The Essential Galbraith

Description

The chapters in "The Essential Galbraith" are material from various books authored by John Kenneth Galbraith. Some of these book titles are; THE AFFLUENT SOCIETY; THE GREAT CRASH,1929; THE NEW INDUSTRIAL STATE; and AMERICAN CAPITALISM. This book also addressed a variety of economic and societal issues in Galbraith's typical style; easily understood and witty. His writing about the crash of 1929 was some of the best in the book. He addressed the failures of neoclassical economics. Another topic that I liked was his analysis of the great economists and sociologists. Some of these prominent figures that I appreciated the most were Adam Smith, Thorstein Veblen, and John Maynard Keynes. Mr. Galbraith gave an insightful definition of the term "the establishment". They are those who guide or control the modern corporation and the financial, legislative, legal, technical, advertising, and other "sacerdotal services." Two Galbraith quotes that struck me as timeless are this quote from page 41- "It requires an organization to deal with an organization, and between public and private bureaucracies- between General Dynamics and the Pentagon, General Motors and the Department of Transportation- there is a deeply symbiotic relationship. Each of these organizations can do much for the other. There has been, between them, a large and continuous exchange of executive personnel." This reminds me of that very same relationship between current Bush cabinet members and Wall Street. The benefits are obvious when considering the bailout of last year. This last quote is in context to Keynes and his tarnished reputation after he criticized Winston Churchill's economic policy before Churchill became Prime Minister. "When the men of great reputation are wrong, it is the worst of personal tactics to be right.-page 230. I rated "The Culture of Contentment" slightly higher, but this book covers a lot more of Mr. Galbraith's writing and it is educational and entertaining.