The Economics of Innocent Fraud

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The world-renowned economist zeros in on economic belief, contrivance, and political guidance today; the errors that continue; and where they are taking us.
John kenneth galbraith has long been at the center of American economics, in key positions of responsibility during the New Deal, World War II, and since, guiding policy and debate. His trenchant new book distills this lifetime of experience in the public and private sectors; it is a scathing critique of matters as they stand today.
Sounding the alarm about the increasing gap between reality and "conventional wisdom" — a phrase he coined — Galbraith tells,... Tovább

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The world-renowned economist zeros in on economic belief, contrivance, and political guidance today; the errors that continue; and where they are taking us.
John kenneth galbraith has long been at the center of American economics, in key positions of responsibility during the New Deal, World War II, and since, guiding policy and debate. His trenchant new book distills this lifetime of experience in the public and private sectors; it is a scathing critique of matters as they stand today.
Sounding the alarm about the increasing gap between reality and "conventional wisdom" — a phrase he coined — Galbraith tells, along with much else, how we have reached a point where the private sector has unprecedented control over the public sector. We have given ourselves over to self-serving belief and "contrived nonsense" or, more simply, fraud. This has come at the expense of the economy, effective government, and the business world.
Particularly noted is the central power of the corporation and the shift in authority from shareholders and board members to management. In an intense exercise of fraud, the pretense of shareholder power is still maintained, even with the immediate participants. In fact, because of the scale and complexity of the modem corporation, decisive power must go to management. From management and its own inevitable self-interest, power extends deeply into government — the so-called continued on bacl< flap
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public sector. This is particularly and dangerously the case in such matters as military policy, the environment, and, needless to say, taxation. Nevertheless, there remains the firm reference to the public sector.
How can fraud be innocent? In his inimitable style, Galbraith offers the answer. His taut, wry, and severe comment is essential reading for everyone who cares about America's future. This book is especially relevant in an election year, but it deeply concerns the much longer future.
John Kenneth Galbraith, bom in 1908, is the Paul M. Warburg Professor of Economics Emeritus at Harvard University and a past president of both the American Academy of Arts and Letters and the American Economic Association. He is the author of thirty-one books spanning five decades. He has received honorary degrees from, among others. Harvard University, Oxford University, the University of Paris, the University of Toronto, and Moscow University. He is a Commandeur de la Légion d'Honneur in France, and in 1997 he was inducted into the Order of Canada. In August 2000 he received the Medal of Freedom from President Bill Clinton. Vissza