John Kenneth Galbraith
This book provides an intellectual portrait of John Kenneth Galbraith, an institutional economist who examines the configuration of power by the clusters of mores that comprise institutions. Galbraith proposes an aggressive social democratic policy to ach
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CONTEMPORARY ECONOMISTS General Editor: John Pheby, Professor of Political Economy, De Montfort University, Leicester, England The Contemporary Economists series is designed to present the key ideas of the most important economists of this century. After an opening biographical chapter, the books in this series focus on the most interesting aspects of their subject's contribution to economics, thus providing original insights into their work. Students and academics alike will be fascinated by the wealth of these economists' contributions and will be able to look with fresh eyes on their discipline. Published titles:
John F. Henry JOHN BATES CLARK Steven G. Medema RONALD H. COASE James Ronald Stanfield JOHN KENNETH GALBRAITH
John Kenneth Galbraith James Ronald Stanfield Professor of Economics Colorado State University Fort Collins, Colorado
© James Ronald Stanfield 1996 Softcover reprint of the hardcover 1st edition 1996 978-0-333-58836-9
All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WIP 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1996 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world ISBN 978-1-349-24755-4 DOI 10.1007/978-1-349-24753-0
ISBN 978-1-349-24753-0 (eBook)
A catalogue record for this book is available from the British Library.
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I 96
To the Spring of 1967
Contents Preface
ix
Acknowledgments
xi
1 The Useful Economist
1
A Most Unconventional Economist In His Own Words
2 Economic Balance and Countervailing Power The Great Depression and the Task of Price Control The Conventional Economic Model The Concept of Countervailing Power Intimations of the Galbraithian System
3 Affluence and Social Imbalance The Dependence Effect Social Imbalance and Public Squalor The Test of Time
4 The Administered Society
s
1
8
19 20 25 33 37
41 43 48 52
61
The Critical Historical Method The Facts To Be Explained The Administered Sector
62 63 69
The Social
87
Predicame~t
The Macroeconomic Dilemma Social Imbalance and the Quality of Life Toward Reform
88 95 97
6 Economic Doctrine and the Public Purpose
103
The Imagery of Choice The Dual Economy Redux The Co-opted State
104
107 115 vii
viii
Contents
The Test of Anxiety The Emancipation of Belief
7 Social Reform and Economic Policy Evolutionary Positivism and Institutional Adjustment Macroeconomic Stabilization Policy The Affirmation of Humanness Conclusion
8 Galbraith and Intellectual History Galbraith th
