“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
The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929)

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 market had reasserted itself as an impersonal force beyond the power of any person to control, and, while this is t…" by John Kenneth Galbraith?
John Kenneth Galbraith photo
John Kenneth Galbraith 207
American economist and diplomat 1908–2006

Related quotes

“Specialization makes the welfare of the society vulnerable to the market and to political forces beyond national control.”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter Five, The Politics Of International Trade, p. 189

John Perry Barlow photo

“I'm a free-marketeer. I believe in free markets, but… sometimes you have things that look like free markets but aren't because of artificial reasons. I'm not very happy with the current state of what calls itself free market economy in the world because you've got all these grotesque monopolies that are able to game the system in a way that's to their advantage by virtue of their power, and that's not a free market.”

John Perry Barlow (1947–2018) American poet and essayist

Planet JH Weekly interview (2005)
Context: I'm a free-marketeer. I believe in free markets, but... sometimes you have things that look like free markets but aren't because of artificial reasons. I'm not very happy with the current state of what calls itself free market economy in the world because you've got all these grotesque monopolies that are able to game the system in a way that's to their advantage by virtue of their power, and that's not a free market. A real free market has some kind of countervailing influence from the government to keep a monopoly in check, but this government... it's not about free marketing principles, it's about greed pure and simple. And this government wants to assure that the other people that they went to college with get just as rich as they do. This country is going to make Mexico look like Sweden inside of ten years in terms of wealth distribution, because there are no countervailing forces. They've eliminated tax basically for the ultra-rich, they've eliminated any control over monopolies, the greedy have free reign and its just going to be the super rich and the peasants.

John Kenneth Galbraith photo

“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 (1908–2006) American economist and diplomat

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

Erik Naggum photo

“Look at Unix. It was essentially open source before anyone invented the term, and that caused a large number of ways to solve the same problem and left the market to sort them out, which they didn't (the market never will sort out bad quality in anything but the single most important property of the products), and Unix got itself into a position where some horribly demented crapware from Microsoft could compete with it and fool a whole bunch of people for a while.”

Erik Naggum (1965–2009) Norwegian computer programmer

Re: source access vs dynamism http://groups.google.com/group/comp.lang.lisp/msg/e10a8b07a244d7fa (Usenet article).
Usenet articles, Miscellaneous

Chitra Banerjee Divakaruni photo

“The heart itself is beyond control. That is its power, and its weakness.”

Chitra Banerjee Divakaruni (1956) novelist, short story writer, poet, and essayist

Source: The Palace of Illusions

Alan Greenspan photo

“It hardly makes any difference who will be the next president. The world is governed by market forces.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

https://www.theguardian.com/commentisfree/2018/jul/29/city-of-london-desperate-gamble-china-vulnerable-economy when asked by the Swiss newspaper Tages-Anzeiger who, in his view, would be the next president of the United States
2000s

Ai Weiwei photo

“Any power or structure that seeks to maintain full control and is not open in any way to loosening its power eventually makes itself ridiculous.”

Ai Weiwei (1957) Chinese concept artist

2000-09, Truth to Power, 2008

Robert M. La Follette Sr. photo

“To control the American market is to own America.”

Robert M. La Follette Sr. (1855–1925) American politician

"Fooling the People as a Fine Art", La Follette's Magazine (April 1918)

“The marketing director in each department reported directly to the department head and controlled market research and sales. More important, the marketing manager was also responsible for new product development, requesting production schedules, and controlling finished goods inventory.”

Neil Fligstein (1951) American sociologist

Source: The transformation of corporate control, 1993, p. 234

“Plainly, the most powerful exception to the notion of a voluntary excahnge in a market economy is the labor market.”

Mimi Abramovitz (1941) non-fiction writer

The existence of a market for labor is one of the distinguishing features of a market economy: workers compete to sell their labor at the most favorable price—meaning, in practice, the highest possible wage. At the same time, however, it is clear that the market for labor is qualitatively different from the market for goods, because workers need to sell their labor to survive.
Joel Blau and Mimi Abramovitz, The Dynamics of Social Welfare Policy (Oxford University Press: 2010) p. 68

Related topics