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Kenneth Galbraith has been at the center of the American economy since before the First World War. In this his new book, he offers a distillation of these years in both the public and the private sectors, the academy and the government, and explains where we are and how we got there. Galbraith argues that inherent in our economic system is a continuing divergence between reality and "conventional wisdom," or as he puts it self-serving belief and contrived nonsense, or "fraud." He contends that we observe the current state of the nation in a cloud of myth, believing that stockholders and owners run our corporate world. In reality, it is the management of giant corporations that controls not only the private sector, but also the public sector, too, from politicians, to the Federal Reserve Bank, to the Pentagon.
In a work filled with provocative ideas that come from his years as an astute observer, Galbraith looks at today's economy and America's military actions in Iraq and sees that the gap between myth and reality has never been wider.
Fraud within the American Economy:
The myth of stockholder ownership
The myth of a market economy
The myth of the Federal Reserve System
The myth of two sectors; public and private
The myth that war is justifiable...
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Galbraith's classic on the "economics of abundance" is, in the words of the New York Times, "a compelling challenge to conventional thought." With customary clarity, eloquence, and humor, Galbraith cuts to the heart of what economic security means (and doesn't mean) in today's world and lays bare the hazards of individual and societal complacence about economic inequity. While "affluent society" and "conventional wisdom" (first used in this book) have entered the vernacular, the message of the book has not been so widely embraced--reason enough to rediscover The Affluent Society....
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Of Galbraith's classic examination of the 1929 financial collapse, the Atlantic Monthly said: "Economic writings are seldom notable for their entertainment value, but this book is. Galbraith's prose has grace and wit, and he distills a good deal of sardonic fun from the whopping errors of the nation's oracles and the wondrous antics of the financial community." Originally published in 1955, Galbraith's book has risen once again as Americans look for perspective on the current global financial crisis. This new edition will be published on the 80th anniversary of the Great Crash with a new introduction by the author's son, economist, James K. Galbraith. He is the author of The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too. ...
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World-renowned economist Galbraith, the bestselling author of The Affluent Society, reviews great speculative booms of the last three centuries, including the junk-bond follies of the 1980s. With wisdom and wit, he shows how the lessons of history can help us avoid financial calamity. "Entertaining in its instructiveness."--The Boston Globe....
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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 conined the tern "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....
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