JohnKennethGalbraith, 1908-2006: HeStronglyInfluencedEconomicThoughtintheUnitedStatesforManyYears

VOICEONE:

I'mSteveEmber.

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AndI'mBarbaraKleinwithPEOPLEINAMERICAinVOASpecialEnglish. Economicsisafieldbasedonmathematics. Yetitcannotprovideanswerstoeveryproblem. Somepeoplequestionwhethereconomicsisascienceatall.

Formanyyears, possiblytheloudestcriticwashimselfaneconomist, JohnKennethGalbraith.

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VOICEONE:

JohnKennethGalbraith

JohnKennethGalbraithwasaneconomist, liberalthinker, author, professor, presidentialadvisorandambassador. He. stoodovertwometerstall. Hewasexcellentatarguingpositionsandmakingcomplexideasunderstandable. ThesetwoqualitiesmadeMisterGalbraithapowerfulpersonalityabletoinfluencepeopleatthehighestlevelsofgovernment.

Hewasalsoaproductivewriterandaneffectivecriticofmanypopularideasofhistime. Forsome, hewasaneasypersontodislike. Hewasverysureofhimselfandhisarguments. Yet, heclearlyinfluencedtheeconomicideasofmanypeople, includingpoliticiansandpresidents.

VOICETWO:

JohnKennethGalbraithwasbornonafarmnearIonaStation, Canadainnineteen-oh-eight. ItwasalongwayfromtheEastCoastoftheUnitedStatesandthepoliticalpowercentershewouldcometoinfluence. Helearnedaboutpoliticsfromhisfather, WilliamArchibaldGalbraith, whowasafarmer. Healsoservedinmanylocalgovernmentpositionsandwasacommunityleader. Johnoncesaidthathismother, SarahCatherineKendallGalbraith, wantedhimtobeafarmeralso. Butshediedwhenhewasfourteen.

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YoungJohnfirststudiedagricultureatOntarioAgriculturalCollege. Buthesoonfoundeconomicsmoreinteresting. HisstudiesledhimtotheUniversityofCaliforniaatBerkeley. Hegotadoctoratedegreeinagriculturaleconomicsinnineteenthirty-four.

Inhisearlyyears, MisterGalbraithwasgreatlyinfluencedbytheeconomistThorsteinVeblenandhisbook, "TheTheoryoftheLeisureClass." MisterVeblenarguedthatpeoplegatheredwealthforthepurposeof"conspicuousconsumption." Hemeantthatpeopleearnedmoneytospendonvaluablethingstogainrespectinsociety.

MisterGalbraithsaidhewasalsodeeplyaffectedbytheeconomicdisasterthatwasexpandingaroundhimandacrossthecountry: TheGreatDepression.

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TheGreatDepressionseverelyaffectedtheAmericaneconomyandsociety. AttheheightoftheDepression, atleastoneinfiveAmericansdidnothaveajob.

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MisterGalbraithbecameaninstructoratHarvardUniversityinCambridge, Massachusetts. Innineteenthirty-seven, hebecameanAmericancitizen. HemarriedCatherineAtwater, thedaughterofaNewYorklawyer. Theylaterhadfoursons.

JohnMaynardKeynes

Thatyear, MisterGalbraithalsowenttoEnglandtostudyunderthemostinfluentialeconomistofthetwentiethcentury. JohnMaynardKeyneswasteachingatCambridgeUniversityatthetime.

Hehadpublishedthe"GeneralTheoryofEmployment, InterestandMoney" theyearbefore. MisterKeynesarguedthatdeepeconomiccrisesrequiredstrongmeasuresbythegovernment. Hesaidlargepublicworksprojectsandgovernmentpricecontrolswereneededtoincreaseemploymentduringeconomicdownturns.

VOICEONE:

Innineteenthirty-nine, JohnKennethGalbraithbeganworkingforthegovernment. HejoinedtheNationalDefenseAdvisoryCommitteeinWashington. HelaterwasinchargeofcontrollingpricesfortheOfficeofPriceAdministration.

MisterGalbraithheldthepowerfulpositionoftoppricecontrollerintheadministrationofFranklinDelanoRoosevelt. Innineteenforty-three, however, hewasforcedtoresignfromthejob. Later, hewouldsaythathehadbeenoustedbythepoliticsofpricecontrol.

Thesameyear, MisterGalbraithstartedwritingforFortunemagazine, whichwasownedbynotedconservativeHenryLuce. MisterGalbraithdevelopedintoahighlyskilledwriter. Evenhisstrongestcriticpraisedhiswritingability, eveniftheydidnotagreewithwhathewrote.

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NeartheendofWorldWarTwo, MisterGalbraithtookpartintheStrategicBombingsurvey. ThestudywasmeanttomeasuretheeffectivenessoftheAmericanbombingcampaignagainstGermany. HeangeredmanypeoplebysayingthatthebombinghaddonelittletohalttheGermanwareffort. HefoundtheGermanshadsimplymovedindustrialoperationstonewplacesafterthebombing.