Galbraith makes a comeback

It looks like John Kenneth Galbraith is back in style after years of the laissez-faire crowd holding court. The Economist chronicles the revived interest in his works according to book sales at Amazon. He is definitely on my reading list.

The financial crisis has revived interest in the writings of J.K. Galbraith

HE believed that companies use advertising to induce consumers to want things they never dreamed they needed, that easy credit leads to financial catastrophe and that the best way to reinvigorate the economy was by making large investments in infrastructure. Not president-elect Barack Obama, but J.K. Galbraith, the tall, iconoclastic economist, diplomat and adviser to Democrat leaders from John F. Kennedy on. For years Galbraith’s most famous book was “The Affluent Society”, which came out in 1958. But the financial crisis has revived interest in an earlier work, “The Great Crash, 1929”, in which Galbraith showed just how markets become decoupled from reality in a speculative boom.

Words of warning – Economist

  1. John Creighton says

    Maybe I should put him on my reading list. The two books I bought recently which are most relevant to the crisis are:
    "The Dollar Crisis" by Richard Duncan
    "Structured Finance & Collateralized Debt Obligations" by Janet M. Tavakoli

    I only read a bit of the second one and a fair chunk of the first. I highly recommend both books but the second one is quite expensive.

    1. Edward Harrison says

      The Duncan Book is good and I have read it. The CDO book I have not read. That might be something to recommend for readers. Let me know what you make of it?


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