“A state that does not plan does not, by default turn this function over to the market. Even if the market is perfectly efficient, it still suffers from two ineradicable defects. The first relates to the distribution of income and power: the market conveys signals only in relation to the purchasing power of the individuals transmitting them. The poor do not matter to the market. The second relates to representation: people not yet born do not turn up at the stores. They send no market signals at all”

— James K. Galbraith

Source: The Predatory State, 2008, p. 116 ; Quoted in: Trevor Manuel. " Address by the Minister in The Presidency: National Planning Commission, Trevor Manuel, at the Wits Graduate School of Public Development Management; Donald Gordon Auditorium, 26 October 2009 http://www.thepresidency.gov.za/pebble.asp?relid=1565" at thepresidency.gov.za, 2014.

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James K. Galbraith 5

economist 1952

Paul Ormerod book The Death of Economics

Part II, Chapter 8, The Dynamics of Unemployment, p. 176
The Death of Economics (1994)

“Making the rich poorer does not make the poor richer, but it does make the state stronger—and it does increase the power of officials and politicians, power more menacing, more permanent and less useful than market power within the rule of law. Inequality of income can only be eliminated at the cost of freedom. The pursuit of income equality will turn this country into a totalitarian slum.”

Keith Joseph (1918–1994) British barrister and politician

Keith Joseph, Stranded on the Middle Ground? Reflections on Circumstances and Policies (Centre for Policy Studies, 1976).
1970s

“The lackluster nature of most multinational corporations emerging market strategies over the past decade does not change the magnitude of the opportunity. The real source of market promise is not the wealthy few in the developing world, or even the emerging middle-income consumers: It is the billions of aspiring poor who are joining the market economy for the first time.”

C.K. Prahalad (1941–2010) Indian academic

C. K. Prahalad & Stuart L Hart, cited in: Jeffrey E. Garten (2002), The Politics of Fortune: A New Agenda for Business Leaders, p. 125

Richard Rumelt (1942) American economist

Source: Strategy, structure, and economic performance. (1974), p. 29

“In the 1850s and 18605 the modern commodity dealer who purchased directly from the farmer and sold directly to the processor took over the marketing and distribution of agricultural products. In the same years the full-line, full-service wholesaler began to market most standardized consumer goods. Then in the 1 870s and 188os the modern mass retailer — the department store, the mail-order house, and the chain store — started to make inroads on the wholesaler's markets.”

Alfred D. Chandler, Jr. (1918–2007) American historian

Source: The Visible Hand (1977), p. 209.

“Market socialism does not fully satisfy socialist standards of distributive justice, but it scores far better by those standards than market capitalism does, and is therefore an eminently worthwhile project, from a socialist point of view.”

Gerald Cohen (1941–2009) Canadian philosopher

IV. Is the Ideal Feasible?
Why Not Socialism? (2009)

“Business has only two functions — marketing and innovation.”

Peter F. Drucker (1909–2005) American business consultant

“Faith in natural order and market efficiency forecloses a full normative assessment of market outcomes. … It effectively depoliticizes the market itself and its outcomes. It is only when the illusion of natural order is lifted that a real problem arises: that of the justice of the organizational rules and their distributional consequences.”

Bernard Harcourt (1963) American academic

Source: The Illusion of Free Markets: Punishment and the Myth of Natural Order (2011), p. 32

“Norms guide market-oriented behaviors within organizations. More specifically, we focus on market orientation as the concrete object of these norms. If, for example, the members of an organization share the value of openness of internal communication, a specific norm related to that value is the openness of market-related internal communication. As another example, the norm of market-related responsibility of employees is a specification of the more general shared value of responsibility of the employees… The difference between values and norms is that norms guide behaviors in a specific context, whereas values represent general guidelines.”

Christian Homburg (1962) German academic

Source: "A multiple-layer model of market-oriented organizational culture", 2000, p. 451

“The market is not finished. The market still has over nine thousand points to drop.”

Stephen Colbert (1964) American political satirist, writer, comedian, television host, and actor

On the Financial crisis of 2008 The Colbert Report (6 October 2008)
Context: The market is not finished. The market still has over nine thousand points to drop. We'll get to Christmas at least.

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James K. Galbraith 5

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