John Kenneth Galbraith: Trending quotes (page 8)

“There is wonder and a certain wicked pleasure in these giddy ascents and terrible falls, especially as they happen to other people.”

John Kenneth Galbraith

Source: Money: Whence It Came, Where It Went (1975), Chapter I, Money, p. 4

People , Pleasure

“In 1929 the discovery of the wonders of the geometric series struck Wall Street with a force comparable to the invention of the wheel.”

John Kenneth Galbraith book The Great Crash, 1929

Source: The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929), Chapter IV, In Goldman Sachs We Trust, Section VI, p. 63

“The Coolidge Bull market was a remarkable phenomenon. The ruthlessness of its liquidation was, in its own way, equally remarkable.”

John Kenneth Galbraith book The Great Crash, 1929

Chapter VI https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929, Things Become More Serious, Section I, p 109
The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929)

Way

“In any great organization it is far, far safer to be wrong with the majority than to be right alone.”

John Kenneth Galbraith

The Guardian [UK] (28 July 1989)

“Because of his compassion Owen was always in trouble with his partners. They would have much preferred a tough, down-to-earth manager who would get a days work out of the little bastards.”

John Kenneth Galbraith

Source: The Age of Uncertainty (1977), Chapter 1, p. 30 (On Robert Owen)

“Private enterprise did not get us atomic energy.”

John Kenneth Galbraith book The Affluent Society

Source: The Affluent Society (1958), Chapter 25, Section III, p. 274

“I've long believed alas, that in highly organized industrial societies, capitalist or socialist, the stronger tendency is to converge — that if steel or automobiles are wanted and must be made on a large scale, the process will stamp its imprint on the society, whether that me be Magnitogorsk or Gary, Indiana.”

John Kenneth Galbraith

Source: The Age of Uncertainty (1977), Chapter 2, p. 84

“One man's consumption becomes his neighbor's wish.”

John Kenneth Galbraith book The Affluent Society

Source: The Affluent Society (1958), Chapter 11, Section II, p. 125

“A drastic reduction in weapons competition following a general release from the commitment to the Cold War would be sharply in conflict with the needs of the industrial system.”

John Kenneth Galbraith book The New Industrial State

Source: The New Industrial State (1967), Chapter XXIX, Section 7, p. 339-340

War

“Excessive acreages of unused buildings, commercial and residential were created. The need for such construction, given the space demands of modern business bureaucracy, was believed to be without limit. In later consequence, the solvency of numerous banks, including that of some of the nation's largest and most prestigious institutions, was either fatally impaired or placed in doubt. The lending of both those that failed or were endangered and others was subject, by fear and example to curtailment. The construction industry was severely constrained and its workers left unemployed. A general recession ensued. Any early warning as to what was happening would have been exceptionally ill received, seen as yet another invasion of the benign rule of laissez faire and a specific interference with the market. However in keeping with the exceptions to this rule, there would be eventual salvation in a government bailout of the banks. Insurance of bank deposits — a far from slight contribution to contentment — was permissible, as well as assurance that were a bank large enough, it would not be allowed to fail. A preventive role by government was not allowed; eventual government rescue was highly acceptable.”

John Kenneth Galbraith book The Culture of Contentment

Source: The Culture of Contentment (1992), Ch. 5

Fear , Business

“But there is still a considerable difference between a failure to do enough that is right and a determination to do much that is wrong.”

John Kenneth Galbraith book The Great Crash, 1929

Chapter IX https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929, Cause and Consequence, Section VIII, p 192
The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929)

Failure

“The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not.”

John Kenneth Galbraith

Source: The Age of Uncertainty (1977), Chapter 2, p. 75

Fraud

“One of the uses of depression is the exposure of what auditors fail to find.”

John Kenneth Galbraith book The Great Crash, 1929

Chapter VII https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929, Aftermath I, Section II, p 135
The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929)

“Wall Street's crime, in the eyes of its classical enemies, was less its power than its morals.”

John Kenneth Galbraith book The Great Crash, 1929

Chapter VIII https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929, Aftermath II, Section IV, p 155
The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929)

“The drive toward complex technical achievement offers a clue to why the US is good at space gadgetry and bad at slum problems.”

John Kenneth Galbraith

Article in The Saturday Evening Post, 1968 http://books.google.com/books?id=rxsfAQAAMAAJ&q=%22The+drive+toward+complex+technical+achievement+offers+a+clue+to+why+the+U.S.+is+good+at+space+gadgetry+and+bad+at+slum+problems%22&pg=PA86

Problem

“In the United States, though power corrupts, the expectation of power paralyzes.”

John Kenneth Galbraith

The United States (1971)