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American Capitalism: The Concepts Of Countervailing Power (1952) Paperback – August 31, 2010

4.6 out of 5 stars 25

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""American Capitalism: The Concepts of Countervailing Power"" is a book written by renowned economist John Kenneth Galbraith in 1952. In this book, Galbraith argues that the American economic system is not a purely capitalist one, but rather a system that is defined by a balance of power between large corporations and other institutions such as labor unions, government agencies, and consumer groups. Galbraith argues that these countervailing powers are necessary to prevent the concentration of economic power in the hands of a few large corporations. He contends that without these countervailing powers, corporations would be able to dominate the economy and exploit workers and consumers. The book provides a historical analysis of how countervailing powers have emerged and developed in the American economy, and how they have been able to maintain a balance of power with large corporations. Galbraith also discusses the role of government in regulating the economy and ensuring that countervailing powers are able to function effectively. Overall, ""American Capitalism: The Concepts of Countervailing Power"" is a seminal work in the field of economics and a must-read for anyone interested in understanding the dynamics of the American economy. It provides a nuanced and insightful analysis of the complex interplay between corporations, government, and other institutions that shape the American economic system.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.

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Product details

  • Publisher ‏ : ‎ Kessinger Publishing (August 31, 2010)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 234 pages
  • ISBN-10 ‏ : ‎ 1162556749
  • ISBN-13 ‏ : ‎ 978-1162556741
  • Item Weight ‏ : ‎ 11.2 ounces
  • Dimensions ‏ : ‎ 6 x 0.49 x 9 inches
  • Customer Reviews:
    4.6 out of 5 stars 25

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John Kenneth Galbraith
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John Kenneth Galbraith who was born in 1908, is the Paul M. Warburg Professor of Economics Emeritus at Harvard University and a past president of the American Academy of Arts and Letters. He is the distinguished author of thirty-one books spanning three decades, including The Affluent Society, The Good Society, and The Great Crash. He has been awarded honorary degrees from Harvard, Oxford, the University of Paris, and Moscow University, and in 1997 he was inducted into the Order of Canada and received the Robert F. Kennedy Book Award for Lifetime Achievement. In 2000, at a White House ceremony, he was given the Presidential Medal of Freedom. He lives in Cambridge, Massachusetts.

Customer reviews

4.6 out of 5 stars
4.6 out of 5
25 global ratings

Top reviews from the United States

Reviewed in the United States on January 31, 2014
Originally published in 1952, this book still is an important critical guide to assess mainstream economics and the economic foundations of contemporary societies
Reviewed in the United States on May 13, 2009
"American Capitalism" was John K. Galbraith's first best-seller. This book has several valuable historical and practical insights and remains a significant theoretical contribution, still relevant today. It was not the popular and academic success of "The Affluent Society," "The New Industrial State," and "Economics and the Public Purpose." However "American Capitalism" would be the theoretical groundbreaking of Galbraith's later efforts.

In this book Galbraith maintained the fundamental character of American Capitalism had transformed. The economic system was riddled with big firms and market concentration. Galbraith's book was an application and further development of Edward Chamberlin's and Joan Robinson's arguments and theories of imperfect competition.

Galbraith counters traditional market economists on the ideological mantra that markets equal political freedom. According to Galbraith, markets do not necessarily generate political freedom. If market competition leads to economic concentration then the result of market competition may be far from "freedom." Likewise Galbraith suggests that noncompetitive firms and industries can be more productive and efficient, not less efficient as suggested by textbooks of his era (a position still held in today's textbooks). Against his fellow liberals, Galbraith maintained that big firms (or oligopolies) did not necessarily threaten American democracy (a position he would continue to maintain in his later works; his son James K. Galbraith has radically challenged this position, not as having been wrong, but a political institutional transformation has occurred, giving rise to the "Predator State").

For Galbraith economic concentration and big business was a function of competition and a permanent feature of the American capitalistic system. Economic concentration was not all bad, nor all good, but had certainly changed the macroeconomic dynamic of United States, along with the political system required to mediate and manage the new system.

Galbraith argued competition between small entrepreneurs and producers still had a significant presence, but it no longer explained the macroeconomic dynamic. Instead Galbraith argued the rise of giant producers beget "countervailing powers." These countervailing powers to big business were not competitors producing similar products, but the suppliers (including big unionized workers) and the bigness of buyers (for example big automobile manufactures countervailing the power of big steel).

Galbraith's theory of "countervailing power" was simultaneously seen as a serious challenge to hitchless market (i.e. price) adjustments and to the new rising orthodoxy of Keynesian intervention. The challenge to market adjustment Galbraith made quite explicit and deliberate. The challenge to Keynesian was more implicit, to be made most explicit and deliberate in "The New Industrial State." Antitrust law had become all but useless because for it to be used effectively against big business it "is to suppose that the very fabric of American capitalism is illegal" (55).

The expansion of government was itself an example of "countervailing power." As Galbraith stated it: "We can now see that a large part of the state's new activity - the farm legislation, labor legislation, minimum-wage legislation - is associated with the development of countervailing power" (151). The rise of big government was a logical and necessary outgrowth of big industry, big retail, and big labor. The feature of bigness and economic concentration now constituted the institutional character and macroeconomic dynamic of American Capitalism and would remain a foundational analysis of his (highly influential) later work.

Also in this book Galbraith sees the boundary between economics and politics as artificial, hence false. For Galbraith economic analysis necessarily incorporates political analysis. It is not that Galbraith was unwilling to separate economic analysis from political analysis; rather it is erroneous to do so. This may also help to explain Galbraith's desire for a non-mathematical approach. After all mathematical models are only as precise as the stability of both economic and political institutions. Because economic institutions change, and political legislation change even faster, an institutional and philosophical methodology is more powerful and more accurate than mathematical modeling. Galbraith's elegant and potent prose complements his institutional and philosophical analysis beautifully.

"American Capitalism" will be sought by economic historians, historians of economic thought, and other specialists. A wider audience would surely enjoy reading this book. It is written with a beautiful prose, great wit, a critical mind, and very powerful theoretical analysis. For whatever reason you seek interest in this book, purchase it, enjoy it.
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Reviewed in the United States on September 26, 2015
John Kenneth Galbraith wrote "American Capitalism" in the early 1950s, not long after a stint at Fortune magazine and wartime duties as a price regulator had given him a deep practical knowledge of American business. The time was ripe for fresh economic thinking, as Americans were still coming to grips with 20th century developments that fit awkwardly (if at all) into mainstream economics -- Keynes, mass affluence, pervasive oligopoly, the risk of prolonged depression, mass advertising, unions, the role of technology in lifting living standards, and more. In "American Capitalism,' Galbraith tried to invent a new economics that shunned cant and reflected these new realities. His big idea was that oligopoly was a permanent fact of life and a precondition of technological progress; as such, it had to be countervailed (through unions, big retailers, and government programs) rather than rolled back. Some parts of Galbraith's system were more persuasive and enduring than others, and his ideas were refined in later works such as "The Affluent Society" and "The New Industrial State." Nevertheless, "American Capitalism" is still very much worth reading in 2015. It is thought-provoking, iconoclastic, and droll. Six stars.
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Top reviews from other countries

Dr. Austin L. Bowman
4.0 out of 5 stars The concept of countervailing power
Reviewed in Canada on May 19, 2014
Have not really had an opportunity to read it yet but this book is an essential component of every professional economists bookshelf. It provides beautiful insights into many areas including, but not limited to, agricultural support programs, public infrastructure programs, etc. Some sort of countervailing power is essential to any public project
Twist Barbie
5.0 out of 5 stars Very relevant to today
Reviewed in the United Kingdom on September 26, 2013
Casts light on some issues we are facing today as we work through the aftermath of the financial crisis. The discussion of power is very relevant now and is missed from most analyses of what's going on. And, finally, beautifully written
B. Sheehan
4.0 out of 5 stars Countervailing power
Reviewed in the United Kingdom on February 13, 2018
Essential reading for anyone interested in Galbraith's concept of countervailing power as a regulating force of American capitalism. My appreciation of the concept was enhanced, for sure. To get the most from the experience, it should be read as a primer for Galbraith's famous trilogy of books: The Affluent Society, The New Industrial State, and Economics and the Public Purpose.