Book contents
- Frontmatter
- Contents
- List of figures
- List of tables
- Foreword
- Preface
- Acknowledgments
- 1 The eclipse of The New Industrial State?
- 2 A life in our times
- 3 The economics of John Kenneth Galbraith
- 4 The methodology of John Kenneth Galbraith
- 5 The general theory of advanced development
- 6 Why people are poor
- 7 Uncertainty and the modern corporation
- 8 A theory of the multinational corporation
- 9 The management of specific demand
- 10 Money and the real world
- 11 A man for our times
- 12 The origins of the Galbraithian system: talking to John Kenneth Galbraith
- References
- Additional works by Galbraith
- Index
10 - Money and the real world
Published online by Cambridge University Press: 10 January 2011
- Frontmatter
- Contents
- List of figures
- List of tables
- Foreword
- Preface
- Acknowledgments
- 1 The eclipse of The New Industrial State?
- 2 A life in our times
- 3 The economics of John Kenneth Galbraith
- 4 The methodology of John Kenneth Galbraith
- 5 The general theory of advanced development
- 6 Why people are poor
- 7 Uncertainty and the modern corporation
- 8 A theory of the multinational corporation
- 9 The management of specific demand
- 10 Money and the real world
- 11 A man for our times
- 12 The origins of the Galbraithian system: talking to John Kenneth Galbraith
- References
- Additional works by Galbraith
- Index
Summary
The history of money teaches much or it can be made to teach much. It is, indeed, exceedingly doubtful if much that is durable can be learned about money in any other way … From the history we can also see more vividly than in any other way, how money and the techniques for its management and mismanagement were evolved and how they now serve or fail to serve. It is from the past that we see how new institutions – corporations, trade unions and the welfare state – have altered the problem of maintaining price stability in the present and how changing circumstances – movement to a class structure in which fewer and fewer people are successfully taught to take less, the changing political interest of the affluent – have greatly complicated the task.
J. K. Galbraith (1975: 13)Capitalist society … is defined by the additional phenomenon of credit creation – by the practice, responsible for so many outstanding features of modern economic life, of financing enterprise by bank credit, i.e., by money (notes or deposits) manufactured for that purpose.
Joseph A. Schumpeter (1943: 167)Although recognized as a prominent Keynesian, little serious reflection has been given to the views of J. K. Galbraith on the nature of money and a monetary economy. While Galbraith's Keynesianism peppered The Affluent Society (1958a), The New Industrial State (1967a), and Economics and the Public Purpose (1973a), and these works contain some commentary about money, their main focus is an analysis of the substantial economic power that the large firm possesses.
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- Information
- The Economics of John Kenneth GalbraithIntroduction, Persuasion, and Rehabilitation, pp. 294 - 331Publisher: Cambridge University PressPrint publication year: 2010