet so dried this blood of mine, Nor age so eat up my invention, Nor fortune made such havoc of my…](https://sms4smile.com/quotes/william-shakespeare/time-hath-not-yet-so-dried-this-blood-of-mine-nor-age-so-eat-up-my/) [William Shakespeare](https://sms4smile.com/quotes/author/william-shakespeare/) > [If you choose to draw from the inner well of free will, then you can make choices that are outside your current karmic patterns.](https://sms4smile.com/quotes/frederick-lenz/if-you-choose-to-draw-from-the-inner-well-of-free-will-then-you-can/) [Frederick Lenz](https://sms4smile.com/quotes/author/frederick-lenz/) > [Act always so as to increase the number of choices](https://sms4smile.com/quotes/heinz-von-foerster/act-always-so-as-to-increase-the-number-of-choices/) [Heinz von Foerster](https://sms4smile.com/quotes/author/heinz-von-foerster/) > [Give me a platter of choice finnan haddie, freshly cooked in its bath of water and milk, add melted butter, a slice or two…](https://sms4smile.com/quotes/craig-claiborne/give-me-a-platter-of-choice-finnan-haddie-freshly-cooked-in-its-bath/) [Craig Claiborne](https://sms4smile.com/quotes/author/craig-claiborne/) > [I don't know that any woman could ever not think about that at some point - even making the choice not to do it…](https://sms4smile.com/quotes/naomi-watts/i-don-t-know-that-any-woman-could-ever-not-think-about-that-at-some/) [Naomi Watts](https://sms4smile.com/quotes/author/naomi-watts/) > [In this choice of inheritance we have given to our frame of polity the image of a relation in blood; binding up the constitution…](https://sms4smile.com/quotes/edmund-burke/in-this-choice-of-inheritance-we-have-given-to-our-frame-of-polity/) [Edmund Burke](https://sms4smile.com/quotes/author/edmund-burke/) [Browse all 11,466 Choices quotes ](https://sms4smile.com/quotes/about/choices/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it. Both were the product of free choice and decision of hundreds of thousands of individuals.", "creator": { "@type": "Person", "name": "John Kenneth Galbraith" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/john-kenneth-galbraith/no-one-was-responsible-for-the-great-wall-street-crash-no-one/", "about": { "@type": "Thing", "name": "Choices" }, "@id": "https://sms4smile.com/quotes/john-kenneth-galbraith/no-one-was-responsible-for-the-great-wall-street-crash-no-one/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/3fe/john-kenneth-galbraith-643_choices_no-one-was-responsible-for-the-great-wal_1795644.png", "contentUrl": "https://sms4smile.com/quotes/i/3fe/john-kenneth-galbraith-643_choices_no-one-was-responsible-for-the-great-wal_1795644.png", "url": "https://sms4smile.com/quotes/i/3fe/john-kenneth-galbraith-643_choices_no-one-was-responsible-for-the-great-wal_1795644.png", "width": 1080, "height": 1080, "caption": "“No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it…” — John Kenneth Galbraith", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "John Kenneth Galbraith", "item": "https://sms4smile.com/quotes/author/john-kenneth-galbraith/" }, { "@type": "ListItem", "position": 4, "name": "No one was responsible for the...", "item": "https://sms4smile.com/quotes/john-kenneth-galbraith/no-one-was-responsible-for-the-great-wall-street-crash-no-one/" } ], "@id": "https://sms4smile.com/quotes/john-kenneth-galbraith/no-one-was-responsible-for-the-great-wall-street-crash-no-one/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```