Word: galbraith
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...INDUSTRIAL STATE by John Kenneth Galbraith. 427 pages. Houghton Mifflin...
...really runs the U.S. economy? Not the same kind of people who did a few years ago, says that fashionably sardonic Harvard economist, John Kenneth Galbraith...
Power has shifted from yesterday's mighty individuals to groups of ordinary, anonymous and mostly middle-income specialists who staff the nation's few hundred biggest, richest companies. Galbraith has an ungainly name for the new elite: the technostructure...
This thesis is not wholly new, and thus it might attract less attention if this were not a Galbraith book. He wrote one of the two or three most quoted books on economics in the past decade, The Affluent Society, and he considers that to have been only a prelude to this more comprehensive work. Ever since he broadcast chunks of it in six widely discussed lectures on the BBC late last year (TIME, Jan. 6), it has been awaited by his fans on Capitol Hill and beyond...
...Moribund Market. One of Galbraith's main contentions is that the rise of the technostructure has brought the demise of that cornerstone of capitalism, the free market. As avidly as Eastern Europe's socialists, the U.S.'s industrial organization men embrace the cult of planning, leaving very little to the chancy market. Galbraith argues that they carefully plan production, use aggressive advertising as part of that planning to bamboozle the public into buying, and are sufficiently monopolistic to "establish prices and insure demand." In the fastest-rising industries-defense, space, atomics, electronics and supersonic transport-they have...