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A Journey Through Economic Time: A Firsthand View
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About A Journey Through Economic Time: A Firsthand View
Product Description A renowned economist presents an accessible, far-reaching history of the century's economics from World War I and the Russian Revolution, through the Depression and Keynesian theory, to colonialism's collapse and the rise of the Third World. From Publishers Weekly In an incisive informal history that often defies conventional wisdom, Galbraith surveys economic policy and its interaction with politics and society from WW I to the present. Characterizing U.S. economic policy after 1945 as a mix of compassion, idealism and paranoiac fear of communism, the renowned Harvard professor emeritus argues that the European powers and America shed their colonial possessions because colonies no longer conferred a major economic advantage. Galbraith draws lessons broadly applicable to the present, tapping his experience as New Deal reformer, price control manager of the wartime economy and adviser to JFK and Lyndon Johnson. Calling both capitalism and socialism "supremely irrelevant" to the early economic development in Third World countries, he advocates an end to the arms trade and a redirection of resources. On the domestic front, he suggests that concerted government action, job creation and public investment are necessary to end the "war between the comfortable and the underclass." Copyright 1994 Reed Business Information, Inc. From Library Journal Galbraith (emeritus professor of economics, Harvard), influential teacher, sometime player in Washington policy making, and author of many trenchant studies in political economy, here offers a penetrating analysis of the major worldwide economic and social currents since World War I and how they were shaped by wars and revolutions, ideologies and government policies. As Galbraith shows, capitalism, which came to dominate the world economic order, generated great material wealth but suffers from instability and uneven distribution of its benefits. The United States, Europe, and parts of Asia are the principal beneficiaries; the rest of the world is underdeveloped and poor. The world's future depends on whether and how this gap is to be closed. Gracefully and lucidly written, this is recommended for most libraries. Harry Frumerman, formerly with Hunter Coll., CUNY Copyright 1994 Reed Business Information, Inc. From Booklist This is Galbraith's thirtieth book. Turning 85, Canadian-born Galbraith, economist, social observer, raconteur, and former presidential adviser and ambassador to India, is now out of the more conservative mainstream of economic thought, yet his controversial opinions remain fascinating and challenging and his writing witty and erudite. He has already given us his memoirs ( A Life in Our Times, 1981), several collections of essays and observations, and numerous histories of economics. Most recently, he reworked his classic The Affluent Society (1958), offering The Culture of Contentment (1992) to account for the 1980s and Reaganomics. Galbraith's Journey is a return to the period that begot The Great Crash (1955), one of his most enduring works; it is, in his words, "an account of what I saw or learned of the central core of economic life in these years." Galbraith provides a rich, personal travelogue of economic and political events beginning with World War I and continuing through the collapse of Communism. David Rouse From Kirkus Reviews From Galbraith, now 85 and professor emeritus at Harvard, a personal, idiosyncratic, and thin history of the economics of the century. Relying mostly on ``experience, observation and reflection. And on a reasonably capacious memory,'' this book is not going to make Galbraith's reputation for authoritative analysis. Nor does he deal with much care with the views of those with whom he disagrees: He notes that one economist ``held, in early anticipation of Ronald Reagan, that the economic system rightly rewarded the rich for their contribution to general well-being and wisely punished the poor for their
