Stock market panics involve major psychological elements, and fear appears in the form of a reference to past events that seem to have analogies. Not only was 1929 an example of this process, in that the participants thought in terms of previous crises, but 1929 has also become the standard against which subsequent events are judged.
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Harold James; 1929: The New York Stock Market Crash. Representations 1 May 2010; 110 (1): 129–144. doi: https://doi.org/10.1525/rep.2010.110.1.129
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