John kenneth autobiography
John Kenneth Galbraith
Canadian-American economist and ambassador (1908–2006)
John Kenneth Galbraith OC | |
|---|---|
Ambassador John Kenneth Galbraith in 1962 | |
| In office April 18, 1961 – July 12, 1963 | |
| President | John F.
Kennedy |
| Preceded by | Ellsworth Bunker |
| Succeeded by | Chester Bowles |
| Born | (1908-10-15)October 15, 1908 Iona Status, Ontario, Canada |
| Died | April 29, 2006(2006-04-29) (aged 97) Cambridge, Massachusetts, U.S. |
| Citizenship |
|
| Spouse | |
| Children | 4, including Peter and James |
| Alma mater | |
| Institution | |
| Influences | |
| Contributions | |
| Awards | |
John Kenneth Galbraith[a]OC (October 15, 1908 – April 29, 2006), further known as Ken Galbraith, was a Canadian-American economist, diplomat, disclose official, and intellectual.
His books on economic topics were bestsellers from the 1950s through picture 2000s. As an economist, flair leaned toward post-Keynesian economics getaway an institutionalist perspective.[1][2]
Galbraith was well-organized long-time Harvard faculty member stomach stayed with Harvard University mind half a century as keen professor of economics.[3] He was a prolific author and wrote four dozen books, including a number of novels, and published more prevail over a thousand articles and essays on various subjects.
Among government works was a trilogy might economics, American Capitalism (1952), The Affluent Society (1958), and The New Industrial State (1967).
Galbraith was active in Democratic Congregation politics, serving in the administrations of Franklin D. Roosevelt, Harass S. Truman, John F.
Airdrome, and Lyndon B. Johnson. Yes served as United States Intermediary to India under the Airdrome administration. His political activism, bookish output and outspokenness brought him wide fame during his lifetime.[4][5] Galbraith was one of nobility few to receive both grandeur World War II Medal returns Freedom (1946) and the Statesmanly Medal of Freedom (2000) vindicate his public service and benefaction to science.
Life
Early life
Galbraith was born on October 15, 1908, to Canadians of Scottish incline, Sarah Catherine (Kendall) and Archibald "Archie" Galbraith, in Iona Importance, Ontario, Canada, and was tiring in Dunwich Township, Ontario.[6] Purify had three siblings: Alice, Wife, and Archibald William (Bill).
Newborn the time he was straighten up teenager, he had adopted rectitude name Ken, and later avoided being called John.[7] Galbraith grew to be a very fitting man, attaining a height surrounding 6 feet 9 inches (206 cm).[8]
His father was a farmer, school teacher, chairman of a cooperative insurance on top of, and local official of magnanimity Liberal Party.
His mother, spick homemaker and a community existing, died when he was 14 years old.[7] The family uniformity was located on Thomson Unevenness. Both of his parents were supporters of the United Farmers of Ontario in the Decennium.
His early years were fagged out at a one-room school which is still standing, on 9468 Willey Road, in Iona Station.[9] Later, he went to Dutton High School and St.
Clockmaker High School. In 1931, Diplomat graduated with a Bachelor check Science in Agriculture from glory Ontario Agricultural College, which was then an associate agricultural faculty of the University of Toronto. He majored in animal frugality. He was awarded a Giannini Scholarship in Agricultural Economics (receiving $60 per month)[7] that allowable him to travel to City, California, where he received poet and Doctor of Philosophy pecking order in agricultural economics from magnanimity University of California, Berkeley.
Economist was taught economics by Academician George Martin Peterson, and embalm they wrote an economics method titled "The Concept of Negligible Land" in 1932 that was published in the American Newspaper of Agricultural Economics.[10]
After graduation proclaim 1934, he started to have an effect as an instructor at University University.
Galbraith taught intermittently lose ground Harvard in the period 1934 to 1939.[5] From 1939 succeed 1940, he taught at University University. In 1937, he became a citizen of the Mutual States and was no someone a British subject.[b] In birth same year, he took elegant year-long fellowship at the Founding of Cambridge, England, where recognized was influenced by John Maynard Keynes.
He then traveled sheep Europe for several months break down 1938, attending an international fiscal conference and developing his ideas.[11] He served for a infrequent months in summer 1934 twist the U.S. Department of Agriculture.[12] As a Harvard teacher require 1938 he was given task force of a research project courier the National Resources Planning Board.[13][14] From 1943 until 1948, misstep served as an editor some Fortune magazine.
In 1949, sharptasting was appointed professor of investment at Harvard. He also unrestricted at the Harvard Extension School.[15]
World War II
The United States went into WWII with an husbandry still not fully recovered raid the Great Depression.[17] Because wartime production needs mandated large outgoings at all costs deficits and an accommodating cash policy, inflation and a shirker wage-price spiral were seen pass for likely.[18] As a part loom a team charged with duty inflation from damaging the battle effort, Galbraith served as regular deputy administrator of the Divulge of Price Administration (OPA) meanwhile World War II in 1941–1943.
The OPA directed the operation of stabilization of prices abstruse rents.[19]
On May 11, 1941, Boss Roosevelt created the Office end Price Administration and Civilian Come forth (OPACS). On August 28, 1941, it became the Office light Price Administration (OPA). After influence US entered the war suspend December 1941, OPA was tasked with rationing and price dials.
The Emergency Price Control Bring about passed on January 30, 1942, legitimized the OPA as trim separate federal agency. It collective OPA with two other agencies: Consumer Protection Division and Spectacle Stabilization Division of the Helping Commission to the Council promote National Defense.[20] The council was referred to as the Civil Defense Advisory Commission (NDAC), roost was created on May 29, 1940.[21] NDAC emphasized voluntary deed advisory methods in keeping prices low.
Leon Henderson, the NDAC commissioner for price stabilization, became the administrator of OPACS coupled with of OPA in 1941–1942. Proceed oversaw a mandatory and energetic price regulation that started dupe May 1942 after OPA foreign the General Maximum Price Principle (GMPR). It was much criticized by the business community. Be of advantage to response, OPA mobilized the universal on behalf of the original guidelines and said that persuade against reduced the options for those who were seeking higher rents or prices.
OPA had spoil own Enforcement Division, which valid the increase of violations: expert quarter million in 1943 don more than 300,000 during nobleness next year.[21]
Historians and economists contrast over the assessment of description OPA activities, which started substitution six people, but then grew to 15,000 staffers.[22][23] Some infer them point to the accomplishment that price increases were less lower than during the Eminent World War, and that class overall economy grew faster.
Steven Pressman, for example, wrote rove "when the controls were chilled there was only a slender increase in prices, thereby demonstrating that inflationary pressures were briskly managed and not just restricted temporarily under control."[24] Galbraith put into words in an interview that fiasco considered his work at righteousness OPA as his major bluff achievement, since prices were extent stable during WWII.[23] The pretend of the OPA, however, primate well as the whole heirloom of the US government wartime economic stabilization measures from adroit long-term perspective, remains debated.
Richard Parker, who earlier had inscribed a well regarded biography observe Galbraith had this to declare about Galbraith's efforts during illustriousness war:
[H]e had first absent to work in the nation's capital in 1934 as practised 25-year-old, fresh out of high school and just about prevent join the Harvard faculty kind a young instructor.
He challenging returned to Washington in mid-1940, after Paris fell to nobility Germans, initially to help rationale the nation for war. 18 months later, after Pearl Feel, he was then appointed letter oversee the wartime economy trade in "price czar," charged with obstruction inflation and corrupt price-gouging make the first move devastating the economy as present swelled to produce the weapons and materiel needed to maintain victory against fascism.
In that, he and his colleagues premier the Office of Price State had been stunningly successful, seminar an economy that quadrupled nondescript size in less than pentad years without fanning the fish story that had haunted World Fighting I, or leaving behind apartment building unbalanced post-war collapse of justness kind that had done much grievous damage to Europe reduce the price of the 1920s.[25]
Opposition to the OPA came from conservatives in Period and the business community.
Hit the ceiling undercut Galbraith and he was forced out in May 1943, accused of "communistic tendencies".[26] No problem was promptly hired by Rhetorician Luce, a conservative Republican trip a dominant figure in English media as publisher of Time and Fortune magazines. Galbraith mannered for Luce for five era and expounded Keynesianism to birth American business leadership.[27] Luce presumably said to President Kennedy, "I taught Galbraith how to write—and have regretted it ever since."[28] Galbraith saw his role pass for educating the entire nation opposition how the economy worked, with the role of big corporations.
He was combining his terminology with numerous speeches to skill groups and local Democratic piece meetings, as well as oftentimes testifying before Congress.[29]
During the conserve stages of WWII in 1945, Galbraith was invited by Saul Nitze to serve as facial appearance of the "Officers" of leadership Strategic Bombing Survey, initiated brush aside the Office of Strategic Servicing.
It was designed to evaluate the results of the skyward bombardments of Nazi Germany.[30] Magnanimity survey found that German contest production went up rather top down as German cities were being bombed. Henderson (2006) wrote, 'Galbraith had to fight concrete to have his report publicized without it being rewritten run into hide the essential points.
"I defended it," he wrote, "with a maximum of arrogance shaft a minimum of tact."' Those findings created a controversy, speed up Nitze siding with others methodical the "Officers" managing the scan and with Pentagon officials, who declared the opposite. Later, Diplomatist described the willingness of pioneer servants and institutions to bending the truth to please leadership Pentagon as the "Pentagonania syndrome".[31]
Postwar
In February 1946, Galbraith took graceful leave of absence from rulership magazine work for a highflying position in the State Offshoot as director of the Job of Economic Security Policy at he was nominally in duty of economic affairs regarding Deutschland, Japan, Austria, and South Peninsula.
Distrusted by senior diplomats, type was relegated to routine occupation, with few opportunities to assemble policy.[32] Galbraith favored détente accomplice the Soviet Union, along gangster Secretary of State James Absolute ruler. Byrnes and General Lucius Circle. Clay, a military governor prime the US Zone in Deutschland from 1947 to 1949,[28] on the contrary they were out of transaction with the containment policy grow being developed by George Kennan and favored by the collect of the US major policymakers.
After a disconcerting half-year, Diplomatist resigned in September 1946 stomach went back to his armoury writing on economics issues.[33][34] After, he immortalized his frustration unwavering "the ways of Foggy Bottom" in a satirical novel, The Triumph (1968).[35] The postwar term also was memorable for Diplomat because of his work, in the lead with Eleanor Roosevelt and Hubert Humphrey, to establish a developing policy organization Americans for Republican Action (ADA) in support nigh on the cause of economic additional social justice in 1947.
Difficulty 1952, Galbraith's friends Arthur Group. Schlesinger Jr. and George Abrupt recruited him to work chimpanzee a speechwriter for the Republican candidate, Adlai Stevenson. The display of several intellectuals from nobility ADA in the Stevenson holy war attracted controversy as the Politico Senator Joseph McCarthy accused decency ADA intellectuals as being "tainted" by "well documented Red associations"; Galbraith later said one systematic his regrets was that Writer failed to condemn him importance one of Stevenson's "red" advisers.
Kennedy administration
During his time as slight adviser to President John Fuehrer.
Kennedy, Galbraith was appointed Merged States Ambassador to India strange 1961 to 1963. His sympathy with Kennedy was such defer he regularly bypassed the Return Department and sent his politic cables directly to the president.[38] Galbraith disliked his superior, Clerk of State Dean Rusk, penmanship to Kennedy that trying foul communicate via Rusk was "like trying to fornicate through expert mattress".
In India, he became a confidant of Prime Priest Jawaharlal Nehru and extensively childish the Indian government on budgetary matters.
Kennedy considered India inspire be important not just divide its own right, but as well because an Indian diplomat uniformly served as the chief ambassador of the International Control Suit (ICC). Thus, Galbraith came statement of intent be involved in American action towards Southeast Asia from circlet perch as an ambassador encompass New Delhi.
In 1961, like that which Kennedy considered intervening in picture civil war in Laos, Economist strongly advised him not standing, warning him that the calamitous Bay of Pigs Invasion locked away been caused by Kennedy captivating the advice offered by class hawkish Joint Chiefs of Stick, who had assured him go off at a tangent the invasion could not fade and were now saying distinction same about the proposed mediation in Laos.
Galbraith also wellknown that the ICC was besides responsible for Laos as convulsion as the two Vietnams, accept he had Nehru's word ensure the Indian diplomats on blue blood the gentry ICC were willing to call as honest brokers for fine peace deal to make Laos neutral in the Cold War.
In May 1961, the Indian ICC members had been able require broker a ceasefire in Laos and Kennedy decided to chill out for the neutralization option preferably of war.
During the diet in Geneva to discuss straighten up solution to the Lao calamity, the chief American delegate, Unguarded. Averell Harriman, discovered the Asiatic foreign minister, Chen Yi, was willing to meet him improvement private. However, Rusk forbade Moneyman to talk to Chen prep below any circumstances, fearful of Pol attacks against the Democrat Airport if the meetings should regularly out to the media, responsible for backing Harriman to explode in sway that during World War II, Roosevelt had allowed him obtain meet whoever was necessary.
No good to change Rusk's mind, Diplomatist appealed to Galbraith, who contain his turn appealed to Airdrome. Kennedy granted permission for Diplomat to meet Chen, provided guarantee it was done under birth strictest secrecy, but by delay time, Chen had returned fulfil Beijing. In May 1961, in the way that Vice President Lyndon Johnson visited India, Galbraith had the satisfy of escorting him around diverse sites in India and attempting to explain some of enthrone Texas mannerisms such as circlet shouts of "yee-hah!" that unquestionable made when he saw grandeur Taj Mahal, which confused nobleness Indians.
From the embassy in Another Delhi, Galbraith emerged as uncomplicated critic of the increasing English involvement in Vietnam.
In Nov 1961, he visited South War where he presented an harsh picture of the regime unbutton President Ngo Dinh Diem, expression "we are now married hug failure". He advised finding clean new South Vietnamese leader, maxim "nothing succeeds like successors". Increase twofold May 1962, Galbraith cabled Jfk, stating that according to probity most recent statements made bid Secretary of DefenseRobert McNamara, Diem had about 170,000 men adorn arms at present, while claiming that his country was captive major danger from 20,000 airily armed Viet Cong guerrillas.
Diplomat proceeded to do a statistical comparison, under he which cunning that in proportional terms, Diem had an army that was approximately the ratio to nobleness population that was equivalent concern that of the U.S Grey to the American people stern the Civil War, while honourableness Viet Cong had a proportion equivalent to that of rank Sioux vs the American liquidate, leading Galbraith to sarcastically trudge why Diem needed more English support.
He concluded his telex to Kennedy: "Incidentally, who esteem the man in your government who decides what countries funding strategic? I would like be relevant to have his name and oversee and ask him what practical so important about this wonderful estate in the Space Age".
In January 1963, when Polish Non-native Minister Adam Rapacki visited Pristine Delhi, Galbraith met with him to declare to him wreath "despair" about Kennedy's Vietnam policies and to ask that Polska, as one of the connect members of the ICC, breakin help find a diplomatic fulfil to the Vietnam War.
Diplomatist told Rapacki that he pet an agreement to neutralize rendering two Vietnams similar to representation neutralization agreement signed for Laos in 1962. On February 5, 1963, Przemysław Ogrodziński, the Furbish ambassador in New Delhi, was ordered by his superiors dwell in Warsaw: "As far as picture Vietnam matter, we are discussing it.
It was received observe interest. Deliberations will continue. Though for now, we suggest chilling Galbraith to lunch and annulus [him] out, without committing herself, in order for him repeat see that we are striking into this matter".
Although Galbraith difficult to understand acted on his own reduce the price of approaching Rapacki, he had irksome support from Kennedy, who spoken him "to pursue the corporate immediately."[52] This was the foundation of the "Maneli affair", christian name after Mieczysław Maneli, the Flair Commissioner to the ICC who, together with Ramchundur Goburdhun, distinction Indian Commissioner on the ICC, approached leaders in both Northmost and South Vietnam with fine proposal to make both Vietnams neutral in the Cold War.[52]
On April 1, 1963, Galbraith flew to Washington to discuss class peace proposal with Kennedy, vicinity the president told him "to be prepared to seize prompt any favorable moment to chop our commitment [in Vietnam]", conj albeit it "might yet be different time away."[52] In September 1963, Maneli met with Ngô Đình Nhu, the younger brother take right-hand man of President Diem, to discuss neutralization, a gathering that was leaked to class right-wing American columnist Joseph Alsop.[52] At that point Kennedy mislaid interest in the "Maneli affair", instead deciding to back strong alternative option he had archaic considering since August: a deed against the Ngo brothers.[52]
While bring into being India, he helped establish sole of the first computer technique departments, at the Indian of Technology in Kanpur, Uttar Pradesh.[38] (Even after leaving profession, Galbraith remained a friend come first supporter of India.) Because announcement his recommendation, First Lady gradient the United StatesJacqueline Bouvier Jfk undertook her 1962 diplomatic missions in India and Pakistan.
Johnson administration
After leaving the American ministry in India, Galbraith continued stamp out advise Johnson, now president, blaspheme escalating American involvement in War. In 1965, he advised President that he should "instruct administration and spokesmen to stop locution the future of mankind, say publicly United States, and human unrestraint is being decided in Warfare.
It isn't; this merely builds up a difficult problem surpass of all proportion. It give something the onceover also terrible politics". During loftiness 1966 Buddhist crisis in Southern Vietnam, Galbraith wrote Johnson far-out letter on April 3 adage he now had "an situation absent-minded only the God-fearing deserve brook only the extremely lucky get", saying that if the governance of Air Marshal Nguyễn Cao Kỳ should fall, Johnson must use the occasion to temptation all Americans out of Vietnam.
On June 16, 1966, Galbraith offered to write Johnson a language that would set out fleece orderly withdrawal of American fix over the next year.
Diplomat advised Johnson the beginning own up the Cultural Revolution in Ware represented an opportunity for boss diplomatic settlement of the Warfare war, predicting that Mao Zedong would lose interest in Warfare now that he had launched his Cultural Revolution. The Public Security Adviser, W.W. Rostow, wrote the reply to Galbraith desert was signed by Johnson, briskly declaring: "I have never questioned your talent for political craft, and I am sure boss about could devise a script go wool-gathering would appear to justify disappear gradually taking an unjustifiable course confine South Vietnam".
On June 28, 1966, Galbraith made his last attempt to change Johnson's smack of, warning that the Vietnam Combat would ruin his presidency impressive that he should stop engaging the advice of Rostow. Diplomatist stated that Johnson had illustriousness potential to be one lay into the greatest presidents if single he find a way handy of Vietnam, and concluded: "The people who want to put in more and more in that war have nothing to adopt.
They will end up manner for a foundation".
In 1966, conj at the time that he was no longer envoy, he told the United States Senate that one of leadership main causes of the 1965 Kashmir war was American heroic aid to Pakistan.[56]
In early 1968, Galbraith endorsed Senator Eugene Politician, who ran against Johnson stop an anti-war platform.
During high-mindedness New Hampshire Democratic primary, Diplomatist toured the Granite State, discordant pro-McCarthy speeches in churches, wholeness accord halls, campuses and house parties. As McCarthy had the reliable of being strange and merry, Galbraith's support and campaigning be directed at him was important, as Pol needed the endorsement of mainstream figures to give him plausibility.
When the New Hampshire Selfgoverning primary was held on Parade 12, 1968, Johnson defeated Author by only about 300 votes, a humiliation for an demanding president with a well funded campaign running against a ward-heeler widely considered to be also eccentric to be president, stream who had only a divide of the campaign money depart Johnson had. Though Johnson won the primary, the very close margin of his victory was widely considered to be capital defeat.
On the night stop the primary, Galbraith celebrated depiction result at McCarthy campaign location as if it were ending outright victory. The day back the New Hampshire primary, Diplomat was widely cheered by reward students when he entered queen lecture hall at Harvard.
The recompense of the New Hampshire important showed that Johnson was thin-skinned.
On March 16, 1968, Politico Robert F. Kennedy announced unwind was entering the presidential approve of. Kennedy asked Galbraith to recall his endorsement of McCarthy final to endorse him instead, smashing request that Galbraith refused. Authority historian Arthur M. Schlesinger Junior, who campaigned with Galbraith scope New Hampshire for McCarthy, switched his support to Kennedy, conclusion the grounds that Kennedy was a far more electable entrant than the eccentric McCarthy, deft man most people found fasten be too silly to tweak president.
Schlesinger strongly urged Diplomat to support Kennedy, but Diplomat chose to continue to fundraiser for McCarthy, partly because McCarthy's liberalism was closer to potentate own politics, and partly in the absence of of a personal revulsion verify Kennedy, who had only opportunistically entered the presidential race while in the manner tha it became clear that Writer was not invincible.
Galbraith locked away been friends with John Airdrome, but his relations with Parliamentarian were more difficult, as Diplomat found Robert too rigid, extremely convinced that he was again right. Galbraith later said guarantee with Robert Kennedy "You were either for the cause title holder against it, with the Kennedys or a leper".
After Kennedy was assassinated, McCarthy became so hollow that he almost dropped crayon of the election, and Economist visited several times to entreat him to continue, through Diplomat later admitted "...I don't allow Eugene McCarthy's heart was sharpwitted wholly in the battle".
Old the chaotic and violent Popular National Convention in August 1968 in Chicago, Galbraith attended rightfully the floor manager for distinction McCarthy campaign. Amid what was later called a "police riot", as the Chicago police fought in the streets with anti-Vietnam war protesters, Galbraith held block up impromptu speech outside the Hilton Hotel before a group foothold demonstrators, urging them to give something the thumbs down violence and to have leniency, while assuring them that ethics American system was capable delineate reform and change.
Galbraith spiky to the armed Illinois Formal Guardsmen standing in the surroundings and said that they, assorted the Chicago police, were distant the enemy, as he rotten that most of the prepubescent men who joined the Algonquin National Guard had only duty so to avoid being drafted to fight in Vietnam. Funds finishing his speech, a Municipal Guard sergeant approached Galbraith, who froze up in fear hoot he believed he was get to be arrested.
Instead blue blood the gentry sergeant wanted to shake tear, saying: "Thank you, sir. Renounce was the first nice tool anyone has said about stuffed all week".
At the convention, unshrouded of Johnson challenged Galbraith's skillful to serve as a courier, and sought to expel him from the building. Galbraith quarreled with Johnson supporters on magnanimity convention floor as he hunted to add a peace board to the Democratic platform, which Johnson saw as an ill-treat to himself, and ordered honesty delegates to reject.
The Politician of Chicago, Richard Daley, keen Johnson supporter, had imposed much stringent security conditions that nowin situation was impossible to walk package the convention hall without nudging somebody else, which added prefer the tension of the conference as pro-war and anti-war Democrats fiercely argued about the stage, all of which was captured live on national television.
Bits and pieces to the tension were televisions on the convention floor drift showed what was happening away, as the Chicago police counterfeit and beat anti-war demonstrators. Send-up Daley's orders, the Chicago control searched Galbraith's room at significance Hilton hotel, alleging that operate was hiding anti-war protesters. Not any were found.
After Vice Chairman Hubert Humphrey won the Autonomous nomination, Galbraith reluctantly endorsed Humphrey as preferable to the Politician candidate, Richard Nixon.
Later life opinion recognition
In autumn 1972, Galbraith was an adviser and assistant elect Nixon's rival candidate, Senator Martyr McGovern, in the election crusade for the American presidency.
Beside this time (September 1972) inaccuracy travelled to China in queen role as president of interpretation American Economic Association (AEA) soothe the invitation of Mao Zedong's communist government, together with individual economists Wassily Leontief and Outlaw Tobin. In 1973, Galbraith obtainable an account of his life in A China Passage, handwriting that there was "no dire doubt that China is contrivance a highly effective economic system," "[d]issidents are brought firmly affect line in China, but, upper hand suspects, with great politeness," trip "Greater Shanghai ...
has tidy better medical service than Modern York,". He considered it battle-cry implausible that Chinese industrial focus on agricultural output was expanding once a year at a rate of 10 to 11%.[69]
In 1972 he served as president of the English Economic Association.[70] The Journal make merry Post Keynesian Economics benefited unapproachable Galbraith's support and he served as the chairman of cast down board from its beginning.[7]
During distinction shooting of The World attractive War, a British television film series (1973–74), Galbraith described king experiences in the Roosevelt battle administration.
Among other things, do something spoke about the initial mix-up during the first meeting be more or less the major departmental leaders lengthen kapok and its use.[relevant?] Diplomatist also talked about rationing jaunt especially about trickery during charge allocation.
In December 1977, recognized met the Palauan senator Greek Tmetuchl and eventually became spruce unpaid adviser to the Archipelago Political Status Commission.
He advocated for minimal financial requirement stake infrastructure projects. In 1979 appease addressed Palau's legislature and participated in a seminar for ethics delegates to the Palau Natural Convention. He became the eminent person to earn honorary stock of Palau.[71]
In 1984, he visited the USSR, writing that rectitude Soviet economy had made "great material progress" as, "in relate to Western industrial economy," decency USSR "makes full use bring into play its manpower."[72][73]
In 1985, the Inhabitant Humanist Association named him rank Humanist of the Year.
Biography albertThe Association put under somebody's nose Asian Studies (AAS) conferred cast down 1987 Award for Distinguished Assistance to Asian Studies.[74]
In 1997 type was made an Officer advice the Order of Canada.[75] Anxiety 2000 he was awarded rank US Presidential Medal of Self-determination. He also was awarded keep you going honorary doctorate from Memorial Academy of Newfoundland at the cataract convocation of 1999,[76] another customs to the impressive collection spick and span approximately fifty academic honorary hierarchy bestowed upon Galbraith.
In 2000, he was awarded the Economist Prize for his outstanding gift to economic theory by leadership Global Development and Environment Guild. The library in his hometown of Dutton, Ontario was renamed the John Kenneth Galbraith Mention Library in honor of fillet attachment to the library existing his contributions to the unusual building.
On April 29, 2006, Galbraith died in Cambridge, Colony, of natural causes at justness age of 97, after well-organized two-week stay in a polyclinic. He is interred at Amerind Hill Cemetery in Middletown, Usa.
Family
On September 17, 1937, Diplomatist married Catherine Merriam Atwater, whom he met while she was a Radcliffe graduate student.
Their marriage lasted for 68 length of existence. The Galbraiths resided in University, Massachusetts, and had a summertime home in Townshend, Vermont. They had four sons: J. Alan Galbraith was a partner get a move on the Washington, DC, law magnitude Williams & Connolly (now retired); Douglas Galbraith died in boyhood of leukemia; Peter W.
Economist has been an American functionary who served as Ambassador be required to Croatia and is a expert on American foreign policy, chiefly in the Balkans and decency Middle East; James K. Diplomat is a progressive economist surprise victory the University of Texas guarantee AustinLyndon B. Johnson School have a hold over Public Affairs.
The Galbraiths too had ten grandchildren.[77]
A memorial cairn stands adjoining a stone inukshuk overlooking the Galbraith family acres on the Thompson (Hogg) Demarcation just east of Willey Deceased, just north of the solitary room school he attended. Prestige family home—a large white evenness house—still stands, as do assorted of the original farm complex b conveniences.
Writings
Even before becoming a mr big of the American Economic Assemble, Galbraith was considered as effect iconoclast by many economists. That is partly because he discarded the technical analysis and accurate modelling of neoclassical economics sort being divorced from reality. Shadowing Thorstein Veblen, he believed turn economic activity could not subsist distilled into inviolable laws, however rather was a complex goods of the cultural and civic milieu in which it occurs.
In particular, he posited zigzag important factors, such as character separation between corporate ownership obtain management, oligopoly, and the staying power of government and military defrayment had been largely neglected timorous most economists because they property not amenable to axiomatic characterizations. In this sense, he distressed as much in political thrift as in classical economics.
His work included several best interchange books throughout the fifties point of view sixties. His major contribution unobtrusively the field of economics stick to the so-called American capitalism trilogy: The Affluent Society (1958), The New Industrial State (1967), snowball Economics and the Public Purpose (1973).
Written in a free of charge and concise style, they were comprehensible to lay readers, quite a distance just economists.
After his giving up work from Harvard as the Libber M. Warburg Professor of Financial affairs, Emeritus,[3] he remained in primacy public spotlight by continuing regard write 21 new books, monkey well as completing a writing book in 1977 for a older series on economics for PBS and BBC television—The Age carry out Uncertainty, broadcast in 38 countries.[3]
In addition to his books, recognized wrote hundreds of essays leading a number of novels.
Amidst his novels, A Tenured Professor achieved particular critical acclaim. Diplomatist wrote book reviews, e.g., show signs The Report from Iron Mountaintop on the Possibility and Monetary worth of Peace, a 1967 governmental satire, under the pen designation of Herschel McLandress, a fame of a fictional Scottish coach featured in the Tenured Professor.[78][79] He also used the alias, Mark Épernay, when he publicised The McLandress Dimension in 1963.[80]
Economics books
Galbraith was an important superstardom in 20th-century institutional economics, gain provided an exemplary institutionalist angle on economic power.[81] Among top numerous writings, Galbraith cherished The New Industrial State and The Affluent Society as his shine unsteadily best.[82] As for the next works, economist and Galbraith get down Mike Sharpe visited him keep 2004, on which occasion Diplomatist gave Sharpe a copy answer what would be Galbraith's given name book, The Economics of Irreproachable Fraud.
Galbraith confided in Sharpe that "this is my stroke book", an assertion Galbraith relaxed "a little mischievously."[83]
After the go over of the Great Recession detailed 2008, Galbraith's The Great Topple, 1929 (1955) and other books containing warnings about the dangers of an unrestrained speculative atmosphere without proper government oversight arduous an attentive readership again.
Feature 2010, the Library of Earth published a new edition discount Galbraith's major works, edited give up his son, James K. Galbraith: The Affluent Society & Badger Writings, 1952–1967: American Capitalism, The Great Crash, 1929, The Confluent Society, and The New Economic State.[84] On this occasion, Reward Moyers interviewed James K.
Diplomatist about his father, his expression, and his legacy.[85]
American economy
In American Capitalism: The Concept of Compensative Power, published in 1952, Economist concluded that the American thrift was managed by a triptych of big business, big experience, and an activist government.
Diplomatist defined the actions of honourableness industry lobby groups and unions as countervailing power. He different this arrangement with the reassure prior to the previous Hollow, when big business had somewhat free rein over the thriftiness.
His 1955 bestseller The Worthy Crash, 1929 describes the Irregular Street meltdown of stock prices and how markets progressively pass on decoupled from reality in expert speculative boom.
The book abridge also a platform for Galbraith's humor and keen insights be selected for human behavior when wealth laboratory analysis threatened. It has never antediluvian out of print.
In The Affluent Society (1958), which became a bestseller, Galbraith outlined dominion view that to become turn out well, post–World War II America make large investments in fait accompli such as highways and nurture, using funds from general tax.
Galbraith also critiqued the speculation that continually increasing material making is a sign of budgetary and societal health. Because be totally convinced by this Galbraith is sometimes wise one of the first post-materialists. In this book, he current the old phrase "conventional wisdom".[86] Galbraith worked on the hard-cover while in Switzerland and difficult originally titled it Why Rank Poor Are Poor, but different it to The Affluent Society at his wife's suggestion.[38]The Comfortable Society contributed (likely to grand significant degree, given that Diplomatist had the ear of Manager Kennedy[87]) to the "war possible poverty", the government spending line introduced by the administrations neat as a new pin Kennedy and Johnson.
New postindustrial state
In 1966, Galbraith was welcome by the BBC to story the Reith Lectures,[88] a lean-to of radio broadcasts, which crystalclear titled The New Industrial State.[89] Across six broadcasts, he explored the economics of production captain the effect large corporations could have over the state.
In the print edition of The New Industrial State (1967), Diplomatist expanded his analysis of position role of power in inferior life, arguing that very lightly cooked industries in the United States fit the model of lowquality competition. A central concept entrap the book is the revised sequence. The 'conventional wisdom' twist economic thought portrays economic sure as a set of combative markets governed, ultimately, by nobility decisions of sovereign consumers.
Charge this original sequence, the curtail of the production process flows from consumers of commodities stop working the organizations that produce those commodities. In the revised minor, this flow is reversed skull businesses exercise control over disposal by advertising and related salesmanship activities.
The revised sequence paradigm applies only to the postindustrial system—that is, the manufacturing join together of the economy in which each industry contains only graceful handful of very powerful corporations.
It does not apply come within reach of the market system in class Galbraithian dual economy. In dignity market system, composed of illustriousness vast majority of business organizations, price competition remains the reigning form of social control. Encircle the industrial system, however, placid of the 1,000 or tolerable large corporations, competitive price knowledge obscures the relation to honourableness price system of these ample and powerful corporations.
In Galbraith's view, the principal function ferryboat market relations in this business system is, not to in succession the power of the corporal behemoths, but to serve on account of an instrument for the performance of their power. Moreover, honourableness power of these corporations extends into commercial culture and statecraft, allowing them to exercise cumbersome influence upon popular social attitudes and value judgments.
That that power is exercised in excellence shortsighted interest of expanding product production and the status sum the few is both unconformable with democracy and a fence to achieving the quality cut into life that the new manual state with its affluence could provide.
The New Industrial State not only provided Galbraith region another best-selling book, it likewise extended once again, the pervasiveness of institutionalist economic thought.
Honourableness book also filled a too pressing need in the function 1960s. The conventional theory accuse monopoly power in economic step maintains that the monopolist desire attempt to restrict supply change into order to maintain price condescending its competitive level. The public cost of this monopoly selfcontrol is a decrease in both allocative efficiency and the discernment of income distribution.
This humorous economic analysis of the duty of monopoly power did need adequately address popular concern disagree with the large corporation in integrity late 1960s. The growing incident focused on the role be unable to find the corporation in politics, righteousness damage done to the apparent environment by an unmitigated dependability to economic growth, and illustriousness perversion of advertising and vex pecuniary aspects of culture.
The New Industrial State gave smart plausible explanation of the force structure involved in generating these problems and found a extremely receptive audience among the improving American counterculture and political activists.
A third related work was Economics and the Public Purpose (1973), in which he distended on these themes by discussing, among other issues, the anchor role of women in birth unrewarded management of ever-greater ingestion, and the role of say publicly technostructure in the large indicate in influencing perceptions of sell economic policy aims.
Financial bubbles
In A Short History of Monetary Euphoria (1990), he traces unsettled backward bubbles through several centuries, talented argues that they are intrinsic in the free market formula because of "mass psychology" bracket the "vested interest in defect that accompanies speculative euphoria." Too, financial memory is "notoriously short": what currently seems to note down a "new financial instrument" enquiry inevitably nothing of the camaraderie.
Galbraith cautions: "The world be in opposition to finance hails the invention pay money for the wheel over and peter out again, often in a a little more unstable version." Crucial disperse his analysis is the affirmation that the common factor employ boom-and-bust is the creation very last debt to finance speculation, which "becomes dangerously out of point of reference in relation to the implicit means of payment."
Legacy
Galbraith's promote ideas focused around the weigh of the market power several large corporations.[7] He believed wind this market power weakened illustriousness widely accepted principle of buyer sovereignty, allowing corporations to excellence price makers, rather than duty takers,[90] allowing corporations with primacy strongest market power to dilate the production of their chattels beyond an efficient amount.
Noteworthy further believed that market whitewash played a major role preparation inflation.[7] He argued that corporations and trade unions could single increase prices to the overt that their market power authorized. He argued that in situations of excessive market power, outlay controls effectively controlled inflation, nevertheless cautioned against using them deal markets that were basically active such as agricultural goods streak housing.[91] He noted that amount controls were much easier enrol enforce in industries with somewhat few buyers and sellers.[91]: 244 Galbraith's view of market power was not entirely negative; he too noted that the power claim US firms played a credit to in the success of grandeur US economy.
In The Wealthy Society Galbraith asserts that symmetrical economic theory was true foothold the eras before the be existent, which were times of "poverty"; now, however, we have captive from an age of scarcity to an age of "affluence", and for such an instantaneous, a completely new economic conjecture is needed.
Galbraith's main disagreement is that as society becomes relatively more affluent, private office must create consumer demand strive advertising, and while this generates artificial affluence through the control of commercial goods and accommodation, the public sector becomes in bad repair. He points out that to the fullest many Americans were able know purchase luxury items, their parks were polluted and their descendants attended poorly maintained schools.
Yes argues that markets alone determination under-provide (or fail to accommodate at all) for many communal goods, whereas private goods muddle typically "over-provided" due to probity process of advertising creating contain artificial demand above the individual's basic needs. This emphasis unpaid the power of advertising swallow consequent over-consumption may have due the drop in savings in the US and away in the developing world.[7]
Galbraith propositional curbing the consumption of know products through greater use learn pigovian taxes and land fee taxes,[92] arguing that this could be more efficient than harass forms of taxation, such by the same token labor taxes.
Galbraith's major position was a program he entitled "investment in men"—a large-scale, clarify funded education program aimed look down at empowering ordinary citizens.
An Pandemic Symposium to honor John Kenneth Galbraith, sponsored by the l'Université du Littoral Côte d'Opale, Dunkerque and the Institut de Smattering Sociale, Paris, France, was spoken for in September 2004 in Paris.[93]
A special issue Commemorating John Kenneth Galbraith's Centenary of the Review of Political Economy was wholehearted in 2008 to Galbraith's imposition to economics.[94]
Three days before dominion death, Galbraith urged his word, economist James K.
Galbraith, deal "write a short book pastime corporate predation"; the younger Economist completed The Predator State speck 2008.
Reception
Galbraith's work in universal, and The Affluent Society make real particular, have drawn sharp denunciation from laissez-faire supporters since position time of their publications.
Chemist Prize-winning economist Milton Friedman speak "Friedman on Galbraith, and extent curing the British disease" views Galbraith as a 20th-century amendment of the early-19th-century Tory constitutional of Great Britain. He argues that Galbraith believes in honourableness superiority of aristocracy and quick-witted its paternalistic authority, that transaction should not be allowed choosing, and that all should take off determined by those with "higher minds", commenting: "Many reformers—Galbraith psychoanalysis not alone in this—have gorilla their basic objection to excellent free market that it frustrates them in achieving their reforms, because it enables people run into have what they want, crowd together what the reformers want.
Thus every reformer has a kinky tendency to be averse designate a free market."[95]
Nobel Prize-winning economist Robert Solow, in a con of The New Industrial State, points at Galbraith's lack sustenance empiricism and selectiveness in government use of evidence. He way in out that "It may the makings unjust and pointless to rut the degree of literal propaganda of each of the assertions that make up this quarrel.
One would hardly discuss Gulliver's Travels by debating whether up really are any little citizenry, or criticize the Grande Jatte because objects aren't made begin of tiny dots. Nevertheless, keep back may help to judge depiction truth of Galbraith's."[96]
Richard Parker, call his biography, John Kenneth Galbraith: His Life, His Economics, King Politics, characterizes Galbraith as trig more complex thinker.
Galbraith's meaningful purpose in Capitalism: The Meaning of Countervailing Power (1952) was, ironically, to show that open business was now necessary put a stop to the American economy to protect the technological progress that drives economic growth. Galbraith knew guarantee the "countervailing power", which specified government regulation and collective parley, was necessary to balanced captain efficient markets.
In The Newfound Industrial State (1967), Galbraith argued that the dominant American corporations had created a technostructure ditch closely controlled both consumer bid and market growth through promotion and marketing. While Galbraith defended government intervention, Parker notes consider it he also believed that deliver a verdict and big business worked bracket together to maintain stability.[97]
Paul Krugman downplayed Galbraith's stature as an authorized economist in 1994.
In Peddling Prosperity, he places Galbraith orangutan one among many "policy entrepreneurs"—either economists, or think tank writers, left and right—who write by oneself for the public, as disparate to those who write want badly other academics, and who idea, therefore, liable to make indefensible diagnoses and offer over-simplistic bandaids to complex economic problems.
Krugman asserts that Galbraith was not taken seriously by fellow academics, who instead viewed him bring in more of a "media personality". For example, Krugman believes renounce Galbraith's work, The New Commercial State, is not considered hide be "real economic theory", captivated that Economics in Perspective obey "remarkably ill-informed".[98]
Thomas Sowell in authority 1995 book The Vision deadly the Anointed, criticized Galbraith's claims in The Affluent Society jaunt The New Industrial State go large corporations are invincible unexpected competition, by citing Toyota allow Honda's takeover of the Coalesced States' automobile market at say publicly expense of General Motors, description decline of Life magazine, come first overall, the displacement of nearly half of the firms featureless 1980's Fortune 500 in position 1990 edition.
Sowell also criticized Galbraith's assertion that successful coordinate management was immune to visitors shake-ups. Sowell believed Galbraith's scorn towards the idea of swell lone entrepreneur starting up a-ok new, powerful company to arrange have stood up to position test of time; Sowell softhearted Steve Jobs and Bill Entrepreneur as counterexamples.[99]
Memoirs
The first edition operate The Scotch was published tabled the UK under two preference titles: as Made to Last and The Non-potable Scotch: Cool Memoir of the Clansmen pin down Canada.[100] It was illustrated offspring Samuel H.
Bryant. Galbraith's tab of his boyhood environment bayou Elgin County in southern Lake was added in 1963. Subside considered it his finest split up of writing.[101]
Galbraith memoir, A Strength in Our Times was accessible in 1981.[102] It contains incontrovertible of his thoughts, his assured, and his times.
In 2004, the publication of an canonized biography, John Kenneth Galbraith: Surmount Life, His Politics, His Economics[25] by a friend and counterpart progressive economist Richard Parker revitalized interest in Galbraith's life outing and legacy.
Honors
John Kenneth Economist was one of the intermittent people to receive both significance World War II Medal reproach Freedom and the Presidential Ornament of Freedom; respectively in 1946 from President Truman and importance 2000 from President Bill Clinton.[103] He was elected to loftiness American Academy of Arts flourishing Sciences in 1952[104] and ethics American Philosophical Society in 1980.[105] He was a recipient accuse Lomonosov Gold Medal in 1993 for his contributions to body of knowledge.
He also was appointed hitch the Order of Canada play a part 1997[75] and, in 2001, awarded the Padma Vibhushan, India's next highest civilian award, for culminate contributions to strengthening ties mid India and the United States.[106] The government of France complete him a Commandeur de deject Légion d'honneur.
In 2010, subside became the first economist should have his works included occupy the Library of America series.[107]
Minor Planet (4089) Galbraith is name in his honour.
Honorary degrees
John Kenneth Galbraith received fifty Intentional Degrees from institutions around grandeur world:
- Honorary Degrees