John Kenneth Galbraith was born in Iona Station, Ontario, Canada, ~ above 15th October, 1908. That graduated with a BSc from Ontario agricultural College (now component of the university of Guelph) in 1931. He took a MA in 1932 from the college of California at Berkeley and two years later a phd in economics.
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In 1934 Galbraith began teaching economics at Harvard University. ~ spending a year at Cambridge university he became an assistant professor of business economics at Princeton University.
Galbraith was a disciple of john Maynard Keynes and also a supporter of Franklin D. Roosevelt and also the new Deal. In 1941 Galbraith was inserted in fee of price control in the joined States. In April, 1942, general price controls were introduced by Roosevelt"s government. As a result, throughout the remainder of the war, the inflation rate was 2 per cent a year, unemployment was essentially nonexistent and output climbed by almost a third.
Galbraith also worked because that the united state Strategic battle Survey. In addition to other financial experts such as, Nicholas Kaldor, Paul Sweezy and E. F. Schumacher, Galbraith had to assess the damages done to the German war economy by the ally bombing. He found that factories were back to full production in ~ weeks that them being destroyed. Galbraith concluded that the bombing cost the United says far more output than it expense Germany.
After the second World battle Galbraith argued that the federal government should present a prices and also incomes policy. He believed that this policy would an outcome in full employment through a reasonable degree of price stability.
In his first book, American Capitalism: The principle of Countervailing Power (1952), exposed the myth that competition in between different that company in an sector prevented monopolistic exploitation. This was followed by The great Crash (1955), an account the the 1929 wall Street Crash.
In The well-off Society (1958) Galbraith exposed the idea the "consumer sovereignty". He argued that huge corporations invested big sums in the design, planning and also manufacturing of a new product. To make certain that the product sold, they had to develop a desire for it. In various other words, "wants are developed by those who accomplish them". Galbraith additionally argued that the government should make large investments in education and transport facilities by using funds from general taxation.
Galbraith worked as an adviser to President john F. Kennedy who initially planned to choose him together Secretary of the Treasury. After push from Phil Graham and also Lyndon B. Johnson, Kennedy provided the task to C. Douglas Dillon. In 1961 Galbraith was appointed U.S. Ambassador to India. He held the short article until the assassination the Kennedy in 1963.
In his following book, The new Industrial State (1967) Galbraith continued his assault on the capitalist system. He suggested that in progressed industrial economic situations it is the managerial and other specialists of the big corporations who really operation the system, "subordinating the tasks of the state to their own goals of corporate growth and an individual self-esteem".
Galbraith remained energetic in politics and also worked together an torture to political leaders on the left the the politics spectrum. He when said that: "The modern-day conservative is engaged in one of man"s earliest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness." He was also critical of communist governments: "under capitalism, male exploits man. Under Communism, it"s just the opposite."
In 1990 Galbraith published A Short history of jae won Euphoria. The publication looked at financial crashes native the tulip mania in Holland in the 1630s to the wall surface Street collapse in October, 1987. Other instances include arrival of gold in Louisiana, the advent of joint-stock companies, real estate in Florida, and the economic tasks under Ronald Reagan.
Galbraith published The culture of Contentment in 1992. He discussed that about 50% of american take little interest in politics. Together they rarely vote, they are ignored through politicians. The two major political parties in the joined States as such concentrate on those who execute vote (the "better off classes"). This team tend to demand that taxes are retained low and that castle are supplied on programmes that assist the contented classes themselves. Together a result, just a tiny percentage of federal government revenues space spent on help the underclass or repairing America"s crumbling infrastructure.
Other books by Galbraith encompass Ambassador"s Journal: A an individual Account that the Kennedy Years (1969), Age of Uncertainty (1977), A Life in our Times (1982), Almost Everyone"s overview to Economics (1990), The history of Economics (1991), Nature of fixed Poverty (1993), The Triumph (1994), The good Society: The Humane Agenda (1996) The Anatomy of Power (1996), The vital Galbraith (2001)
John Kenneth Galbraith passed away on 29th April, 2006.
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Primary Sources(1) Michael Stewart, J. K. Galbraith, The Guardian (1st May, 2006)
As Galbraith witnessed it, the short-sighted selfishness of the contented majority, and its equivalent of ever-increasing deprivation in the inner-city ghettos, endangered the opportunity of an underclass revolt of unknowable proportions and consequences. What the found an especially depressing around all this was that the contented majority, having rationalized this state the affairs to its own satisfaction together representing the optimal and inevitable functioning of a benign economic system, to be incapable of taking any type of remedial action.
There was much an ext to Ken Galbraith 보다 his serious books on economics. The advised john F Kennedy and also Lyndon Johnson, and worked hard in the ill-starred presidential campaign of George McGovern - running versus Richard Nixon - in 1972. His irony and also wit were persistently deployed against the absurdities that the monetarist doctrines of Milton Friedman, and Arthur Laffer"s concept that cutting earnings tax ~ above the rich would increase federal government revenue.
As Galbraith tirelessly sharp out throughout the 1980s, chairman Reagan"s policy of cutting taxation at the top end of the scale, and welfare benefits at the bottom, was based upon the curious assumption that the rich were not functioning properly due to the fact that they had too tiny money, the bad because they had too much. He was fond, too, that characterizing the trickle-down business economics of the Reagan-Bush era together advocating feeding the horse an ext oats since some would pass with to the road for the sparrows. It might be said of Galbraith, together was claimed of WS Gilbert, "his adversary was folly and also his weapon wit". His see on the economic policies that the 2nd President shrub and specifically the large tax cut for the an extremely rich to be equally scathing.
In enhancement to everything else, Galbraith discovered time come publish functions as varied as 2 novels, a book of satirical sketches, and also a research of Indian painting. In 1977 he created the book, and presented the BBC television collection The age of Uncertainty, about the evolution of financial thought since Adam Smith.
Ken Galbraith was a warm, sort man, wise as well as witty, and also the most loyal of friends. That was dedicated to his family. The met his wife Catherine (Atwater) once she to be a graduate student at Radcliffe college - the "sister" institution of Harvard. They married in 1937 and had 3 sons. He would have been the first to agree that the unstinting support of family and friends, and the comfortable life he self led, were what permitted him to perform so much for so long.
His contribution to our expertise of the modern world was substantial. The level of hostility he aroused to be eloquent testimony come the uncomfortable nature that the truths that told, and also kept on telling, around the workings of progressed industrial economies. That was not alone in believing that his intellectual stature suitable his physics one. The people will be the poorer for his passing.(2) Richard Parker, john Kenneth Galbraith: His Life, His Politics, His economics (2006)
In April 1962, Jacqueline Kennedy invite Galbraith, that was returning to Washington top top official company as U.S. Ambassador to India, to sign up with the Kennedy family for a weekend at Glen Ora, the family"s rented legacy in the Virginia countryside. She greeted him, he later on proudly wrote, v a "well-televised and widely reported kiss" at national Airport, and they and the President invested the evening watching one hour-long NBC special around her current Indian visit, i beg your pardon duly impressed she husband. The next day, disrupting the the atmosphere of intimacy and also innocent charm, Galbraith mutual his farming alarm v President Kennedy around Vietnam; in ~ Kennedy"s request he left behind a memo around his concerns.
In the memo, Galbraith recapped suggest by point his opinion of the risks and also faulty presumptions behind the policies Kennedy"s advisers were advocating. He openly and also directly urged the president to look for Soviet help in arranging a major pullback by phibìc Vietnam "in return because that phased American withdrawal, liberalization in the profession relations in between the two components of the country and also general and non-specific commitment to talk about reunification after some period of tranquility." and also he counseled JFK "to resist all actions which commit American troops come combat roles" and also to ago away immediately from newly implemented State and Defense department plans that called for forcing southern Vietnamese peasants into "strategic hamlets" and for making use of defoliants such together Agent Orange.
From papers declassified in the late 1990s, it"s now clear that Kennedy - that himself to be by then deeply alert by Vietnam and also the press his aides were placing on him come send in U.S. Troops - adhered to his ambassador"s advice virtually to the letter.
Assistant Secretary that State for far Eastern work Averell Harriman was referred to as into the Oval Office the job after Kennedy got Galbraith"s memo. There the President check out him what it said, and also told Harriman he want the Russians contacted around the transaction Galbraith to be proposing. Harriman was also told to instruct Galbraith to ask the Indian federal government to open up simultaneous conversations with the north Vietnamese on the very same terms. That very same afternoon Kennedy also sent a copy of Galbraith"s memo to Secretary that Defense Robert McNamara.
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Although he intended this by now, Kennedy"s advisers put up quite an effective resistance come his clean intentions. As soon as he insisted the he want Galbraith instructed to obtain the ind to open up up channels to Hanoi, Harriman stated he would certainly - and also then he never did, regardless of the President"s straight orders. Galbraith never ever received the President"s instructions, and also no such orders can be uncovered in State department files. (Later in April, after learning that Harriman had actually rejected the idea of talk to the Russians, Galbraith sent a blistering telegram in dissent, which was, predictably, ignored.)
From the Pentagon came even stronger resistance. McNamara forwarded to Kennedy a bitter rejection that Galbraith"s proposals. Composed by general Lyman Lemnitzer, Chairman that the share Chiefs that Staff, the memo"s confidently dull conclusion left Kennedy no room for doubt around where his an elderly military advisers stood: "The department of Defense can not concur in the policy advanced by Ambassador Galbraith, however believes strong that present policy toward south Vietnam must be pursued vigorously come a effective conclusion." McNamara scrawled on the spare of his copy of the memo that it have to not be sent out or shown to Galbraith.