What will you learn from this book
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"Conventional Wisdom" Misconceptions: Galbraith challenges common economic assumptions, highlighting how popular beliefs about markets, consumption, and growth can be misleading or flawed.
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Role of Corporate Power: He discusses the growing influence and power of corporations in shaping economic policies, often at the expense of social and environmental concerns.
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The Illusion of Prosperity: Galbraith explores the idea that economic indicators like GDP growth may not accurately reflect the actual well-being or quality of life for all members of society.
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Inequality and Poverty: He addresses the issues of income inequality and poverty, pointing out how these disparities persist despite claims of overall economic growth.
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Financial Markets and Speculation: Galbraith likely critiques the speculative nature of financial markets and the risks associated with excessive speculation in the economy.
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Consumerism and Advertising: He examines the role of consumerism and advertising in driving consumption patterns, potentially discussing the influence of marketing on societal values.
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Government Intervention: Galbraith may advocate for a more active role of government in addressing social and economic issues, countering the notion that free markets always lead to optimal outcomes.
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Environmental Concerns: Discussing how economic activities often disregard environmental consequences and the need for sustainable practices in economic development.
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Globalization's Pitfalls: He might address the drawbacks and unequal outcomes of globalization, highlighting its impact on labor, trade, and economic disparities between nations.
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Critical Thinking and Reassessment: The book encourages readers to critically examine prevailing economic theories and policies, urging for a reassessment of economic thinking for societal well-being.
| Language | English |
|---|---|
| ISBN-10 | 0618013245 |
| ISBN-13 | 978-0618013241 |
| No of pages | 62 |
| Font Size | Medium |
| Book Publisher | Houghton Mifflin |
| Published Date | 26 Apr 2004 |
About Author
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John Kenneth Galbraith has long been at the center of American economics, in key positions of responsibility during the New Deal, World War II, and since, guiding policy and debate. His trenchant new book distills this lifetime of experience in the public and private sectors; it is a scathing critique of matters as they stand today.
Sounding the alarm about the increasing gap between reality and "conventional wisdom" -- a phrase he coined -- Galbraith tells, along with much else, how we have reached a point where the private sector has unprecedented control over the public sector. We have given ourselves over to self-serving belief and "contrived nonsense" or, more simply, fraud. This has come at the expense of the economy, effective government, and the business world.
Particularly noted is the central power of the corporation and the shift in authority from shareholders and board members to management. In an intense exercise of fraud, the pretense of shareholder power is still maintained, even with the immediate participants. In fact, because of the scale and complexity of the modern corporation, decisive power must go to management. From management and its own inevitable self-interest, power extends deeply into government -- the so-called public sector. This is particularly and dangerously the case in such matters as military policy, the environment, and, needless to say, taxation. Nevertheless, there remains the firm reference to the public sector.
How can fraud be innocent? In his inimitable style, Galbraith offers the answer. His taut, wry, and severe comment is essential reading for everyone who cares about America's future. This book is especially relevant in an election year, but it deeply concerns the much longer future.