John Kenneth Galbraith Economic Ideology Essay

1424 words - 6 pages

John Galbraith was an American-Canadian economist. He mainly believed in Keynesian and institutional economics, and considered to play an important part in the 20th century American Economy. As well as being a top economist, he wrote his many ideas and beliefs in books, many of them best-sellers and all very important. He was a teacher and a tutor at many high standard universities, and served for US presidents dating back to the time of Franklin D. Roosevelt. He has received awards for his excellent economic contribution, for his great service to his home-country, Canada, and for his work in India.After graduating from the Ontario Agricultural College, and receiving his PhD in Agricultural economics, Galbraith took on a one year trip to a top university in England, where he was influenced by the famous John Keynes, another famous 20th century economist, and later moved to Berlin attending conferences developing his ideas.During the 1930s, Galbraith along with Alvin Hansen and many other recognized economists helped in the development of the Keynesian Economics. A year later, he received the Medal of Freedom because of his services to the country. In 1948, he became a professor of Economics at Harvard. He brought changes in the behaviour of people about economy what made him somehow controversial in his works. He then became an editor for the Fortune Magazine.Galbraith had a strong voice since he was working with the presidents of USA. He always had some diplomatic or political aid. He was adviser to President JFK, and went overseas to advise the Indian government on economic matters. While in India, he helped establish the Indian Institute of Technology, a university similar to US’s MIT (Massachusetts Institute of Technology), which focuses on scientific, mathematical, economic and technological research. In 1972, he served as president of the American Economic Association.Galbraith was considered an icon by some fellow economists. He followed Thorstein Veblen, as he believed that economic activity was a product of the effect of the cultural and political surroundings. He also pointed out those factors like oligopoly (market condition that exists when there are few sellers) and government spending had been payed no attention to by most economists. He enjoyed working in political economy as it was his main interest.Galbraith wrote several dozen books; however his famous ones were American Capitalism, The Affluent Society, The Great Crash, and The New Industrial State.American Capitalism was about Galbraith’s thoughts that the American economy would be managed by big business and labour, and an activist government. He said that big businesses are taking over the economy. He then reassured that the power of large firms was offset by the countervailing power of large unions, so that consumers were protected by competing centres of power.The Great Crash describes the fall of Wall Street stocks, and the division of the markets in a boom.The...

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