John Kenneth Galbraith

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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

Galbraith, John Kenneth

 

Born Oct. 15, 1908, in Ontario, Canada. American economist, doctor of philosophy (1934).

Galbraith graduated from the University of Toronto in 1931. He taught in a number of American universities from 1931 to 1942. From 1943 to 1948 he was an editor of Fortune magazine. He became a professor at Harvard University in 1949.

Galbraith has written many works on various aspects of contemporary capitalism. He is a supporter of state intervention in the economy. He advanced the theory of “countervailing forces,” with the state supposedly assisting in the creation of a balance between supply and demand by means of the regulation of monopolies’ activities. Striving to refute the Marxist theory of accumulation and impoverishment, Galbraith attempts to demonstrate the social regeneration of capitalism, which is supposedly transforming itself as a result of technological development into a new society of abundance, the “industrial state.” Galbraith has supported the theory of convergence of the capitalist and socialist systems. He is a supporter of peaceful coexistence of the two systems and was an opponent of the war in Vietnam. Since 1967, he has headed the Americans for Democratic Action.

WORKS

American Capitalism: The Concept of Countervailing Power. Boston, 1952.
The Affluent Society. Cambridge, 1958. Second edition: Har-monds worth, 1968.
Economic Development. Cambridge, 1963.
The New Industrial State. Boston, 1967. In Russian translation, Novoe industrial’noe obshchestvo. Moscow, 1969.

REFERENCES

Kozlova, K. “ ‘Novoe industrial’noe obshchestvo’ Dzhona Gelbreita.” Mirovaia ekonomika i mezhdunarodnye otnosheniia, 1968, no. 1.

V. G. SARYCHEV

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
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J.K. Galbraith has said that 'solid economic aid to Russia and the former Soviet states is the most urgent policy of our time'.[7] Yugoslavia provided a poignant reminder when the historic bridge at Mostar was destroyed in the civil war.
Together with J.K. Galbraith's The Affluent Society, Harrington's book supplied the intellectual basis for the Great Society's vast expansion of the welfare state beyond its previous New Deal borders.
Former staffer J.K. Galbraith, bemoaning Fortune's loss of "detached humor," said the magazine today lacks "the element of wry amusement."
It was not given to many to understand the whole of a corporate strategy; "leave that to us, we will let you know all that you need to know' was the typical message from the top: "Trust your leaders and do your duty." J.K. Galbraith and W.H.
Since the prime topic for reflection and the grand theme of the book is about the Depression, J.K. Galbraith's omission, even from the index, dramatis personae and bibliography, seems puzzling.
Baran and Sweezy were regarded with great respect by the left wing of that tradition, including Joan Robinson, Michael Kalecki, J.K. Galbraith, Robert Heilbroner and others.
Former Ambassador to India, author of "The Affluent Society" and much else, J.K. Galbraith used to be a journalist himself (Fortune magazine).