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Works Cited

https://en.wikipedia.org/wiki/John_Kenneth_Galbraith http://economistsview.typepad.com/economistsview/2006/04/john_kenneth_ga.htmlhttp://www.economist.com/node/6877092

https://en.wikipedia.org/wiki/The_Age_of_Uncertainty https://www.goodreads.com/author/quotes/23458.John_Kenneth_Galbraith

http://www.encyclopedia.com/topic John_Kenneth_Galbraith.aspx

http://www.investmentreview.com/print-archives/winter-2000/world-of-ideas-john-kenneth-galbraith-729/

Economic Theories

  • The Dependence Effect:
  • Modern capatalism is governed by large enterprises
  • Consumer wants are corporate planning and massive advertising
  • Our wants usually overpower resources for public goods (Social Imbalance)
  • Glabriath's fix to Social Imbalance:
  • Impose tax on cosumer goods and services and use the money for public sector goods and services

Quotes

Economic Theories

  • Theory of the Firm
  • Large firms owe success to technology, large budgets, and research
  • Public and the government must take control of planning sector
  • Planning sector must serve the public
  • Glabraith said there needs to be a public planning authority to coordinate economic activity

Lasting Impacts

Political Theories

  • Galbraith had a large faith in government
  • The largest few hundred companies in America should be publicly owned
  • Government policies would fix the instability and inefficiency of the market system
  • Galbraith argued for more steeply increased taxes, public housing, medical care, and transportation
  • "Under capitalism, man exploits man. Under communism, it's just the opposite. "
  • "The complaints of the privileged are too often confused with the voice of the mass."

Significant Publications:

  • The Affluent Society - In this book he outlined that for America to be successful after WW2, They have to keep funding things such as highways and educations. Using the funds from general taxation
  • The great Crash - outlines the crash of the stock markets and how the markets separated from the expected boom in the stocks.
  • Galbraith was a very accomplished writer and these are just a few examples from all his works.

Lasting Impacts

Influence on Society:

  • Galbraith’s opinion that the government plays a huge role in the economy has held firm.
  • He had a strong relationship with many presidents, using his knowledge of the economy and advising them to do the right thing.

Influence on the Election:

  • his opinion still holds fast about the government playing a role in the economy.
  • Many of Canada’s political parties have said that the will pump money into the economy to kick start it and get us out of the near-recession we are in.

Life and Times

Purpose of Economy

  • Role of Individual:
  • Individuals should trust their government to control market
  • Galbraith was unsupportive of consumeristic, materialistic society
  • Production of humans needs must be meet, not necassarily wants
  • Lived through the First World War as a child
  • Galbraith's preteen years were spent during the roaring 20's (economic boom period)
  • Just before Galbraith graduated with his bachelors the Great Depression hit
  • World War 2 began and ended creating many jobs in North America
  • Galbraith worked side by side with many presidents
  • He worked in India as an ambassador
  • Later Galbraith was invited to China as a highly regarded economist

Purpose of Economy

  • Role of Government
  • Galbraith highly supported government
  • Supporter of publically owned market and labour unions
  • Government should create jobs by controlling economy
  • Funding must be provided for health care and education

Biography

Work and Personal Life

  • Born on October 15th, 1908 in Iona Station, Ontario, Canada
  • Raised in Dunwich Township, Ontario
  • Died April 29, 2006 at the age of 96 in Cambridge, Massachusetts
  • Education:
  • Bachelor of Agricultural Economics from the Ontario Agricultural College
  • Master and Ph.D. in Agricultural Economics from University of California, Berkeley

Work:

  • He was a canadian and an American Economist
  • Edited a magazine and taught at Princeton and Harvard
  • Senior position in the State department Security Policy
  • Worked with Eleanor Roosevelt and Hubert Humphrey on economic issues

Personal Life:

  • The War a great influence on the world at the time.
  • The economy was recovering and he was key in the stabilization of prices and rent.
  • He was married and had 4 kids.

John Kenneth Galbraith

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