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The Affluent Society (Paperback)

~ (Author) "WEALTH IS NOT without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive..." (more)
Key Phrases: insular poverty, marginal urgency, want creation, United States, New York, Houghton Mifflin (more...)

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Editorial Reviews

Amazon.com Review

Conventional wisdom has it that John Kenneth Galbraith's The Affluent Society spawned the neoliberalism we see in Bill Clinton, Tony Blair, and other world leaders. The economist's prose, lofty but still easily manageable, laid down the gauntlet for the post-cold war class struggle that was still far in the future in 1958. Galbraith saw the widening gap between the richest and the poorest as an emergent threat to economic stability, and proposed significant investment in parks, transportation, education, and other public amenities--what we now call infrastructure--to ameliorate these differences and postpone depression and revolution indefinitely. Widely criticized by conservatives and libertarians wary of public expenditures or increased government influence, Galbraith still influences liberal and neoliberal thinking. He has acknowledged that his work, like that of most social scientists, contains flaws (like his dire prediction of an out-of-control unemployment and inflation spiral that petered out in the 1980's), but much of it remains fresh and true even today. Four years before Silent Spring, he wrote about the consumerist blight that threatened our wild lands equally as much as our cities; his hoped-for increase in environmental awareness has grown significantly in recent years. Whether you support the political implementations of his views, experiencing his writing is important to put those views in context. More than this, though, it is an honest pleasure to read such original ideas so well expressed. --Rob Lightner

Review

"With his customary clarity, eloquence, and humor, Galbraith cuts to the heart of what economic security means (and doesn't mean) in today's world and lays bare the hazards of complacency about economic inequity." -- Review

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Product Details

Paperback: 288 pages
Publisher: Mariner Books; 1 edition (October 15, 1998)
Language: English
ISBN-10: 0395925002
ISBN-13: 978-0395925003
Product Dimensions: 8.3 x 5.3 x 0.8 inches
Shipping Weight: 10.6 ounces (View shipping rates and policies)

Average Customer Review: 4.0 out of 5 stars See all reviews (27 customer reviews)

Amazon.com Sales Rank: #37,232 in Books (See Bestsellers in Books)
Popular in these categories: (What's this?)
#56 in Books > Business & Investing > Economics > Theory
#83 in Books > Business & Investing > International > Economic Conditions

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Inside This Book (learn more)

First Sentence:
WEALTH IS NOT without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive. Read the first page

Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
insular poverty, marginal urgency, want creation, social balance, sales taxation, central tradition, consumer borrowing, public outlays

Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, New York, Houghton Mifflin, New Class, World War, Adam Smith, Henry George, Social Darwinism, The New Industrial State, American Capitalism, General Motors, National Association of Manufacturers, Principles of Economics, Alfred Marshall, Gross Domestic Product, Herbert Spencer, David Ricardo, General Electric, Karl Marx, Social Darwinists, Civil War, The Concept of Countervailing Power, Wealth of Nations

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Citations (learn more)

This book cites 43 books:

Principles of Economics (Great Minds Series) by Alfred Marshall on 4 pages
An Essay on Marxian Economics by Joan Robinson on page 57, and page 63
The Communist Manifesto and Other Revolutionary Writings: Marx, Marat, Paine, Mao Tse-Tung, Gandhi and Others (Dover Thrift Editions) by Robert Blaisdell on page 58, and page 59
The Wealth of Nations (Bantam Classics) by Adam Smith on page 22, and page 118
The Communist Manifesto (Signet Classics) by Karl Marx on page 58, and page 59

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100 books cite this book:

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Financing the American Dream: A Cultural History of Consumer Credit by Lendol Calder on 4 pages
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Customer Reviews

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46 of 51 people found the following review helpful:

4.0 out of 5 stars Thought Provoking, Well Written Leftist Economics, September 17, 2003

By	Christopher Hefele (Lawrenceville, NJ United States) - See all my reviews (REAL NAME)

Galbraith's book is certainly thought-provoking & worth reading. His arguments are well thought out, and his writing is wryly witty. Even if you disagree with his views, as many have, it's worth a read.

Galbraith starts the book off by reviewing how many early economic ideas were created in periods of scarcity, and that the notion of scarcity may not appropriate for today's age of mass affluence. Those with vested interests in production (i.e. large businesses) still cling to the "conventional wisdom" that increased production equals progress, even though goods are now abundant and our basic material needs have been satisfied. To stimulate further demand, corporations must resort to salesmanship and advertising. If advertising stopped, demand would fall, production would drop, and unemployment would rise; thus, business continue to focus on increasing production to ensure their own survival.

There are other threats to production. Economic cycles may result in a depression. Poorly managed firms may have to lay off workers. As a result, people -- and especially politicians --focus on economic growth to avoid these insecurities. Growth is something that both the rich and poor will vote for, since they both want to keep their jobs and acquire more goods. Growing out of a recession also seems promising. The net result is that society as a whole focuses on increasing production by private industry.

Next, Galbraith shifts his view from private industry to the public sector. He does this by introducing the idea of social balance, which asserts that as private spending increases, public spending should increase to match. For example, if factories build more cars, more money needs to be invested in public roads. Unfortunately, private goods are sold via advertising by companies that can react quickly to changes in demand. In contrast, public investment by governments reacts much more slowly, and typically lags private spending and investment, due to regulations, bureaucracy, and voter's general aversion to new taxes. The result is a world rich in private goods but poor in public ones: beautiful cars driving on poor roads, well-dressed kids in the crumbling public school, neighborhoods with beautiful homes but polluted parks.

So what to do? Galbraith's proposed solution is that we should invest in our economic infrastructure: our parks, our roads, our educational system, long-term scientific research, police, and the like. To fund this, he emphasizes sales taxes, which reduce consumption, and make those who consume a lot pay for it. To alleviate poverty and inequality, Galbraith also proposes to expand unemployment insurance so that one could choose not to work, yet still be able to get by. In his view, this would allow more people to reduce their work week, or not work at all, or to be able to focus on work they really enjoy.

Although this is certainly a liberal view & may not be feasible, his views certainly were eye-opening and thought provoking. For that reason, I recommend the book.

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17 of 20 people found the following review helpful:

5.0 out of 5 stars A book all students of economics should read., August 29, 2001

By	Carter (Juneau, Alaska United States) - See all my reviews

If you agree with Galbraith's notions on economics you may find this a seminal work. If you disagree with him you will no where find a better spar for your own ideas. (Friedman spent an entire book analyzing Galbraith) Love it or hate it The Affluent Society looms large in American economic thought of the 20th century. The book itself is dedicated primarily to re-assessing the role of production in an economy of increasing affluence. Economics long ago acquired the unhappy designation as "the dismal science." This was derived from the observation by all famous early economists that economic life for the masses was inevitably harsh. Ricardo, Smith, and Marx all agreed that while a minority might enjoy abundance the majority were doomed to struggle for their very economic survival. As early as the 1950s Galbraith made the very simple point that the economic prospects of the masses are no longer dark. The average worker could (and still does) expect reasonable wages, a constant supply of luxury goods, and free time to enjoy these things. The modern economy is no longer a battle for simple survival but rather one over what an individual's share of excess production should be. Some reviewers have commented that the specifics in The Affluent Society have become dated. Indeed automotive tail-fins are no longer the common automotive add-on they once were, but the underlying questions remain valid. In the economy of 150 years ago to claim that suffering was inevitable seemed fair, for it was the state of the masses. In the economy of the present where economic deprivation is no longer the norm, to claim some must suffer while the majority live in relative affluence suddenly appears cruel.
A social scientist who argued the changes of the last 200 years were not relevant to analysis would be laughed at in any other field. Unequivocably our economic priorities have changed during that time. The Affluent Society provides a history of that change, a look at how our failure to adapt has led to a number of social problems, and suggests how we might better organize economic priorities in the present. It is no small acheivement.

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21 of 28 people found the following review helpful:

5.0 out of 5 stars Pragmatic approach to economics, September 8, 2005

By	E. David Swan (South Euclid, Ohio USA) - See all my reviews (REAL NAME)

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There is a glaring blind spot among Conservative economists who speak breathlessly about freedom and distribution of power yet completely ignore the threat brought on by the disparity of wealth. The growing gap was what Marx saw as the eventual destroyer of Capitalism. Conservatives, on the other hand, see the disparity not as a problem but as a solution to pure democracy where a street sweeper has the same one vote as a CEO. Extreme wealth puts the power back in the hands of the people most capable of wielding it.

Mr. Galbraith takes a look back at the evolution of economics starting with the early belief that the average worker would always earn just enough to survive and perhaps raise a family. Later Herbert Spencer expounded his Social Darwinian view of economics that has shown a resurgence in the last few decades. The original view was that social programs literally allow inferior genetic lines to procreate and dilute society. It was the collapse of the stock market in the 1930's that put Social Darwinism on the back burner. Although Marx correctly predicted the collapse, the economy recovered and the increasing disparity never created a revolution in the United States. This, however, may have been thanks to the many wealth redistribution programs created after the Great Depression. The author also points out that there is more of a physical separation between the economic strata's and ostentatious displays of wealth have become at best pass� at worst vulgar.

The book punches a hole in the theory that productivity declines as worker security increases. One need only look at the dramatic rise in both production and security after World War II. As Mr. Galbraith points out it's always the OTHER guy who should give up security. Corporations and corporate heads work to create a broad cushion of support for themselves while decrying additional safeguards for workers as wasteful of needed capital. Although the author generally supports growth over wealth distribution as a way to improve society he is far more pragmatic than Conservative economists. Unlike right wing ideologists, Mr. Galbraith recognizes that the market often focuses on the things society needs least. There will always be a need for balance between public and private funding in particular for large scale research projects and public goods like education that the market shows a lack of interest in. The author doesn't seemed to have the same mystical reverence for market forces that some economists exhibit. He also has little respect for the federal reserves ability to even out market fluctuations using monetary policy (conservatives) or fiscal policy (liberals). Even with his support of business growth Mr. Galbraith recognizes that growth obsession can be a dangerous thing for, among other things, creating increasingly unmanageable debt in a heavily consumption based society.

There seems to be a definite slant in economics towards the desires of the business class which includes worshipping at the altar of deregulated, free market Capitalism. John Kenneth Galbraith is a refreshingly non-ideological view of economics which actually recognizes that perhaps it's better to offer opportunities to the poor rather than kicks to the teeth to encourage growth out of poverty.

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Most Recent Customer Reviews

5.0 out of 5 stars Oldie but Goodie
I had the pleasure of reading this book for the first time in 1966. It was a tad old then; however, it was quite meaningful for the day. Read more

Published 1 month ago by John N. Schear

5.0 out of 5 stars Worthwhile Read --- But Rather Outdated (4.5 Stars)
"We are here in one of the contexts where circumstance has marched far beyond conventional wisdom. We have seen how general are the efforts to join the New Class and how rapid is... Read more

Published 2 months ago by Rufus Burgess

5.0 out of 5 stars Wonderfully entertaining
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5.0 out of 5 stars Breaking convention in the pursuit of wisdom
In this book, Galbraith speaks of broad strokes while we can only hope for small change. He talks about a government that modifies the very engine of production - the intake and... Read more

Published 3 months ago by T. Rodgers

5.0 out of 5 stars Writing style has stood the test of time as well as the arguments
A true classic that is as relevant to explaining today's society as that in which Galbraith wrote it - and never more so than Galbraith's argument that we need a better social... Read more

Published 22 months ago by Andy Carlisle

5.0 out of 5 stars Hail, Galbraith!!
John Kenneth Galbraith was one of the great public intellectuals of 20th century America. He advised Presidents and politicians, wrote best-selling books, taught economics at... Read more

Published on October 15, 2007 by Reader

4.0 out of 5 stars The Hobo Philosopher
John Kenneth Galbraith is probably the economist that I have read most. This book is a classic and very much worth reading for it analysis of the market system. Read more

Published on September 13, 2007 by Richard E. Noble

5.0 out of 5 stars courage of thinking
it' s the first time I read something like that in economics.

Published on August 6, 2006 by Roberto Succio

4.0 out of 5 stars Affluenza?
Written long before modern realization of how our desire for affluence as part of our "right by birth" has largely caused such things as global warming and elimination of species,... Read more

Published on July 13, 2006 by Dale Woloshin

5.0 out of 5 stars History class book list
This book was an optional reading assignment for my United States History class. It is difficult to locate it in the bookstore because it was first published in the 1950s.

Published on July 25, 2005 by Christopher G. Rockel

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