Will the stock market crash? History may not repeat itself, argues the author of The Great Crash, but the dynamics of speculation are remorselessly constant, and they, along with other ominous indicators, give no comfort to optimism
Marshall McLuhan once said, or is said to have said, that clarity of expression betrays an absence of thought. Not necessarily so says the author of more than twenty books, innumerable essays and reviews, and the recent television series "The Age of Uncertainty." His advice to would-be writers combines considerable thought with laudable clarity.
In a loving look backward, the Harvard economics professor and author of The Affluent Society and The New Industrial State recollects college days of a benignity long gone. The essay was written for a book being edited by Irving Stone and to he published by Doubleday later this year to mark the centennial of the University of California at Berkeley.
One of the creatively conlroirrsial books of the late 1950s and early 1960s in America teas John Kenneth Galbraith’s THE AFFLUENT SOCIETY. It brought wit and charm into the usually forbidding discussion of economics and contributed numerous words and phrases to the language of that inexact science. The book helped to pel the country thinking about the true nature and disposition of its wealth. Note, ten and a fraction years after, when tee have come to see the irony of its title, THE AFFLUENT SOCIETY is appearing in a revised edition. In this introduction to the new edition, to be issued in May by Houghton Mifflin Company, the Haul M. Warburg Professor of Economics at Harvard, and former Kennedy Ambassador to India, looks back on the origins of the book, discusses its relevance to the contemporary scene and the instances in which deirlopmenls hair impelled him to change his mind.
“If we continue to believe that, the floats of the modern industrial system and the public policies that serve these goals are coordinate with all of life, then all of our lives will be in the service of these goals” Professor Galbraith warns in this last of three articles based on his forthcoming book THE NEW INDUSTRIAL STATE, being published this month by Houghton Mifflin. The essays end with a call for energetic political action to assure that society asserts the superior claims of aesthetic over economic goals and of environment over cost.
Does the United States government tailor its military procurement to what private industry wants to sell? Is our foreign policy, or Russia’s, or Western Europe’s, shaped by the needs and desires of industries? These are stark questions, and even to raise them may smack of doctrinal heresy. But they are raised here in this second, of three papers based on Professor Galbraith’s trail-breaking book THE NEW INDUSTRIAL STATE, to be published, in June by Houghton Mifflin.
The great size of the modern corporation and its power to influence life in America are discussed in this first of three articles written for the ATLANTIC by the distinguished Paul M. Warburg Professor of Economics at Harvard. They convey essential theses of Professor Galbraith’s major new work, THE NEW INDUSTRIAL STATE, to be published in June by Houghton Mifflin. His second article will discuss how the corporation manages itself. its prices,and its customers, and how it relates to the state. The third will discuss capitalism, social ism, and the future of the industrial system.
Some have observed, through the smog, facets of a new crusade, but it is for Mr. Galbraith, the Harvard economist and former ambassador, to assemble the facts into this report on a growing movement in America.
Economist, educator, editor, and author of several books, including THE AFFLUENT SOCIETY, JOHN KENNETH GALBRAITH was a key figure in the presidential campaigns of Adlai E. Stevenson and John F. Kennedy. A firm believer in the practical interplay of economics and politics, Mr. Galbraith is also a strong exponent of candor on public questions. He has held a variety of posts in government, and from 1961 to 1963, he was United States ambassador to India, a post which gave him new perspective on the premises underlying our foreign policy.
JOHN KENNETH GALBRAITHis on leave from his post as Paul M. Warburg Professor of Economics at Harvard to serve as our ambassador in India. To his responsibility as a diplomat he brings the training and acumen of an economist; and in his current assignment he has become increasingly sensitive to the key problem in the newly developing nations — poverty, and how it is to be alleviated.
Professor of Economics at Harvard University and author of THE AFFLUENT SOCIETY and THE LIBERAL HOUR, JOHN KENNETH GALBRAITH is now the United States Ambassador in India. He, made these forthright remarks at Annamalai University, where he received an honorary degree.
No politician or statesman ever makes a mistake any more, no matter how completely his plan may he reversed in the event. This circumstance leads JOHN KENNETH GALBRAITH, Harvard econom ist, to bring forth a new term, the “wordfact.”"It means,”he explains, “that to say that something exists is a substitute for its existence. And to say that something trill happen is as good as haring it happen.”Mr. Galbraith is the author of THE AFFLUENT SOCIETY and THE LIBERAL HOUR.
The author of several books, including AMERICAN CAPITALISM, A THEORY OF PRICE CONTROL, and THE GREAT CRASH, 1929, JOHN KENNETH GALBRAITH is professor of economics at Harvard. He spent his boyhood on the Canadian border close to Detroit and within range of the legends which have overlaid the stubborn genius of Henry Ford.
JOHN KENNETH GALBRAITH took his B.S. at the University of Toronto and his Ph.D. at the University of California. llis teaching at Princeton and at Harvard, where he has been Professor of Economics since 1919, has been interspersed with government service; he was Deputy Administrator of the OP A in 1912 and in 1916 Director of the Office of Economic Security Policy. He is the author of several books, including American Capitalism (which has just appeared in a new edition), A Theory of Price Control, and The Great Crash, 1929.