“THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we have duly seen, by extensively replacing the market with planning.”

— John Kenneth Galbraith, book The New Industrial State

Source: The New Industrial State (1967), Chapter XXXI, Section 1, p. 354

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we h…" by John Kenneth Galbraith?

John Kenneth Galbraith207

American economist and diplomat 1908–2006

Related quotes

“…the key factor in industry is creativity. I said there are three creativities: creativity in technology, in product planning, and in marketing. To have any one of these without the others is self defeating in business.”

Akio Morita (1921–1999) Japanese businessman

Source: Made in Japan (1986), p. 163.

“My own principal interest lies in the sphere of industrial organization, which of all major forms of human organization is, in its present magnitude, the most modern. For this the reason is evident. The vast present-day units of industrial organization are products mainly of one creating factor, namely the technology of mass production, and this technology, born of the industrial revolution, has been almost exclusively an evolution of the last century. In contrast other major forms of human organization — the state, the church, the army — are as old as human history itself. Yet if we examine the structure of these forms of organization we shall find that, however diverse their purposes, the underlying principles of organization are ever the same.”

James D. Mooney (1884–1957) American businessman

Source: "The principles of organization", 1937, p. 90

“Perpetual revolutions in technology can mean the devaluation of fixed capital on an extensive scale.”

David Harvey (1935) British anthropologist

Source: The Limits To Capital (2006 VERSO Edition), Chapter 8, Fixed capital, p. 221

“This new generation of networked people understand they are living through a third industrial revolution, but they are coming to realize why it has stalled: with the credit system broken, capitalism cannot sustain the scale of automation that is possible, and the destruction of jobs implied by the new technologies.”

Paul Mason (journalist) book PostCapitalism: A Guide to our Future

PostCapitalism: A Guide to our Future (2015)

“We have just seen that, apart from money-capital, circulating capital is only another name for commodity-capital. But to the extent that labour power circulates in the market, it is not capital, no form of commodity-capital. It is not capital at all; the labourer is not a capitalist, although he brings a commodity to market, namely his own skin.”

Karl Marx book Das Kapital

Source: Das Kapital (Buch II) (1893), Vol. II, Ch. X, p. 211.

“The free market tide has now receded. In its place has come state capitalism, a system in which the state functions as the leading economic actor and uses markets primarily for political gain.”

Ian Bremmer (1969) American political scientist

"State Capitalism Comes of Age," http://www.foreignaffairs.com/articles/64948/ian-bremmer/state-capitalism-comes-of-age Foreign Affairs (May/June 2009).