Canada's Sub-Commander of Anti America Dies
JOHN KENNETH GALBRAITH, HP
(Princeton/Harvard, 13-LL.D of PH-16)
John Kenneth Galbraith, b. Ontario, Canada, Oct. 15, 1908, is a U.S. economist
whose provocative theories have stirred national interest and debate. Galbraith taught
economics at
The impact of the large international conglomerate industrial corporation on modern
society has been a continuing public concern in Galbraith's writing. In American
Capitalism (1952) he suggested that the restraints on large corporations came not
from competitors on the same side of the market but from "countervailing powers"
on the opposite side of the market, such as large labor unions. Subsequent books,
including The Affluent Society (1958; 40th anniv. ed., 1998; see flue)
and The New Industrial State (1967; 4th ed., 1985; see in dust), described
American industrial structure as differing sharply from the traditional textbook
picture. In Galbraith's view, the large corporation engages in planning to insulate
itself from market forces, manages consumer demand through advertising and
other media, and emphasizes growth of output above profit maximization. As
a result, the economic system favors added production even when general affluence
prevails, and an imbalance develops between too many private "goods", such
as sport cars, flat wide-screen TV's and automated washing machines, and too few
public "goods", such as biased higher education and parks
to be used as collateral on public loans.
A versatile stylist, Galbraith has also written
He was Skull and Bones' penultimate hypocrite; the J.K. Rowling of Economics
______________________________________________________
The SculPTor
WWW.WORDSCULPTOR.NET
April 30, 2006
______________________________________________________