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URL:  https://boards.fool.com/anything-by-john-keneth-galbraith-do-take-24996583.aspx

Subject:  Re: Here's your chance: Balance the Fed budget Date:  1/4/2007  8:36 AM
Author:  DrBob2 Number:  200291 of 597337

Anything by John Keneth Galbraith.

Do take Galbraith with a grain of salt. As this article in Atlantic says,
www.theatlantic.com/doc/200605u/nj_crook_2006-05-09

"Consistent with his steadily maintained opinion that markets are fundamentally broken, if they exist at all, and that the state must everywhere step in, Galbraith had a lot of time for socialism—in practice, not just in principle. In the early 1970s, he called for America's biggest corporations to be brought directly under government control. On India, which he knew well (he served as ambassador there during the Kennedy administration), Galbraith thought its central-planning regime, modeled on the Soviet Union's, needed to be more intelligently managed rather than instantly abandoned. (India subsequently decided otherwise, and has been doing well ever since.) As late as 1984, he visited the Soviet Union and, as he wrote in The New Yorker, liked a lot of what he saw. As he was driven around, all the new housing and well-dressed people made a particularly favorable impression."

Yep. He actually visited the Soviet Union in 1984 and should have known better. He wrote:

"That the Soviet economy has made great material progress in recent years is evident both from the statistics... and from the general urban scene... One sees it in the appearance of solid well-being of the people on the streets, the close-to-murderous traffic, the incredible exfoliation of apartment houses, and the general aspect of restaurants, theaters, and shops... Partly, the Russian system succeeds, because, in contrast with the Western industrial economies, it makes full use of its manpower."

DB2
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