John Kenneth Galbraith has long been at the center of American
economics, in key positions of responsibility during the New Deal,
World War II, and since, guiding policy and debate. His trenchant
new book distills this lifetime of experience in the public and
private sectors; it is a scathing critique of matters as they stand
today. Sounding the alarm about the increasing gap between reality
and "conventional wisdom" -- a phrase he coined -- Galbraith tells,
along with much else, how we have reached a point where the private
sector has unprecedented control over the public sector. We have
given ourselves over to self-serving belief and "contrived
nonsense" or, more simply, fraud. This has come at the expense of
the economy, effective government, and the business world.
Particularly noted is the central power of the corporation and the
shift in authority from shareholders and board members to
management. In an intense exercise of fraud, the pretense of
shareholder power is still maintained, even with the immediate
participants. In fact, because of the scale and complexity of the
modern corporation, decisive power must go to management. From
management and its own inevitable self-interest, power extends
deeply into government -- the so-called public sector. This is
particularly and dangerously the case in such matters as military
policy, the environment, and, needless to say, taxation.
Nevertheless, there remains the firm reference to the public
sector. How can fraud be innocent? In his inimitable style,
Galbraith offers the answer. His taut, wry, and severe comment is
essential reading for everyone who cares about America's future.
This book is especially relevant in an election year, but it deeply
concerns the much longer future.
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