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J K Galbraith: A 20th Century Life
 
 

J K Galbraith: A 20th Century Life (Hardcover)

by Richard Parker (Author) "THE SUMMER SUN had risen shortly after five that early September morning, and by seven the sky already promised both faint warmth and a fine..." (more)
5.0 out of 5 stars  See all reviews (2 customer reviews)
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Product details

  • Hardcover: 840 pages
  • Publisher: Old Street Publishing; New edition edition (17 April 2007)
  • Language English
  • ISBN-10: 1905847092
  • ISBN-13: 978-1905847099
  • Product Dimensions: 23.4 x 16 x 5.3 cm
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon.co.uk Sales Rank: 498,024 in Books (See Bestsellers in Books)

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Product Description

Stephen Clarkson, Globe and Mail

"Richard Parker has produced a rich, well-written and fittingly
large monument to this super-sized intellectual of the 20th century."


Book Description

John Kenneth Galbraith was America's most famous economist for
good reason. A witty commentator on America's political
follies and a versatile author of bestselling books that warn prophetically
of the dangers of deregulated markets, corporate greed, and inattention to
the costs of U.S. military power (among them The Great Crash: 1929, The
Affluent Society, and The New Industrial State), Galbraith always made
economics relevant to the crises of the day. This first full-length
biography is, in Richard Parker's hands, an important reinterpretation both
of public policy and of how economics is practised.

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THE SUMMER SUN had risen shortly after five that early September morning, and by seven the sky already promised both faint warmth and a fine New England day. Read the first page
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Average Customer Review
5.0 out of 5 stars (2 customer reviews)
 
 
 
 
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5.0 out of 5 stars Galbraith - Richard Parker, 6 Jul 2009
By D. Anderson "Adam Booksmith" (Singapore) - See all my reviews
(REAL NAME)   
This well written review of Galbraith's contribution to economic thought follows the turbulent history of post war USA. The personalities emerge in a new light and one gets a glimpse of the working of US administration.

An insightful and entertaining read
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5.0 out of 5 stars Brilliant biography of America's great economist, 5 May 2009
By William Podmore (London United Kingdom) - See all my reviews
(TOP 100 REVIEWER)    (REAL NAME)   
Richard Parker, a senior fellow at Harvard's Kennedy School of Government, has written a superb biography of the great American economist John Kenneth Galbraith. Parker sets Galbraith's career in its historical and intellectual contexts and relates the fascinating range of debates he was involved in.

In the 1930s, the orthodox response to crisis was, then as now, to cut wages and jobs. By contrast, the New Deal, which Galbraith worked for, aimed to restore consumer demand, not business confidence. Higher incomes increased investment. Similarly, China, seeing the growing protectionism around the world, in 2006 shifted focus from exports to increasing domestic demand. Galbraith thought that funding public spending through borrowing was fine, so long as the work produced real gains in productivity, growth and assets.

But the New Deal was never enough to end the depression. Federal spending, 7% of GDP in 1932, was only 10% by 1940. US unemployment was never less than 14% before 1939 rearmament. Only world war ended capitalism's depression.

In the 1960s, President Kennedy increased spending, but 75% of the rise was in the military and the space programme. Military spending rose from $46 billion to $54 billion, double all federal social spending. Galbraith repeatedly warned Kennedy that military spending, power and intervention all carried terrible costs, and in particular he warned Kennedy against attacking Vietnam.

Throughout his career, Galbraith supported a fair trade policy. He also backed direct and indirect regulation of polluters and of land and resource use, and called for an environmental excise tax to cut energy consumption.

Parker reminds us that under Reagan, growth was slower than in the 1950s, 1960s, or 1970s, as was the growth in the number of jobs, and so was investment in plant and equipment. Under Reagan, US growth was lower than in France, Germany, Sweden, Canada or Japan. Parker recounts Galbraith's lifelong rivalry with Milton Friedman, who finally admitted that monetarism in practice `has not been a success'.
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