John Kenneth Galbraith: Power

John Kenneth Galbraith was American economist and diplomat. Explore interesting quotes on power.

John Kenneth Galbraith: 414 quotes1 like

“To add to the technostructure is to increase its power in the enterprise.”

John Kenneth Galbraith book The New Industrial State

Source: The New Industrial State (1967), Chapter XXI, Section 2, p. 236

“When the modern corporation acquires power over markets, power in the community, power over the state and power over belief, it is a political instrument, different in degree but not in kind from the state itself.”

John Kenneth Galbraith

Power and the Useful Economist (1973)
Context: When the modern corporation acquires power over markets, power in the community, power over the state and power over belief, it is a political instrument, different in degree but not in kind from the state itself. To hold otherwise — to deny the political character of the modern corporation — is not merely to avoid the reality. It is to disguise the reality. The victims of that disguise are those we instruct in error. The beneficiaries are the institutions whose power we so disguise. Let there be no question: economics, so long as it is thus taught, becomes, however unconsciously, a part of the arrangement by which the citizen or student is kept from seeing how he or she is, or will be, governed.

“Despite a flattering supposition to the contrary, people come readily to terms with power. There is little reason to think that the power of the great bankers, while they were assumed to have it, was much resented. But as the ghosts of numerous tyrants, from Julius Caesar to Benito Mussolini will testify, people are very hard on those who, having had power, lose it or are destroyed. Then anger at past arrogance is joined with contempt for the present weakness. The victim or his corpse is made to suffer all available indignities.”

John Kenneth Galbraith book The Great Crash, 1929

Chapter VI https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929, Things Become More Serious, Section IV, p 115 <br class="br">The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929)

“Power is as power does.”

John Kenneth Galbraith

Source: Money: Whence It Came, Where It Went (1975), Chapter X, The Impeccable System, p. 118

“The decisive weakness in neoclassical and neo-Keynesian economics is not the error in the assumptions by which it elides the problem of power. The capacity for erroneous belief is very great, especially where it coincides with convenience. Rather, in eliding power — in making economics a nonpolitical subject — neoclassical theory destroys its relation to the real world. In that world, power is decisive in what happens. And the problems of that world are increasing both in number and in the depth of their social affliction. In consequence, neoclassical and neo-Keynesian economics is relegating its players to the social sidelines where they either call no plays or use the wrong ones. To change the metaphor, they manipulate levers to which no machinery is attached.”

John Kenneth Galbraith

Power and the Useful Economist (1973)

“In the assumption that power belongs as a matter of course to capital, all economists are Marxians.”

John Kenneth Galbraith book The New Industrial State

Source: The New Industrial State (1967), Chapter V, Section 2, p. 49

“The huge capacity to purchase submission that goes with any large sum of money, well, this we have. This is a power of which we should all be aware.”

John Kenneth Galbraith

The Ashes of Capitalism and the Ashes of Communism (1986)

“The family which takes its mauve and cerise, air conditioned, power-steered, and power braked automobile out for a tour passes through cities that are badly paved, made hideous by litter, blighted buildings, billboards, and posts for wires that should long since have been put underground.”

John Kenneth Galbraith book The Affluent Society

Source: The Affluent Society (1958), Chapter 18, Section I, p. 199

“Broadly speaking, [Keynesianism means] that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences.”

John Kenneth Galbraith

Booknotes interview (1994)

“The market had reasserted itself as an impersonal force beyond the power of any person to control, and, while this is the way markets are supposed to be, it was horrible.”

John Kenneth Galbraith book The Great Crash, 1929

Chapter VI https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929, Things Become More Serious, Section II, p 111 <br class="br">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 <br class="br">The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929)

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

John Kenneth Galbraith

The United States (1971)

“The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.”

John Kenneth Galbraith

Source: The Age of Uncertainty (1977), Chapter 9, p. 258

“Let's begin with capitalism, a word that has gone largely out of fashion. The approved reference now is to the market system. This shift minimizes — indeed, deletes — the role of wealth in the economic and social system. And it sheds the adverse connotation going back to Marx. Instead of the owners of capital or their attendants in control, we have the admirably impersonal role of market forces. It would be hard to think of a change in terminology more in the interest of those to whom money accords power. They have now a functional anonymity.”

John Kenneth Galbraith

"Free Market Fraud" http://www.thirdworldtraveler.com/Economics/FreeMarketFraudGalbraith.html, The Progressive (January 1999)

“It's a rule worth having in mind. Income almost always flows along the same axis as power but in the opposite direction.”

John Kenneth Galbraith

Source: The Age of Uncertainty (1977), Chapter 1, p. 13