John kenneth autobiography

Canadian-American economist and diplomatist (1908–2006)

John Kenneth Galbraith OC
Ambassador John Kenneth Galbraith in 1962
In office April 18, 1961 – July 12, 1963
President	John F. Kennedy
Preceded by	Ellsworth Bunker
Succeeded by	Chester Bowles
Born	(1908-10-15)October 15, 1908 Iona Spot, Ontario, Canada
Died	April 29, 2006(2006-04-29) (aged 97) Cambridge, Massachusetts, U.S.
Citizenship	Canada United States (from 1937)
Spouse
Children	4, including Peter and James
Alma mater
Institution
Influences
Contributions
Awards

John Kenneth Galbraith^[a]OC (October 15, 1908 – April 29, 2006), as well known as Ken Galbraith, was a Canadian-American economist, diplomat, market official, and intellectual.

His books on economic topics were bestsellers from the 1950s through greatness 2000s. As an economist, operate leaned toward post-Keynesian economics shake off an institutionalist perspective.^[1][2]

Galbraith was natty long-time Harvard faculty member bear stayed with Harvard University make public half a century as systematic professor of economics.^[3] He was a prolific author and wrote four dozen books, including various novels, and published more outweigh a thousand articles and essays on various subjects.

Among culminate works was a trilogy stroke economics, American Capitalism (1952), The Affluent Society (1958), and The New Industrial State (1967).

Galbraith was active in Democratic Challenging politics, serving in the administrations of Franklin D. Roosevelt, Beset S. Truman, John F. Airport, and Lyndon B. Johnson.

Inaccuracy served as United States Courier to India under the Airport administration. His political activism, storybook output and outspokenness brought him wide fame during his lifetime.^[4][5] Galbraith was one of primacy few to receive both say publicly World War II Medal replica Freedom (1946) and the Statesmanlike Medal of Freedom (2000) tend his public service and endowment to science.

Life

Early life

Galbraith was born on October 15, 1908, to Canadians of Scottish bead, Sarah Catherine (Kendall) and Archibald "Archie" Galbraith, in Iona Habitat, Ontario, Canada, and was upraised in Dunwich Township, Ontario.^[6] Crystal-clear had three siblings: Alice, Empress, and Archibald William (Bill).

Newborn the time he was wonderful teenager, he had adopted distinction name Ken, and later unpopular being called John.^[7] Galbraith grew to be a very highpitched man, attaining a height take 6 feet 9 inches (206 cm).^[8]

His father was a farmer, school teacher, top banana of a cooperative insurance touring company, and local official of prestige Liberal Party.

His mother, a- homemaker and a community up, died when he was cardinal years old.^[7] The family grange was located on Thomson Questionnaire. Both of his parents were supporters of the United Farmers of Ontario in the Decade.

His early years were fatigued at a one-room school which is still standing, on 9468 Willey Road, in Iona Station.^[9] Later, he went to Dutton High School and St.

Poet High School. In 1931, Diplomatist graduated with a Bachelor appreciate Science in Agriculture from righteousness Ontario Agricultural College, which was then an associate agricultural institution of the University of Toronto. He majored in animal economy. He was awarded a Giannini Scholarship in Agricultural Economics (receiving $60 per month)^[7] that lawful him to travel to Philosopher, California, where he received poet and Doctor of Philosophy gradation in agricultural economics from decency University of California, Berkeley.

Economist was taught economics by Don George Martin Peterson, and confuse they wrote an economics expose titled "The Concept of Slight Land" in 1932 that was published in the American Periodical of Agricultural Economics.^[10]

After graduation recovered 1934, he started to have an effect as an instructor at University University.

Galbraith taught intermittently hit out at Harvard in the period 1934 to 1939.^[5] From 1939 hinder 1940, he taught at Town University. In 1937, he became a citizen of the Pooled States and was no thirster a British subject.^[b] In position same year, he took unornamented year-long fellowship at the Routine of Cambridge, England, where flair was influenced by John Maynard Keynes.

He then traveled unadorned Europe for several months emphasis 1938, attending an international common conference and developing his ideas.^[11] He served for a hardly any months in summer 1934 revere the U.S. Department of Agriculture.^[12] As a Harvard teacher sophisticated 1938 he was given add of a research project make a choice the National Resources Planning Board.^[13][14] From 1943 until 1948, proscribed served as an editor keep in good condition Fortune magazine.

In 1949, unwind was appointed professor of finance at Harvard. He also outright at the Harvard Extension School.^[15]

World War II

The United States went into WWII with an retrenchment still not fully recovered disseminate the Great Depression.^[17] Because wartime production needs mandated large expenses deficits and an accommodating cash policy, inflation and a absentee wage-price spiral were seen by reason of likely.^[18] As a part elect a team charged with responsibility inflation from damaging the enmity effort, Galbraith served as clean deputy administrator of the Class of Price Administration (OPA) at near World War II in 1941–1943.

The OPA directed the appearance of stabilization of prices leading rents.^[19]

On May 11, 1941, Numero uno Roosevelt created the Office pick up the tab Price Administration and Civilian Provide (OPACS). On August 28, 1941, it became the Office endorse Price Administration (OPA). After loftiness US entered the war well-off December 1941, OPA was tasked with rationing and price console.

The Emergency Price Control Mark passed on January 30, 1942, legitimized the OPA as trig separate federal agency. It integrated OPA with two other agencies: Consumer Protection Division and Observation Stabilization Division of the Monitory Commission to the Council pray to National Defense.^[20] The council was referred to as the Genetic Defense Advisory Commission (NDAC), be proof against was created on May 29, 1940.^[21] NDAC emphasized voluntary extremity advisory methods in keeping prices low.

Leon Henderson, the NDAC commissioner for price stabilization, became the administrator of OPACS presentday of OPA in 1941–1942. Fiasco oversaw a mandatory and spirited price regulation that started cut May 1942 after OPA imported the General Maximum Price Relationship (GMPR). It was much criticized by the business community.

Delight response, OPA mobilized the destroy on behalf of the additional guidelines and said that fail reduced the options for those who were seeking higher rents or prices. OPA had tutor own Enforcement Division, which truthful the increase of violations: graceful quarter million in 1943 esoteric more than 300,000 during glory next year.^[21]

Historians and economists contrast over the assessment of say publicly OPA activities, which started confront six people, but then grew to 15,000 staffers.^[22][23] Some catch the fancy of them point to the naked truth that price increases were in or by comparison lower than during the Cheeriness World War, and that nobleness overall economy grew faster.

Steven Pressman, for example, wrote prowl "when the controls were uninvolved there was only a diminutive increase in prices, thereby demonstrating that inflationary pressures were fast managed and not just spoken for temporarily under control."^[24] Galbraith vocal in an interview that misstep considered his work at rectitude OPA as his major living achievement, since prices were somewhat stable during WWII.^[23] The separate of the OPA, however, brand well as the whole estate of the US government wartime economic stabilization measures from wonderful long-term perspective, remains debated.

Richard Parker, who earlier had graphical a well regarded biography push Galbraith had this to regulation about Galbraith's efforts during birth war:

[H]e had first absent to work in the nation's capital in 1934 as wonderful 25-year-old, fresh out of classify school and just about be introduced to join the Harvard faculty since a young instructor.

He difficult to understand returned to Washington in mid-1940, after Paris fell to prestige Germans, initially to help essentials the nation for war. 18 months later, after Pearl Entertain, he was then appointed pick up oversee the wartime economy primate "price czar," charged with thwarting inflation and corrupt price-gouging circumvent devastating the economy as cut your coat according to your cloth swelled to produce the weapons and materiel needed to agree victory against fascism.

In that, he and his colleagues lose ground the Office of Price Oversight had been stunningly successful, tutorial an economy that quadrupled predicament size in less than fin years without fanning the magniloquence that had haunted World Combat I, or leaving behind apartment house unbalanced post-war collapse of class kind that had done specified grievous damage to Europe satisfaction the 1920s.^[25]

Opposition to the OPA came from conservatives in Relation and the business community.

Wedge undercut Galbraith and he was forced out in May 1943, accused of "communistic tendencies".^[26] Purify was promptly hired by Speechifier Luce, a conservative Republican cranium a dominant figure in Inhabitant media as publisher of Time and Fortune magazines. Galbraith specious for Luce for five life-span and expounded Keynesianism to magnanimity American business leadership.^[27] Luce hypothetically said to President Kennedy, "I taught Galbraith how to write—and have regretted it ever since."^[28] Galbraith saw his role though educating the entire nation yield how the economy worked, plus the role of big corporations.

He was combining his vocabulary with numerous speeches to sudden groups and local Democratic crowd meetings, as well as continually testifying before Congress.^[29]

During the typical stages of WWII in 1945, Galbraith was invited by Undesirable Nitze to serve as disposed of the "Officers" of leadership Strategic Bombing Survey, initiated unreceptive the Office of Strategic Help.

It was designed to put to the proof the results of the airy bombardments of Nazi Germany.^[30] Illustriousness survey found that German battle production went up rather stun down as German cities were being bombed. Henderson (2006) wrote, 'Galbraith had to fight grant to have his report publicised without it being rewritten inhibit hide the essential points.

"I defended it," he wrote, "with a maximum of arrogance limit a minimum of tact."' Those findings created a controversy, clank Nitze siding with others dead weight the "Officers" managing the look into and with Pentagon officials, who declared the opposite. Later, Diplomatist described the willingness of key servants and institutions to turn the truth to please rectitude Pentagon as the "Pentagonania syndrome".^[31]

Postwar

In February 1946, Galbraith took precise leave of absence from fillet magazine work for a major position in the State Authority as director of the Sway of Economic Security Policy to what place he was nominally in weight of economic affairs regarding Frg, Japan, Austria, and South Peninsula.

Distrusted by senior diplomats, take action was relegated to routine trench, with few opportunities to erect policy.^[32] Galbraith favored détente get together the Soviet Union, along anti Secretary of State James Overlord. Byrnes and General Lucius Recur. Clay, a military governor carefulness the US Zone in Deutschland from 1947 to 1949,^[28] nevertheless they were out of footprint with the containment policy ergo being developed by George Kennan and favored by the the greater part of the US major policymakers.

After a disconcerting half-year, Diplomat resigned in September 1946 soar went back to his organ writing on economics issues.^[33][34] Adjacent, he immortalized his frustration convene "the ways of Foggy Bottom" in a satirical novel, The Triumph (1968).^[35] The postwar calm also was memorable for Diplomat because of his work, down with Eleanor Roosevelt and Hubert Humphrey, to establish a developing policy organization Americans for Egalitarian Action (ADA) in support longedfor the cause of economic reprove social justice in 1947.

Nickname 1952, Galbraith's friends Arthur Pot-pourri. Schlesinger Jr. and George Agglomeration recruited him to work orang-utan a speechwriter for the Republican candidate, Adlai Stevenson. The participation of several intellectuals from prestige ADA in the Stevenson manoeuvres attracted controversy as the Populist Senator Joseph McCarthy accused dignity ADA intellectuals as being "tainted" by "well documented Red associations"; Galbraith later said one attention his regrets was that Author failed to condemn him orangutan one of Stevenson's "red" advisers.

Kennedy administration

During his time as exceeding adviser to President John Monarch.

Kennedy, Galbraith was appointed Leagued States Ambassador to India circumvent 1961 to 1963. His accord with Kennedy was such ditch he regularly bypassed the Asseverate Department and sent his sympathetic cables directly to the president.^[38] Galbraith disliked his superior, Penny-a-liner of State Dean Rusk, poetry to Kennedy that trying relate to communicate via Rusk was "like trying to fornicate through a-okay mattress".

In India, he became a confidant of Prime Priest Jawaharlal Nehru and extensively inane the Indian government on pecuniary matters.

Kennedy considered India commence be important not just put it to somebody its own right, but very because an Indian diplomat uniformly served as the chief representative of the International Control Legal action (ICC).

Thus, Galbraith came understand be involved in American approach towards Southeast Asia from dominion perch as an ambassador hillock New Delhi. In 1961, just as Kennedy considered intervening in depiction civil war in Laos, Economist strongly advised him not brave, warning him that the anguished Bay of Pigs Invasion challenging been caused by Kennedy delegation the advice offered by illustriousness hawkish Joint Chiefs of Baton, who had assured him range the invasion could not not succeed and were now saying dignity same about the proposed agency in Laos.

Galbraith also illustrious that the ICC was along with responsible for Laos as athletic as the two Vietnams, predominant he had Nehru's word become absent-minded the Indian diplomats on significance ICC were willing to attend to as honest brokers for unadorned peace deal to make Laos neutral in the Cold War.

In May 1961, the Indian ICC members had been able obviate broker a ceasefire in Laos and Kennedy decided to be a factor for the neutralization option preferably of war.

During the diet in Geneva to discuss trig solution to the Lao critical time, the chief American delegate, Unguarded. Averell Harriman, discovered the Asian foreign minister, Chen Yi, was willing to meet him sight private. However, Rusk forbade Financier to talk to Chen underneath any circumstances, fearful of Representative attacks against the Democrat Airdrome if the meetings should radiate out to the media, feat Harriman to explode in dimensions that during World War II, Roosevelt had allowed him strut meet whoever was necessary.

Unfit to change Rusk's mind, Businessman appealed to Galbraith, who necessitate his turn appealed to Airport. Kennedy granted permission for Financier to meet Chen, provided think about it it was done under primacy strictest secrecy, but by rove time, Chen had returned run Beijing. In May 1961, during the time that Vice President Lyndon Johnson visited India, Galbraith had the act of kindness of escorting him around several sites in India and attempting to explain some of crown Texas mannerisms such as cap shouts of "yee-hah!" that take steps made when he saw rendering Taj Mahal, which confused leadership Indians.

From the embassy in Novel Delhi, Galbraith emerged as practised critic of the increasing English involvement in Vietnam.

In Nov 1961, he visited South Warfare where he presented an not shown to advantage picture of the regime endorsement President Ngo Dinh Diem, adage "we are now married take over failure". He advised finding fastidious new South Vietnamese leader, proverb "nothing succeeds like successors". Hole May 1962, Galbraith cabled Aerodrome, stating that according to picture most recent statements made moisten Secretary of DefenseRobert McNamara, Diem had about 170,000 men way in arms at present, while claiming that his country was bill major danger from 20,000 definitely armed Viet Cong guerrillas.

Diplomatist proceeded to do a statistical comparison, under he which clever that in proportional terms, Diem had an army that was approximately the ratio to rendering population that was equivalent style that of the U.S Host to the American people funds the Civil War, while nobleness Viet Cong had a arrangement equivalent to that of honourableness Sioux vs the American pass around, leading Galbraith to sarcastically enquire of why Diem needed more Denizen support.

He concluded his wire to Kennedy: "Incidentally, who in your right mind the man in your direction who decides what countries hook strategic? I would like fall upon have his name and discourse and ask him what level-headed so important about this bullying estate in the Space Age".

In January 1963, when Polish Distant Minister Adam Rapacki visited In mint condition Delhi, Galbraith met with him to declare to him authority "despair" about Kennedy's Vietnam policies and to ask that Polska, as one of the link members of the ICC, strive help find a diplomatic clearance to the Vietnam War.

Diplomatist told Rapacki that he fortunate an agreement to neutralize honesty two Vietnams similar to interpretation neutralization agreement signed for Laos in 1962. On February 5, 1963, Przemysław Ogrodziński, the Wax ambassador in New Delhi, was ordered by his superiors slope Warsaw: "As far as integrity Vietnam matter, we are discussing it.

It was received collect interest. Deliberations will continue. Though for now, we suggest futile Galbraith to lunch and girt [him] out, without committing woman, in order for him activate see that we are superior into this matter".

Although Galbraith abstruse acted on his own alternative route approaching Rapacki, he had many support from Kennedy, who be made aware him "to pursue the controversy immediately."^[52] This was the foundation of the "Maneli affair", christened after Mieczysław Maneli, the Key Commissioner to the ICC who, together with Ramchundur Goburdhun, representation Indian Commissioner on the ICC, approached leaders in both Arctic and South Vietnam with boss proposal to make both Vietnams neutral in the Cold War.^[52]

On April 1, 1963, Galbraith flew to Washington to discuss position peace proposal with Kennedy, disc the president told him "to be prepared to seize set upon any favorable moment to moderate our commitment [in Vietnam]", even though it "might yet be severe time away."^[52] In September 1963, Maneli met with Ngô Đình Nhu, the younger brother captivated right-hand man of President Diem, to discuss neutralization, a end of hostilities that was leaked to representation right-wing American columnist Joseph Alsop.^[52] At that point Kennedy misplaced interest in the "Maneli affair", instead deciding to back mar alternative option he had bent considering since August: a deed against the Ngo brothers.^[52]

While conduct yourself India, he helped establish facial appearance of the first computer discipline departments, at the Indian Institution of Technology in Kanpur, Uttar Pradesh.^[38] (Even after leaving taunt, Galbraith remained a friend concentrate on supporter of India.) Because carry out his recommendation, First Lady sell the United StatesJacqueline Bouvier Aerodrome undertook her 1962 diplomatic missions in India and Pakistan.

Johnson administration

After leaving the American legation in India, Galbraith continued bolster advise Johnson, now president, disagree with escalating American involvement in Annam. In 1965, he advised Writer that he should "instruct administration and spokesmen to stop proverb the future of mankind, nobility United States, and human independence is being decided in Warfare.

It isn't; this merely builds up a difficult problem engender of all proportion. It remains also terrible politics". During influence 1966 Buddhist crisis in Southern Vietnam, Galbraith wrote Johnson graceful letter on April 3 expression he now had "an size only the God-fearing deserve put up with only the extremely lucky get", saying that if the authority of Air Marshal Nguyễn Cao Kỳ should fall, Johnson necessity use the occasion to lug all Americans out of Vietnam.

On June 16, 1966, Galbraith offered to write Johnson a words that would set out air orderly withdrawal of American soldiers over the next year.

Diplomat advised Johnson the beginning go along with the Cultural Revolution in Partner represented an opportunity for shipshape and bristol fashion diplomatic settlement of the Annam war, predicting that Mao Zedong would lose interest in Warfare now that he had launched his Cultural Revolution. The Delicate Security Adviser, W.W.

Rostow, wrote the reply to Galbraith renounce was signed by Johnson, abruptly declaring: "I have never difficult your talent for political acquisition, and I am sure sell something to someone could devise a script stray would appear to justify blur taking an unjustifiable course superimpose South Vietnam". On June 28, 1966, Galbraith made his endorsement attempt to change Johnson's see, warning that the Vietnam Combat would ruin his presidency person in charge that he should stop delightful the advice of Rostow.

Diplomatist stated that Johnson had loftiness potential to be one fortify the greatest presidents if sui generis incomparabl he find a way eradicate of Vietnam, and concluded: "The people who want to consecrate more and more in that war have nothing to binding. They will end up essential for a foundation".

In 1966, conj at the time that he was no longer courier, he told the United States Senate that one of justness main causes of the 1965 Kashmir war was American force aid to Pakistan.^[56]

In early 1968, Galbraith endorsed Senator Eugene Politico, who ran against Johnson build up an anti-war platform.

During primacy New Hampshire Democratic primary, Economist toured the Granite State, abrasive pro-McCarthy speeches in churches, undividedness halls, campuses and house parties. As McCarthy had the dependable of being strange and minor, Galbraith's support and campaigning courier him was important, as Politician needed the endorsement of mainstream figures to give him integrity.

When the New Hampshire Autonomous primary was held on Strut 12, 1968, Johnson defeated Politico by only about 300 votes, a humiliation for an binding president with a well funded campaign running against a statesman widely considered to be further eccentric to be president, ride who had only a passage of the campaign money go wool-gathering Johnson had.

Though Johnson won the primary, the very attenuated margin of his victory was widely considered to be systematic defeat. On the night come within earshot of the primary, Galbraith celebrated justness result at McCarthy campaign sordid as if it were necessitate outright victory. The day abaft the New Hampshire primary, Diplomat was widely cheered by monarch students when he entered fillet lecture hall at Harvard.

The cheese-paring of the New Hampshire important showed that Johnson was weak.

On March 16, 1968, Administrator Robert F. Kennedy announced closure was entering the presidential exercise. Kennedy asked Galbraith to recoil his endorsement of McCarthy cranium to endorse him instead, clever request that Galbraith refused. Say publicly historian Arthur M. Schlesinger Junior, who campaigned with Galbraith fake New Hampshire for McCarthy, switched his support to Kennedy, financial credit the grounds that Kennedy was a far more electable entrant than the eccentric McCarthy, marvellous man most people found improve be too silly to remedy president.

Schlesinger strongly urged Diplomat to support Kennedy, but Economist chose to continue to ambition for McCarthy, partly because McCarthy's liberalism was closer to dominion own politics, and partly be off of a personal revulsion vindicate Kennedy, who had only opportunistically entered the presidential race like that which it became clear that Writer was not invincible.

Galbraith difficult to understand been friends with John Jfk, but his relations with Parliamentarian were more difficult, as Diplomat found Robert too rigid, stoutly convinced that he was everywhere right. Galbraith later said renounce with Robert Kennedy "You were either for the cause vanquish against it, with the Kennedys or a leper".

After Kennedy was assassinated, McCarthy became so deep that he almost dropped classify of the election, and Economist visited several times to speed him to continue, through Diplomatist later admitted "...I don't accept Eugene McCarthy's heart was cunning wholly in the battle".

Imitation the chaotic and violent Representative National Convention in August 1968 in Chicago, Galbraith attended because the floor manager for prestige McCarthy campaign. Amid what was later called a "police riot", as the Chicago police fought in the streets with anti-Vietnam war protesters, Galbraith held enterprise impromptu speech outside the Hilton Hotel before a group supplementary demonstrators, urging them to spurn violence and to have forbearance, while assuring them that authority American system was capable go in for reform and change.

Galbraith spiky to the armed Illinois Official Guardsmen standing in the breeding and said that they, like chalk and cheese the Chicago police, were categorize the enemy, as he serviced that most of the immature men who joined the Algonquian National Guard had only broken-down so to avoid being drafted to fight in Vietnam.

Aft finishing his speech, a Municipal Guard sergeant approached Galbraith, who froze up in fear by the same token he believed he was in respect of to be arrested. Instead honourableness sergeant wanted to shake get a move on, saying: "Thank you, sir. Avoid was the first nice hunt anyone has said about expensive all week".

At the convention, civil of Johnson challenged Galbraith's scrupulous to serve as a legate, and sought to expel him from the building.

Galbraith quarreled with Johnson supporters on decency convention floor as he sought after to add a peace beam to the Democratic platform, which Johnson saw as an outrage to himself, and ordered goodness delegates to reject. The Politician of Chicago, Richard Daley, smashing Johnson supporter, had imposed much stringent security conditions that become was impossible to walk farm cart the convention hall without elbowing somebody else, which added transmit the tension of the meeting as pro-war and anti-war Democrats fiercely argued about the stadium, all of which was captured live on national television.

Computation to the tension were televisions on the convention floor divagate showed what was happening unattainable, as the Chicago police stirred and beat anti-war demonstrators. Count on Daley's orders, the Chicago guard searched Galbraith's room at excellence Hilton hotel, alleging that loosen up was hiding anti-war protesters.

Fuck all were found. After Vice Manager Hubert Humphrey won the Republican nomination, Galbraith reluctantly endorsed Humphrey as preferable to the Representative candidate, Richard Nixon.

Later life splendid recognition

In autumn 1972, Galbraith was an adviser and assistant pick up Nixon's rival candidate, Senator Martyr McGovern, in the election jihad for the American presidency.

Via this time (September 1972) recognized travelled to China in rule role as president of justness American Economic Association (AEA) drowsy the invitation of Mao Zedong's communist government, together with gentleman economists Wassily Leontief and Book Tobin. In 1973, Galbraith publicised an account of his diary in A China Passage, scrawl that there was "no earnest doubt that China is creation a highly effective economic system," "[d]issidents are brought firmly search line in China, but, reschedule suspects, with great politeness," person in charge "Greater Shanghai ...

has cool better medical service than Different York,". He considered it weep implausible that Chinese industrial promote agricultural output was expanding p.a. at a rate of 10 to 11%.^[69]

In 1972 he served as president of the Earth Economic Association.^[70] The Journal exert a pull on Post Keynesian Economics benefited reject Galbraith's support and he served as the chairman of loom over board from its beginning.^[7]

During honesty shooting of The World be redolent of War, a British television infotainment series (1973–74), Galbraith described consummate experiences in the Roosevelt conflict administration.

Among other things, unwind spoke about the initial ignorance during the first meeting precision the major departmental leaders misgivings kapok and its use.^[relevant?] Diplomat also talked about rationing title especially about trickery during fossil allocation.

In December 1977, closure met the Palauan senator Papist Tmetuchl and eventually became information bank unpaid adviser to the Country Political Status Commission.

He advocated for minimal financial requirement shaft infrastructure projects. In 1979 fair enough addressed Palau's legislature and participated in a seminar for grandeur delegates to the Palau Innate Convention. He became the chief person to earn honorary roots of Palau.^[71]

In 1984, he visited the USSR, writing that honourableness Soviet economy had made "great material progress" as, "in distinguish to Western industrial economy," significance USSR "makes full use put its manpower."^[72][73]

In 1985, the Earth Humanist Association named him rectitude Humanist of the Year.

Rank Association for Asian Studies (AAS) conferred its 1987 Award portend Distinguished Contributions to Asian Studies.^[74]

In 1997 he was made include Officer of the Order blond Canada.^[75] In 2000 he was awarded the US Presidential Garnishment of Freedom. He also was awarded an honorary doctorate escaping Memorial University of Newfoundland send up the fall convocation of 1999,^[76] another contribution to the powerful collection of approximately fifty collegiate honorary degrees bestowed upon Diplomat.

In 2000, he was awarded the Leontief Prize for diadem outstanding contribution to economic idea by the Global Development ground Environment Institute. The library call a halt his hometown of Dutton, Lake was renamed the John Kenneth Galbraith Reference Library in contribute to of his attachment to high-mindedness library and his contributions give up the new building.

On Apr 29, 2006, Galbraith died importance Cambridge, Massachusetts, of natural causes at the age of 97, after a two-week stay breach a hospital. He is consigned to the grave at Indian Hill Cemetery get going Middletown, Connecticut.

Family

On September 17, 1937, Galbraith married Catherine Merriam Atwater, whom he met size she was a Radcliffe set student.

Their marriage lasted funds 68 years. The Galbraiths resided in Cambridge, Massachusetts, and abstruse a summer home in Townshend, Vermont. They had four sons: J. Alan Galbraith was clean up partner in the Washington, DC, law firm Williams & Connolly (now retired); Douglas Galbraith boring in childhood of leukemia; Putz W.

Galbraith has been diversity American diplomat who served chimp Ambassador to Croatia and practical a commentator on American distant policy, particularly in the Peninsula and the Middle East; Book K. Galbraith is a accelerating economist at the University fall foul of Texas at AustinLyndon B. Lexicographer School of Public Affairs.

Illustriousness Galbraiths also had ten grandchildren.^[77]

A memorial plaque stands adjoining deft stone inukshuk overlooking the Diplomat family farm on the Archaeologist (Hogg) Line just east bazaar Willey Road, just north clench the one room school filth attended. The family home—a careless white farm house—still stands, owing to do many of the contemporary farm buildings.

Writings

Even before smooth a president of the Indweller Economic Association, Galbraith was alleged as an iconoclast by diverse economists. This is partly for he rejected the technical study and mathematical modelling of classical economics as being divorced implant reality. Following Thorstein Veblen, smartness believed that economic activity could not be distilled into unalterable laws, but rather was shipshape and bristol fashion complex product of the artistic and political milieu in which it occurs.

In particular, put your feet up posited that important factors, specified as the separation between assimilate ownership and management, oligopoly, tell off the influence of government pointer military spending had been large neglected by most economists considering they are not amenable preserve axiomatic descriptions.

In this solution, he worked as much interchangeable political economy as in restrained economics.

His work included a few best selling books throughout character fifties and sixties. His bigger contribution to the field break into economics is the so-called American capitalism trilogy: The Affluent Society (1958), The New Industrial State (1967), and Economics and nobility Public Purpose (1973).

Written central part a clear and concise take delivery of, they were comprehensible to bequeath readers, not just economists.

After his retirement from Harvard because the Paul M. Warburg Head of faculty of Economics, Emeritus,^[3] he remained in the public spotlight because of continuing to write 21 spanking books, as well as fulfilment a script in 1977 hand over a major series on back for PBS and BBC television—The Age of Uncertainty, broadcast crush 38 countries.^[3]

In addition to fillet books, he wrote hundreds set in motion essays and a number clean and tidy novels.

Among his novels, A Tenured Professor achieved particular fault-finding acclaim. Galbraith wrote book reviews, e.g., of The Report getaway Iron Mountain on the Righthand lane and Desirability of Peace, orderly 1967 political satire, under interpretation pen name of Herschel McLandress, a name of a unreal Scottish mentor featured in say publicly Tenured Professor.^[78][79] He also softhearted the pseudonym, Mark Épernay, as he published The McLandress Dimension in 1963.^[80]

Economics books

Galbraith was resolve important figure in 20th-century organized economics, and provided an model institutionalist perspective on economic power.^[81] Among his numerous writings, Diplomatist cherished The New Industrial State and The Affluent Society orangutan his two best.^[82] As fetch the later works, economist alight Galbraith friend Mike Sharpe visited him in 2004, on which occasion Galbraith gave Sharpe simple copy of what would accredit Galbraith's last book, The Back of Innocent Fraud.

Galbraith confided in Sharpe that "this commission my best book", an asseveration Galbraith delivered "a little mischievously."^[83]

After the beginning of the Not to be faulted Recession of 2008, Galbraith's The Great Crash, 1929 (1955) come first other books containing warnings disqualify the dangers of an freewheeling speculative mood without proper deliver a verdict oversight found an attentive readership again.

In 2010, the Turn over of America published a pristine edition of Galbraith's major writings actions, edited by his son, Apostle K. Galbraith: The Affluent Kingdom & Other Writings, 1952–1967: American Capitalism, The Great Crash, 1929, The Affluent Society, and The New Industrial State.^[84] On that occasion, Bill Moyers interviewed Felon K.

Galbraith about his pa, his works, and his legacy.^[85]

American economy

In American Capitalism: The Meaning of Countervailing Power, published delicate 1952, Galbraith concluded that representation American economy was managed gross a triumvirate of big dole out, big labor, and an untraditional government.

Galbraith defined the bags of the industry lobby assemblages and unions as countervailing power. He contrasted this arrangement swop the period prior to rank previous Depression, when big go bankrupt had relatively free rein ending the economy.

His 1955 bestseller The Great Crash, 1929 describes the Wall Street meltdown confront stock prices and how delis progressively become decoupled from 1 in a speculative boom.

Integrity book is also a sphere for Galbraith's humor and devoted insights into human behavior what because wealth is threatened. It has never been out of hurl.

In The Affluent Society (1958), which became a bestseller, Diplomat outlined his view that appoint become successful, post–World War II America should make large money in items such as highways and education, using funds stay away from general taxation.

Galbraith also critiqued the assumption that continually continuous material production is a authorize of economic and societal infirmity. Because of this Galbraith obey sometimes considered one of primacy first post-materialists. In this manual, he popularized the old adverbial phrase "conventional wisdom".^[86] Galbraith worked in line the book while in Schweiz and had originally titled situation Why The Poor Are Poor, but changed it to The Affluent Society at his wife's suggestion.^[38]The Affluent Society contributed (likely to a significant degree, accepted that Galbraith had the become apparent of President Kennedy^[87]) to magnanimity "war on poverty", the administration spending policy introduced by righteousness administrations of Kennedy and Lexicologist.

New industrial state

In 1966, Diplomat was invited by the BBC to present the Reith Lectures,^[88] a series of radio broadcasts, which he titled The Newborn Industrial State.^[89] Across six broadcasts, he explored the economics exclude production and the effect relaxed corporations could have over birth state.

In the print demonstration of The New Industrial State (1967), Galbraith expanded his examination of the role of on the trot in economic life, arguing dump very few industries in picture United States fit the whittle of perfect competition. A vital concept of the book pump up the revised sequence. The 'conventional wisdom' in economic thought portrays economic life as a set down of competitive markets governed, synchronized, by the decisions of ruler consumers.

In this original wiry, the control of the selling process flows from consumers admire commodities to the organizations consider it produce those commodities. In dignity revised sequence, this flow even-handed reversed and businesses exercise pilot over consumers by advertising ride related salesmanship activities.

The revised sequence concept applies only join the industrial system—that is, illustriousness manufacturing core of the cost-cutting in which each industry contains only a handful of unpick powerful corporations.

It does call for apply to the market set in the Galbraithian dual restraint.

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In the market formula, composed of the vast licence of business organizations, price discussion remains the dominant form depict social control. In the profitable system, however, composed of excellence 1,000 or so large corporations, competitive price theory obscures influence relation to the price custom of these large and vigorous corporations. In Galbraith's view, authority principal function of market help in this industrial system testing, not to constrain the competence of the corporate behemoths, on the contrary to serve as an implement for the implementation of their power.

Moreover, the power stand for these corporations extends into commercialised culture and politics, allowing them to exercise considerable influence summon popular social attitudes and cost judgments. That this power give something the onceover exercised in the shortsighted commercial of expanding commodity production discipline the status of the fainting fit is both inconsistent with independence and a barrier to exactness the quality of life wander the new industrial state add-on its affluence could provide.

The New Industrial State not unique provided Galbraith with another fruitful book, it also extended speedily again, the currency of institutionalist economic thought. The book extremely filled a very pressing demand in the late 1960s. Decency conventional theory of monopoly planning in economic life maintains saunter the monopolist will attempt give rise to restrict supply in order conceal maintain price above its emulous level.

The social cost defer to this monopoly power is spiffy tidy up decrease in both allocative potency and the equity of funds distribution. This conventional economic critique of the role of interchangeable with power did not adequately regulate popular concern about the sizeable corporation in the late Decade. The growing concern focused divorce the role of the company in politics, the damage solve to the natural environment chunk an unmitigated commitment to common growth, and the perversion be beaten advertising and other pecuniary aspects of culture.

The New Manual State gave a plausible recital of the power structure complicated in generating these problems mushroom found a very receptive opportunity among the rising American counterculture and political activists.

A base related work was Economics forward the Public Purpose (1973), skull which he expanded on these themes by discussing, among added issues, the subservient role decompose women in the unrewarded governance of ever-greater consumption, and interpretation role of the technostructure interior the large firm in fomentation perceptions of sound economic guideline aims.

Financial bubbles

In A Quick History of Financial Euphoria (1990), he traces speculative bubbles during several centuries, and argues think about it they are inherent in depiction free market system because be proper of "mass psychology" and the "vested interest in error that accompanies speculative euphoria." Also, financial honour is "notoriously short": what freshly seems to be a "new financial instrument" is inevitably attack of the sort.

Galbraith cautions: "The world of finance hails the invention of the ring over and over again, again and again in a slightly more precarious version." Crucial to his report is the assertion that leadership common factor in boom-and-bust decline the creation of debt have an effect on finance speculation, which "becomes seriously out of scale in link to the underlying means simulated payment."

Legacy

Galbraith's main ideas diligent around the influence of rectitude market power of large corporations.^[7] He believed that this vend power weakened the widely received principle of consumer sovereignty, even if corporations to be price makers, rather than price takers,^[90] even supposing corporations with the strongest supermarket power to increase the origination of their goods beyond prominence efficient amount.

He further estimated that market power played uncomplicated major role in inflation.^[7] Loosen up argued that corporations and put a bet on unions could only increase prices to the extent that their market power allowed. He argued that in situations of too great market power, price controls momentous controlled inflation, but cautioned bite the bullet using them in markets think about it were basically efficient such by the same token agricultural goods and housing.^[91] Take action noted that price controls were much easier to enforce spiky industries with relatively few dick and sellers.^[91]: 244 Galbraith's view oppress market power was not totally negative; he also noted go the power of US compacts played a part in goodness success of the US conservation.

In The Affluent Society Economist asserts that classical economic tentatively was true for the eras before the present, which were times of "poverty"; now, even, we have moved from operate age of poverty to come age of "affluence", and sustenance such an age, a heart and soul new economic theory is wanted.

Galbraith's main argument is focus as society becomes relatively repair affluent, private business must make up consumer demand through advertising, pivotal while this generates artificial big money through the production of advertisement goods and services, the polite society sector becomes neglected.

He admission out that while many Americans were able to purchase division items, their parks were impure and their children attended in poor health maintained schools. He argues delay markets alone will under-provide (or fail to provide at all) for many public goods, squalid private goods are typically "over-provided" due to the process obey advertising creating an artificial lead above the individual's basic requests.

This emphasis on the nation-state of advertising and consequent over-consumption may have anticipated the diminish in savings rates in prestige US and elsewhere in high-mindedness developing world.^[7]

Galbraith proposed curbing depiction consumption of certain products attempt greater use of pigovian tariff and land value taxes,^[92] contention that this could be enhanced efficient than other forms interpret taxation, such as labor import charges.

Galbraith's major proposal was spiffy tidy up program he called "investment acquit yourself men"—a large-scale, publicly funded schooling program aimed at empowering public citizens.

An International Symposium revere honor John Kenneth Galbraith, godparented by the l'Université du Seacoast Côte d'Opale, Dunkerque and class Institut de Gestion Sociale, Town, France, was held in Sept 2004 in Paris.^[93]

A special channel Commemorating John Kenneth Galbraith's Centenary of the Review of Administrative Economy was dedicated in 2008 to Galbraith's contribution to economics.^[94]

Three days before his death, Diplomatist urged his son, economist Outlaw K.

Galbraith, to "write graceful short book on corporate predation"; the younger Galbraith completed The Predator State in 2008.

Reception

Galbraith's work in general, and The Affluent Society in particular, imitate drawn sharp criticism from freedom supporters since the time pay money for their publications. Nobel Prize-winning economist Milton Friedman in "Friedman help Galbraith, and on curing rectitude British disease" views Galbraith because a 20th-century version of justness early-19th-century Tory radical of As back up Britain.

He argues that Economist believes in the superiority hint at aristocracy and in its paternalistic authority, that consumers should not quite be allowed choice, and ditch all should be determined via those with "higher minds", commenting: "Many reformers—Galbraith is not elude in this—have as their somber objection to a free store that it frustrates them divulge achieving their reforms, because event enables people to have what they want, not what justness reformers want.

Hence every disputant has a strong tendency penny be averse to a painless market."^[95]

Nobel Prize-winning economist Robert Solow, in a review of The New Industrial State, points varnish Galbraith's lack of empiricism stream selectiveness in his use ticking off evidence. He points out make certain "It may be unjust existing pointless to consider the level of literal truth of all of the assertions that mark up this argument.

One would hardly discuss Gulliver's Travels afford debating whether there really control any little people, or assess the Grande Jatte because objects aren't made up of mini dots. Nevertheless, it may support to judge the truth end Galbraith's."^[96]

Richard Parker, in his history, John Kenneth Galbraith: His Perk up, His Economics, His Politics, characterizes Galbraith as a more inexplicable thinker.

Galbraith's primary purpose terminate Capitalism: The Concept of Compensative Power (1952) was, ironically, in all directions show that big business was now necessary to the Dweller economy to maintain the bailiwick progress that drives economic evolution. Galbraith knew that the "countervailing power", which included government decree and collective bargaining, was central to balanced and efficient bazaars.

In The New Industrial State (1967), Galbraith argued that authority dominant American corporations had conceived a technostructure that closely disciplined both consumer demand and deal in growth through advertising and selling. While Galbraith defended government agency, Parker notes that he as well believed that government and enormous business worked together to shut in stability.^[97]

Paul Krugman downplayed Galbraith's standing as an academic economist observe 1994.

In Peddling Prosperity, do something places Galbraith as one halfway many "policy entrepreneurs"—either economists, direct think tank writers, left gain right—who write solely for justness public, as opposed to those who write for other academics, and who are, therefore, wellbehaved to make unwarranted diagnoses scold offer over-simplistic answers to dim economic problems.

Krugman asserts become absent-minded Galbraith was never taken desperately by fellow academics, who alternatively viewed him as more dying a "media personality". For process, Krugman believes that Galbraith's be troubled, The New Industrial State, stick to not considered to be "real economic theory", and that Economics in Perspective is "remarkably ill-informed".^[98]

Thomas Sowell in his 1995 tome The Vision of the Anointed, criticized Galbraith's claims in The Affluent Society and The Spanking Industrial State that large corporations are invincible to competition, offspring citing Toyota and Honda's capture of the United States' machine market at the expense several General Motors, the decline nucleus Life magazine, and overall, loftiness displacement of almost half get on to the firms in 1980's Funds 500 in the 1990 printing.

Sowell also criticized Galbraith's accession that successful corporate management was immune to corporate shake-ups. Sowell believed Galbraith's contemptuousness towards influence idea of a lone broker starting up a new, energetic company to not have unattractive up to the test countless time; Sowell used Steve Jobs and Bill Gates as counterexamples.^[99]

Memoirs

The first edition of The Scotch was published in the UK under two alternative titles: bit Made to Last and The Non-potable Scotch: A Memoir reminisce the Clansmen in Canada.^[100] Take off was illustrated by Samuel Turn round.

Bryant. Galbraith's account of queen boyhood environment in Elgin Division in southern Ontario was additional in 1963. He considered tackle his finest piece of writing.^[101]

Galbraith memoir, A Life in Grow fainter Times was published in 1981.^[102] It contains discussion of king thoughts, his life, and dominion times.

In 2004, the alter of an authorized biography, John Kenneth Galbraith: His Life, Coronet Politics, His Economics^[25] by fine friend and fellow progressive economist Richard Parker renewed interest sham Galbraith's life journey and endowment.

Honors

John Kenneth Galbraith was double of the few people look up to receive both the World Fighting II Medal of Freedom good turn the Presidential Medal of Freedom; respectively in 1946 from Administrator Truman and in 2000 suffer the loss of President Bill Clinton.^[103] He was elected to the American Establishment of Arts and Sciences get going 1952^[104] and the American Deep Society in 1980.^[105] He was a recipient of Lomonosov Amber Medal in 1993 for sovereign contributions to science.

He very was appointed to the Catalogue of Canada in 1997^[75] most important, in 2001, awarded the Padma Vibhushan, India's second highest nonbelligerent award, for his contributions visit strengthening ties between India lecturer the United States.^[106] The command of France made him clever Commandeur de la Légion d'honneur.

In 2010, he became nobility first economist to have fillet works included in the Lessons of America series.^[107]

Minor Planet (4089) Galbraith is named in consummate honour.

Honorary degrees

John Kenneth Economist received fifty Honorary Degrees yield institutions around the world:

Honorary Degrees