John Kenneth Galbraith: Selected Summaries: SELECTED SUMMARIES

By MAURICIO ENRIQUE FAU

The greatest thinkers of humanity at your fingertips, in minutes! 
If you thought you would never be able to understand the essential classic authors, you were wrong! 
With our Selected Summaries" collection, you will understand the main ideas of the most important thinkers in a very short time and with little effort.

The present volume covers the central axes of this discipline.
Among them, the reader will find an analysis of the following: A Journey Through The Economy Of Our Time, History Of The Economy, The Culture Of Satisfaction, A Better Society, among others.

• Language: English
• Publisher: BOOKS AND SUMMARIES BY MAURICIO FAU
• Release date: Sep 29, 2021
• ISBN: 9798201929718

MAURICIO ENRIQUE FAU

Mauricio Enrique Fau nació en Buenos Aires en 1965. Se recibió de Licenciado en Ciencia Política en la Universidad de Buenos Aires. Cursó también Derecho en la UBA y Periodismo en la Universidad de Morón. Realizó estudios en FLACSO Argentina. Docente de la UBA y AUTOR DE MÁS DE 3.000 RESÚMENES de Psicología, Sociología, Ciencia Política, Antropología, Derecho, Historia, Epistemología, Lógica, Filosofía, Economía, Semiología, Educación y demás disciplinas de las Ciencias Sociales. Desde 2005 dirige La Bisagra Editorial, especializada en técnicas de estudio y materiales que facilitan la transición desde la escuela secundaria a la universidad. Por intermedio de La Bisagra publicó 38 libros. Participa en diversas ferias del libro, entre ellas la Feria Internacional del Libro de Buenos Aires y la FIL Guadalajara.

Book preview

John Kenneth Galbraith: Selected Summaries

SELECTED SUMMARIES

MAURICIO ENRIQUE FAU

Published by BOOKS AND SUMMARIES BY MAURICIO FAU, 2021.

While every precaution has been taken in the preparation of this book, the publisher assumes no responsibility for errors or omissions, or for damages resulting from the use of the information contained herein.

JOHN KENNETH GALBRAITH: SELECTED SUMMARIES

First edition. September 29, 2021.

Copyright © 2021 MAURICIO ENRIQUE FAU.

ISBN: 979-8201929718

Written by MAURICIO ENRIQUE FAU.

Table of Contents

Title Page

Copyright Page

SUMMARY OF TEXTS BY JOHN KENNETH GALBRAITH | INTRODUCTION

A JOURNEY THROUGH THE ECONOMY OF OUR TIME | Chapter 8  THE GREAT DEPRESSION

CHAPTER 9  THE NEW POLICY

CHAPTER 10  THE JOHN MAYNARD KEYNES REVOLUTION

ECONOMIC HISTORY | CHAPTER 5  THE FRENCH PROJECT

THE THREE KEY MEMBERS OF THE | PHYSIOCRATIC THINKING

CHAPTER 8  THE GREAT CLASSICAL TRADITION | In the surrounding area

CHAPTER 9  THE GREAT CLASSICAL TRADITION. THE MAINSTREAM | Mainstream

CHAPTER 17  JOHN MAYNARD KEYNES

CHAPTER 19  FULL NOON

Taxes were progressive without affecting the purchasing power of the richest and contributed to finance the state accounts as well as sustaining the marginal propensity to consume of the entire population. Only in 1964 was an income tax reduction (from 77% to 70%) considered and implemented in order to expand consumption and employment. | During these welfare years, there were discussions about full employment, European and Japanese reconstruction, decolonization, socialism and mathematical economics. In this last aspect, mathematical economics presented certain deficiencies because it was often far from reality, as in the case of perfect competition. However, there were also fruitful advances, such as econometrics and Leontief's input-output table (also called input-output analysis). These tables express the interaction between companies of what they sell and buy from each other, helping to establish imbalances and needs of each one. Such statistics were rather costly so the state took on the task of producing them, in the USA, Europe and the USSR. Europe and the USSR. | These models were used to make forecasts on the levels of production, employment, prices, incomes, etc. The use of these models was not very successful at the beginning, but the economist's work gained prestige, but they were never 100% effective because they were never 100% effective:

In short, these were twenty-five years of prosperity and a struggle against deflation, depression and unemployment. In the following decades, the challenges will be different.

After twenty-five years, inflation burst in with full employment and economic stagnation, the so-called STANFLATION; the solution was to increase taxes and lower public spending, something totally ungrateful for politicians. Keynesian theory provided a solution for the Great Depression (unemployment and falling prices) but was powerless for the new situation.

Inflation would finally be controlled with a policy that combined monetary restriction and high interest rates, thus causing a strong restriction of investment and consumption in companies and individuals, an increase in unemployment, loss of power on the part of the unions, deterioration of agricultural prices, and bankruptcies of small companies. At the same time, the dollar became more expensive, reducing U.S. exports and favoring imports (especially Japanese). | The new scenario strengthened large companies to the detriment of small ones, the former having to resort to different tools to achieve higher sales: marketing, public relations, etc. This business model aims to maximize profits and, nevertheless, they also suffer from an excess of bureaucracy that inhibits their claims of efficiency. They also fail to take into account the social consequences, as was the case with the massive layoffs that took place in 1981/83 in the USA. | Orthodox microeconomics is now being overtaken by new forms of business organization, which are more cooperative, less hierarchical and subject to progressive automation. New models are being studied, such as that of Japan. Keynesianism has also lost much of its explanatory power.

THE CULTURE OF SATISFACTION | CHAPTER 1  THE CULTURE OF SATISFACTION

CHAPTER 2  SATISFACTION | An overview

CHAPTER 3  THE FUNCTIONAL SUBCLASS

CHAPTER 4  TAXES AND PUBLIC SERVICES | The perverse effect

A BETTER SOCIETY | CHAPTER 1  A BETTER SOCIETY

CHAPTER 4  THE SOCIAL FOUNDATION

CHAPTER 5  THE GOOD ECONOMIC SYSTEM

CHAPTER 8  INCOME AND POWER DISTRIBUTION

CHAPTER 9  EDUCATION

CHAPTER 16  THE GLOBAL POOR I. HISTORICAL ORIGINS

CHAPTER 17  THE GLOBAL POOR II. WHAT A BETTER SOCIETY MUST DO

CHAPTER 18  THE POLITICAL CONTEXT

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About the Author

About the Publisher

SUMMARY OF TEXTS BY JOHN KENNETH GALBRAITH

INTRODUCTION

We propose to review selected texts by Canadian economist John Kenneth Galbraith.

We will analyze two key texts by this author, namely:

A JOURNEY THROUGH THE ECONOMYOF OUR TIME, chapters 8 to 10

HISTORY OF THE ECONOMY, chapters 5, 8, 9, 17, 19 and 20

THE CULTURE OF SATISFACTION, chapters 1 to 4

A BETTER SOCIETY, chapters 1, 4, 5, 8, 9 and 16 to 18

A JOURNEY THROUGH THE ECONOMY OF OUR TIME

Chapter 8  THE GREAT DEPRESSION

After the stock market crisis in October 1929 came the Great Depression. It was expected to last for ten years and to spread throughout the industrial world. It tried to be alleviated by public policy, but only ended as a consequence of the Second World War.

The summer before the crisis there had been a slight weakness in the economic performance of the industrial markets and the stock market responded to that weakness, albeit rather belatedly and violently. During the following months autonomous forces