“Graceful and often witty” insights from the legendary economist, drawn from his most influential works (Library Journal). The Essential Galbraith includes key selections from the most important works of John Kenneth Galbraith, one of the most distinguished writers of our time—from The Affluent Society, the groundbreaking book in which he coined the term “conventional wisdom,” to The Great Crash, an unsurpassed account of the events that triggered America’s worst economic crisis. Galbraith’s new introductions place the works in their historical moment and make clear their enduring relevance for the new century. The Essential Galbraith will delight old admirers and introduce one of our most beloved writers to a new generation of readers. It is also an indispensable resource for scholars and students of economics, history, and politics, offering unparalleled access to the seminal writings of an extraordinary thinker.
Money is nothing more than what is commonly exchanged for goods or services, so why has understanding it become so complicated? In Money, renowned economist John Kenneth Galbraith cuts through the confusions surrounding the subject to present a compelling and accessible account of a topic that affects us all. He tells the fascinating story of money, the key factors that shaped its development, and the lessons that can be learned from its history. He describes the creation and evolution of monetary systems and explains how finance, credit, and banks work in the global economy. Galbraith also shows that, when it comes to money, nothing is truly new—least of all inflation and fraud.
The world has become increasingly separated into the haves and have-nots. In The Culture of Contentment, renowned economist John Kenneth Galbraith shows how a contented class—not the privileged few but the socially and economically advantaged majority—defend their comfortable status at a cost. Middle-class voting against regulation and increased taxation that would remedy pressing social ills has created a culture of immediate gratification, leading to complacency and hampering long-term progress. Only economic disaster, military action, or the eruption of an angry underclass seem capable of changing the status quo. A groundbreaking critique, The Culture of Contentment shows how the complacent majority captures the political process and determines economic policy.
In his new introduction to this classic text on political economy, Galbraith reasserts the validity of the core thesis of American Capitalism: The best and established answer to economic power is the building of countervailing power. The trade union remains an equalizing force in the labor markets, and the chain store is the best answer to the market power of big food companies. This work remains an essential guidepost of American mores as well as that as of the American economy.
With searing wit and incisive commentary, John Kenneth Galbraith redefined America's perception of itself in The New Industrial State, one of his landmark works. The United States is no longer a free-enterprise society, Galbraith argues, but a structured state controlled by the largest companies. Advertising is the means by which these companies manage demand and create consumer "need" where none previously existed. Multinational corporations are the continuation of this power system on an international level. The goal of these companies is not the betterment of society, but immortality through an uninterrupted stream of earnings. First published in 1967, The New Industrial State continues to resonate today.
In an early letter, Galbraith mentions his "ambition to be the most reticent adviser in modern political history." But as a respected intellectual and author of the celebrated The Affluent Society, he was not to be positioned so lightly, and his letters are replete with valuable advice about economics, public policy, and the federal bureaucracy.
A book explaining the history of economics; including the powerful and vested interests which moulded the theories to their financial advantage; as a means of understanding modern economics.
In his memoirs, John Kenneth Galbraith recalls amusingly, even brilliantly, the important and low moments in his life, the men and women he met who were great, only interesting, entertaining or even absurd. Galbraith studied agriculture in his native Canada and agricultural economics at UC-Berkeley. He taught at the University of California, served briefly in FDR’s administration and went on to Harvard. In Cambridge, England, he discovered the new economics of John Maynard Keynes. During World War II in Washington, he held the key job of organizing and administering the system of wartime price controls. After the war, Galbraith directed the survey that interrogated former Nazi leaders to assess the effects of the air war on the German economy. He then worked for the State Department as administrator for economic affairs in the occupied countries and served as an editor of Fortune when the magazine employed some of the best writers around. Galbraith returned to Harvard in 1948 and wrote three of the most influential books on economics of his time, The Affluent Society, The New Industrial State and Economics and the Public Purpose. In these lively memoirs, the author relates all of this and more — his two major political campaigns, with Adlai E. Stevenson for whom he was adviser and speech-writer, and John F. Kennedy, for whom he campaigned across the country; his years as ambassador in India; and his long opposition to the Vietnam war. And he shares the lessons learned from these experiences. “On every subject Mr. Galbraith is succinct and witty... The book is full of strong opinion and proceeds by the vehicle of anecdote... The serious business of the book... is to trace the steps of its author’s astonishingly varied and useful life... Mr. Galbraith’s vigor of expression, as well as an account of a period of gloom and psychotherapy, prevents the writing from ever sounding impersonal. That serious business is also to set the record straight — on what his books were about and how he evolved his theory of The Affluent Society and The New Industrial State, as two of his most important works were named; on why the bombing of Germany during World War II was less than useless, why it was patently unnecessary to wage atomic warfare on Japan and why he came to be a dissenter on the war in Vietnam. On inflation. On the ‘secular priesthood’ that once presided at the State Department. And, enchantingly, on such movers and shakers he came to know well as the New Dealer Leon Henderson, Paul Baran (‘the most interesting economist I have ever known’), Bernard M. Baruch, Adlai E. Stevenson, John F. Kennedy and Lyndon B. Johnson.” — Christopher Lehmann-Haupt, The New York Times “As a raconteur and a literary stylist, [Galbraith] stands with the best... As entertainment, the book is a total success. Its charm comes from the combination of Mr. Galbraith’s smooth comic timing and his not always charitable wit.” — James Fallows, The New York Times “Galbraith ranks with the most entertaining and provocative political writers in America in this century... Without Galbraith the political literature of our time would be far drearier.” — Gaddis Smith, Foreign Affairs “[Galbraith] has assembled a well-nigh complete record of what he has been up to, professionally at least, since leaving his family’s Ontario farm. The account is fascinating... The narrative... consistently holds the distinctive Galbraith style that makes all his books read like a nippy breeze.” — Geoffrey Colvin, Christian Science Monitor “Absorbing and irresistible.” — The New Yorker “An enjoyable book, full of fun, full of wisdom, and full of rare insights into the history of our times.” — The New Republic “A delightfully teeming book... Galbraith’s comic voice is a distinctive and durable literary achievement.” — Atlantic Monthly “A highly perceptive commentary on all our yesterdays... anecdotal, amusing, animated and above all, illuminating.” — John Barkham Reviews
The cult of the free market has dominated economic policy-talk since the Reagan revolution of nearly thirty years ago. Tax cuts and small government, monetarism, balanced budgets, deregulation, and free trade are the core elements of this dogma, a dogma so successful that even many liberals accept it. But a funny thing happened on the bridge to the twenty-first century. While liberals continue to bow before the free-market altar, conservatives in the style of George W. Bush have abandoned it altogether. That is why principled conservatives -- the Reagan true believers -- long ago abandoned Bush. Enter James K. Galbraith, the iconoclastic economist. In this riveting book, Galbraith first dissects the stale remains of Reaganism and shows how Bush and company had no choice except to dump them into the trash. He then explores the true nature of the Bush regime: a "corporate republic," bringing the methods and mentality of big business to public life; a coalition of lobbies, doing the bidding of clients in the oil, mining, military, pharmaceutical, agribusiness, insurance, and media industries; and a predator state, intent not on reducing government but rather on diverting public cash into private hands. In plain English, the Republican Party has been hijacked by political leaders who long since stopped caring if reality conformed to their message. Galbraith follows with an impertinent question: if conservatives no longer take free markets seriously, why should liberals? Why keep liberal thought in the straitjacket of pay-as-you-go, of assigning inflation control to the Federal Reserve, of attempting to "make markets work"? Why not build a new economic policy based on what is really happening in this country? The real economy is not a free-market economy. It is a complex combination of private and public institutions, including Social Security, Medicare and Medicaid, higher education, the housing finance system, and a vast federal research establishment. The real problems and challenges -- inequality, climate change, the infrastructure deficit, the subprime crisis, and the future of the dollar -- are problems that cannot be solved by incantations about the market. They will be solved only with planning, with standards and other policies that transcend and even transform markets. A timely, provocative work whose message will endure beyond this election season, The Predator State will appeal to the broad audience of thoughtful Americans who wish to understand the forces at work in our economy and culture and who seek to live in a nation that is both prosperous and progressive.
