Economics and the Public Purpose
Economics and the Public Purpose is a 1973 book by Harvard economist John Kenneth Galbraith. Galbraith advocates a "new socialism" as the solution, nationalising military production and public services such as health care. He also advocates introducing disciplined wage, salary, profit and price controls on the economy to reduce inequality and restrain the power of giant corporations. Socialisation of the "unduly weak industries and unduly strong ones" together with planning for the remainder would allow the public interest to be accorded its rightful preference, argues Galbraith, over private interests. He adds that this can only be achieved when there is a new belief system that rejects the orthodoxy of economics in the past. The new socialism needs to be achieved through gradual democratic political change.
See also
- History of economic thought
- Social democracy
- Democratic socialism
- Liberal socialism
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- American Capitalism (1952)
- The Great Crash, 1929 (1954)
- The Affluent Society (1958)
- The New Industrial State (1967)
- Economics and the Public Purpose (1973)
- The Age of Uncertainty (1977)
- The Nature of Mass Poverty (1979)
- The Anatomy of Power (1983)
- A Tenured Professor (1990)
- The Culture of Contentment (1992)
- The Economics of Innocent Fraud (2004)
- Catherine Galbraith (wife)
- Peter W. Galbraith (son)
- James K. Galbraith (son)
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