Economic History of the 20th Century: World War I, Great Depression, Keynesian Theory (1994)
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John Kenneth "Ken" Galbraith, OC (15 October 1908 -- 29 April 2006) was a Canadian and later, U.S., economist, public official and diplomat, and a leading proponent of 20th-century American liberalism. About the book: https://www.amazon.com/gp/product/0395741750/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0395741750&linkCode=as2&tag=tra0c7-20&linkId=d6745224b4bbfc06c99a586c5049c147 His books on economic topics were bestsellers from the 1950s through the 2000s, during which time Galbraith fulfilled the role of public intellectual. In macro-economical terms he was a Keynesian and an institutionalist. Galbraith was a long-time Harvard faculty member and stayed with Harvard University for half a century as a professor of economics. He was a prolific author and wrote four dozen books, including several novels, and published over a thousand articles and essays on various subjects. Among his most famous works was a popular trilogy on economics, American Capitalism (1952), The Affluent Society (1958), and The New Industrial State (1967). Galbraith was active in Democratic Party politics, serving in the administrations of Franklin D. Roosevelt, Harry S. Truman, John F. Kennedy and Lyndon B. Johnson; he served as United States Ambassador to India under the Kennedy administration. His prodigious literary output and outspokenness made him arguably "the best-known economist in the world"[4] during his lifetime.[5] Galbraith was one of few recipients both of the Medal of Freedom (1946) and the Presidential Medal of Freedom (2000) for his public service and contribution to science. The government of France made him a Commandeur de la Légion d'honneur. Galbraith was an important figure in 20th-century institutional economics, and provided an exemplary institutionalist perspective on economic power.[40] Among his numerous writing, Galbraith cherished The New Industrial State and The Affluent Society as his two best.[41] As for the later works, economist and Galbraith friend Mike Sharpe visited him in 2004, on which occasion Galbraith gave Sharpe a copy of what would be Galbraith last book, The Economics of Innocent Fraud. Galbraith confided in Sharpe that "this is my best book", an assertion Galbraith delivered "a little mischievously."[42] After the beginning of the Great Recession of 2008 Galbraith The Great Crash, 1929 (1955) and other books containing warnings about the dangers of an unrestrained speculative mood without proper government oversight found an attentive reader again. In 2010, the Library of America published a new edition of Galbraith major works, edited by his son, James K. Galbraith: The Affluent Society & Other Writings, 1952--1967: American Capitalism, The Great Crash, 1929, The Affluent Society, and The New Industrial State.[43] On this occasion, Bill Moyers interviewed James K. Galbraith about his father, his works and legacy.[44] In American Capitalism: The Concept of Countervailing Power, published in 1952, Galbraith concluded that the American economy was managed by a triumvirate of big business, big labor, and an activist government. Galbraith defined the actions of the industry lobby groups and unions as countervailing power. He contrasted this arrangement with the previous pre-Depression era where big business had relatively free rein over the economy. His 1954 bestseller The Great Crash, 1929 describes the famous Wall Street meltdown of stock prices and how markets progressively become decoupled from reality in a speculative boom. The book is also a platform for Galbraith's keen insights, and humour, into human behavior when wealth is threatened. It has never been out of print. In his most famous work, The Affluent Society (1958), which also became a bestseller, Galbraith outlined his view that to become successful, post-World War II America should make large investments in items such as highways and education using funds from general taxation. Galbraith also critiqued the assumption that continually increasing material production is a sign of economic and societal health. Because of this Galbraith is sometimes considered one of the first post-materialists. In this book, he coined and popularized the phrase "conventional wisdom".[45] Galbraith worked on the book while in Switzerland, and had originally titled it Why The Poor Are Poor but changed it to The Affluent Society at his wife's suggestion.[46] The Affluent Society contributed (likely to a significant degree, given that Galbraith had the ear of President Kennedy[8]) to the "war on poverty", the government spending policy introduced by the administrations of Kennedy and Johnson. http://en.wikipedia.org/wiki/John_Kenneth_Galbraith
Comments
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Nice.
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sounds like socialism
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"Where the market works, I'm for that. Where the government is necessary, I'm for that." Why can't modern politicians understand such pragmatism?
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its a good explination but its missing allot of the visual
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And, then, he talks about poverty and the disinvestment in the great cities. Yet, he makes no mention of the problem of land speculation and the consequences of a pattern of concentrated ownership of land in the cities.
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Professor Galbraith's discussion of the cause of war and the lessened interest in territorial acquisition was certainly overly-optimistic. Wars still occur because of the competition for territorial control and acquisition. The quest for group sovereignty is part of the cause, as was the case in the Balkans. The quest to gain monopolistic control over important natural resources is another cause.
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What John Kenneth Galbraith (and John Maynard Keynes as well) never understood that the real problem with the economic systems of every society was that the systems of property law and taxation brought about a redistribution of income and wealth from producers to non-producers, to a rentier elite. Add to this the corruption of the monetary system by abandonment of full reserve banking, and the justification for ongoing government intervention arises. Neither Keynesian demand management powers nor the practices of central banks are effective correcting measures. Sustainable, noninflationary economic growth that achieves the just distribution of income and wealth requires (1) a labor and capital goods basis for private property; (2) the societal collection of the rents of land and land-like assets; (3) the exemption of all earned income flows and capital goods from taxation; and (4) a currency fully redeemable in some stated quantity of goods, with gold and silver coinage historically the chosen backing for certificates of deposit spent into circulation.
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What a lot of bullcrap.
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Oakinch, my friend, you've been tragically misinformed --about history, about what Keynesian policy really means; about what estate controls the FED; and about how the Gold Standard failed to prevent the erosion in the value of the US dollar even while it was in place as part of the Bretton-Woods era. When government becomes a kleptocracy, economic theory is largely irrelevant.
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Great upload.
Once again, would have been hastier to watch this video if Galbraith had been mentioned in the title! -
This guy is quite the Keynesian apologist. The fact is Keynesianism was invented after WW1 and was one of the prime destabilizing economics influences that led to Weimar and WW2. Keynesianism did not save the world economy. After WW2 we went back onto a global gold standard, the collapsed banker credit bubble of the 20's had been fully funded with war profiteering, and that is when the recovery started. There was a reset and you could trust money again. Then the Keynesians started their horseshit again, mainly printing money for themselves to use, and broke it all again. Keynesian credit bubbles, because one of their prime goals is to stick all printed money into sovereign bonds, are the cause of our modern woes and the coming reset. There is no math that does not lead us to another global monetary reset or collapse. Lets hope this jackass and his ilk don't start another war in the process.
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