Home / Quotes / Quote by John Kenneth Galbraith

Quote by John Kenneth Galbraith

“It had been held that the economic system, any capitalist system, found its equilibrium at full employment. Left to itself, it was thus that it came to rest. Idle men and idle plant were an aberration, a wholly temporary failing. Keynes showed that the modern economy could as well find its equilibrium with continuing, serious unemployment. Its perfectly normal tendency was to what economists have since come to call an underemployment equilibrium.”

Quote by John Kenneth Galbraith

Book:The Essential Galbraith

Work

The Essential Galbraith

This book is a curated selection of John Kenneth Galbraith's influential writings, showcasing his insights on economics, business, and society. Galbraith's work is characterized by its critical analysis of capitalism and its impact on the economy, as well as his advocacy for social and economic reforms. The collection includes classic essays and speeches that have shaped economic thought and policy discussions over the years. more

Author

John Kenneth Galbraith

John Kenneth Galbraith was a renowned economist known for his research on economic cycles, market structures, and government policies. His works have had a profound impact on economic theory and policy practice. more

You May Also Like

“I think that Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself is in many ways extremely objectionable.”

Thinking Way Made Ends Economic Capitalism Sight Alternatives Efficient

Author:John Maynard Keynes

“The tendency of advanced capitalism has been to enlarge the middle class and not to wipe it out, as it once seemed likely to do.”

Has Beens Class Middle Capitalism Tendencies Middle Class Wipe

Book:A Collection of Essays

Source: A Collection of Essays

“In Europe and the United States the two decades following the Second World War will for long be remembered as a very good time, the time when capitalism really worked. Everywhere in the industrialized countries production increased. Unemployment was everywhere low. Prices were nearly stable. When production lagged and unemployment rose, governments intervened to take up the slack, as Keynes had urged.”

“Ownership is not a general feature of our society, determining its character. On the contrary, dependence on a precarious wage at the will of others is the general feature of our society.”

Character Capitalism Contrary Features Our Society Ownership Dependence Precarious

Book:An Essay on the Restoration of Property

Source: An Essay on the Restoration of Property

“Property, as a general social institution, well-divided property, having disappeared and Capitalism having taken its place, you cannot reverse the process without acting against natural economic tendencies.”

Wells Process Natural Acting Taken Economic Capitalism Property Tendencies Divided Reverse

Author:Hilaire Belloc

“The power of the State must be invoked for restoring economic freedom just as it has been invoked for destroying economic freedom.”

Has Beens States Economic Capitalism Destroying Restoring Economic Freedom

Author:Hilaire Belloc

“There is less difference than many suppose between the ideal Socialist system, in which the big businesses are run by the State, and the present Capitalist system, in which the State is run by the big businesses.”

States Bigs Running Differences Capitalism Ideals Capitalist Socialist Big Business

Author:Gilbert K. Chesterton

“The Liberal Party abandoned the principles of reform and social liberalism and has become, instead, just another piece of political machinery in the service of corporatism.”

Political Social Party Principles Pieces Capitalism Reform Liberalism Abandoned Machinery Corporatism Liberal Party

Author:Eric Kierans

“The corporation is the dominant and dominating institution of our time. Governments identify growth and development with commercial corporations and shower them with subsidies, tax privileges, and appropriate labour legislation and market support to attract a commitment and investment.”

“The largest 100 corporations hold 25 percent of the worldwide productive assets, which in turn control 75 percent of international trade and 98 percent of all foreign direct investment.The multinational corporation...puts the economic decision beyond the effective reach of the political process and its decision-makers, national governments.”