The denunciation of an excessive militarism

Galbraith's analysis of the technostructure within the capitalist economic system, pursued over more than thirty years, has always integrated the question of the military sector. He has repeatedly denounced the autonomization of military power and has analysed the specific economic role of defence spending. In his analysis, the excesses of militarism notably ensue from a bureaucratic shift of the economic system. Militarism, technostructure and policy of contentment In The New Industrial State...

James K Galbraith

Let me first read a message from my father To all attending Age and medical restraint firmly prevent my attendance at this the greatest tribute to my writing and my political and economic history in all time. I am indeed sorry not to be with you on what I trust will be a glowing occasion, at least to the extent that Economics and its related subject matter permit. It is my pleasure that my son James K. Galbraith will be with you and will deliver his own comment. It is my further pleasure that...

Robert Hunter Wade

Middle-income countries continue to be under pressure to further open their economies to free trade and investment, to privatize state-owned assets, deregulate entry and exit to sectors, and give no preference to domestic firms over foreign firms. The pressure comes from the global economic multilaterals (especially the WTO, IMF and the World Bank), and from the US government and the EU 1 and beyond 'pressure', the appropriateness of such moves is 'in the air' of the 'international development...

Internationalizing Chapter 9 a fair and efficient solution

All domestic legal systems have introduced insolvency as the only economically efficient and fair solution to debt. Its record and the fact that no one wants to abolish it prove that it has increased market efficiency. This strongly suggests emulating national insolvency procedures for sovereign debtors, a process that had already been advised as the best solution by Adam Smith. Soon after 1982 it was repeatedly proposed to use the principles of corporate insolvency in order to solve the debt...

Why has Europe been growing so slowly Structural change and coordination failures

In fact, the key issues to be addressed might not revolve around the possibility of convergence towards some pre-determined equilibrium growth path. They might be about the nature of growth regimes in the history of our economies and their relevant stability features. As a matter of fact, the central stylized fact revealed by international comparisons is the diversity of evolution across countries that have already faced the same kind of shocks and have had access to the same technologies. This...

East Asian industrial policies II forging ahead

Today Taiwan has reached the technological level of middle-ranking OECD countries, which is an astonishing, almost unprecedented achievement given its starting point around 1950. But it remains well behind the world technology frontier in most sectors. For all its commitment to WTO principles the state continues to exercise economy-wide foresight, continues to shape the composition of activity within its borders, does not let 'the market' take its course. Linda Weiss and Elizabeth Thurbon...

Why the liberal explanation of East Asias catchup is wrong

But first I need to give some indication of why I think the conventional liberal explanation of East Asia's catch-up growth is wrong - not entirely wrong but substantially wrong. The mainstream economics literature does present the catch-up as due in large part to steady liberalization of markets first, liberalization of the trade regime, then, liberalization of capital movements in and out both accompanied by a steady lightening of the hand of the state in the domestic economy, a steady...

Back to JK Galbraith

In the first chapter, which transcribes the inaugural address of the conference, James K. Galbraith presents a personal review of the core propositions of J.K. Galbraith's thought. The list he proposes is not exhaustive. However, drawing on J.K. Galbraith's major books, it captures three essential themes. The first ensues from The Great Crash 1955 , which demonstrates that financial panics affect the real economy and is, according to James K. Galbraith, one of the first great works on the...