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John Kenneth Galbraith

The New Industrial State

"The New Industrial State" by John Kenneth Galbraith is a seminal work that offers a comprehensive analysis of the modern corporate economy. First published in 1967, the book remains highly relevant today, providing valuable insights into the nature of power and decision-making in large corporations and the broader society. Galbraith argues that the industrial system has evolved into a "new industrial state" characterized by the dominance of large corporations that plan and control the economy through their control of technology, markets, and the political process. These corporations, he contends, have replaced the market as the primary means of allocating resources and determining prices, leading to a "technostructure" that makes decisions based on the collective judgment of its members rather than the dictates of the market. The book is divided into three parts. The first part examines the nature of the modern corporation and the technostructure, while the second part explores the relationship between the corporation and the state. Galbraith argues that the corporation and the state are interdependent, with the state providing the necessary infrastructure and regulatory framework for the corporation to operate, while the corporation provides the tax base and economic growth that the state requires. The third part of the book examines the implications of the new industrial state for society and the individual. Galbraith argues that the technostructure has replaced the market as the primary source of economic power, leading to a shift in the balance of power in society. He contends that this shift has important implications for democracy, social welfare, and the distribution of income and wealth. Galbraith's analysis is both insightful and thought-provoking, challenging many of the assumptions of classical economics and offering a new perspective on the nature of power and decision-making in modern society. While some of his predictions have proven to be incorrect, his overall analysis remains highly relevant today, providing a valuable framework for understanding the dynamics of the modern corporate economy. In conclusion, "The New Industrial State" is a must-read for anyone interested in understanding the nature of power and decision-making in the modern corporate economy. Galbraith's analysis is both comprehensive and insightful, offering a valuable perspective on the implications of the new industrial state for society and the individual...