The New Industrial State (The James Madison Library in American Politics)
by John Kenneth Galbraith
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List Price: $24.95
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Manufacturer: Princeton University Press
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Average Customer Rating: 
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Binding: Paperback
Dewey Decimal Number: 338.0973
EAN: 9780691131412
ISBN: 0691131414
Label: Princeton University Press
Number Of Items: 1
Number Of Pages: 576
Publication Date: 2007-04-09
Publisher: Princeton University Press
Studio: Princeton University Press
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Spotlight customer reviews:
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Customer Rating:
Summary: Galbraith's System
Comment: John Kenneth Galbraith didn't respect the literary conventions of economics. He didn't express himself in math, he made sweeping generalizations about society (not always backed by strong evidence), and he freely drew on the insights of history, sociology, and politics, paying little heed to interdisciplinary boundaries. For that reason, many economists looked down their noses at him. And for that reason, his books are still in print and enjoyed by readers decades after they first appeared. Galbraith was more than an economist. He was a great social critic, a great debunker of cant, and a superb prose stylist. He was the Veblen of post-World War II America.
He was at the top of his powers when he wrote "The New Industrial State" in the 1960s. The book came as close as anything did to summarizing the Galbraithian "system." Parts of it are outdated, such as the assertion that financial markets have little influence on big corporations, or the strained argument that the American and Soviet economic systems were "converging." Other parts, however, are as relevant today as they were 40 years ago, such as the critique of advertising and consumerism, or the analysis of how our gigantic defense industry shapes policy and influences the Pentagon. In a time when the Federal Reserve is bailing out banks and scrambling to protect the economy from the miscalculations of the financial sector, it's good to be reminded that the private sector looks to government to keep the economy on a even keel, no matter what the official ideology of the private sector may be.
Most of all, "The New Industrial State" displayed Galbraith's genius for stepping back and asking big questions. These continue to haunt economics, even though textbook writers bury them in footnotes. Why DO we treat GDP is an adequate measure of social welfare? Why DO we choose to consume higher productivity in the form of goods rather than leisure? Why DOES our pedagogy emphasize "perfect competition" when the economy is dominated by big firms? Why DO we assume that workers and managers are motivated solely by pecuniary considerations? And on and on.
"The New Industrial State" is a trove of intellectual riches, expressed in masterful and witty prose. Every undergraduate economics student should read it. So should every educated citizen. It's a 20th century classic.
Customer Rating:
Summary: An excellent (if difficult) book
Comment: FROM THE PUBLISHER'S DESCRIPTION:
Is it possible to offer a single comprehensive view of modern economic life and of the changes that are shaping its future? Mr. Galbraith in this volume proves that it is. He begins with the world of advanced technology highly specialized manpower, and the five or six hundred giant corporations which bring these into use. He shows how these firms supply themselves with capital, how the men who comprise them are motivated, how organized intelligence has replaced ownership as the source of power in the modern enterprise. He shows how the market has declined as a guiding influence in economic life, to be replaced in substantial measure by planned decision as to what will be produced, at what prices and for whom.
Government in the industrial state, Mr. Galbraith makes clear can be understood only in light of the needs and goals of modern large-scale organization. And this profoundly shapes the prospect for trade unions, political parties, education and the larger culture itself. Only as we see the goals of the industrial system in a clear light will we avoid the danger of subordinating too much of life to their service. Only then will we exploit the opportunities inherent in well-being.
...
The publisher's description goes on to herald The New Industrial State as Galbraith's "most important book." The implicit comparison is with his earlier and immensely popular work, The Affluent Society. But the two books are quite closely related, as Galbraith mentions in the foreword: "I must again remind the reader that this book had its origins alongside The Affluent Society. It stands in relation to that book as a house to a window. This is the structure; the earlier book allowed the first glimpse inside."
And indeed, that is largely the truth. This book provides a framework for understanding Corporate America; its real and public purposes, its organization, history, strengths, and weaknesses. Surprisingly little of the book seems aged (of course the book exludes all mention of the last forty years, and the Soviet references seem a bit antiquated), and much of it, with minimal substitution (e.g. "War on Terror" for "Cold War" as the bogeyman for justifying the massive military outlays which feed the industrial system) is eerily applicable to the early 21st century.
All of that said, this book is not for everyone. It is quite dense (especially the first third), and most of us will need a dictionary close at hand. This is a book which requires hard thinking and more than one reading. But if your purpose is to understand the type of economy we really live in, your efforts will be richly rewarded.
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Editorial Reviews:
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Customer Rating:
Summary: Galbraith's System
Comment: John Kenneth Galbraith didn't respect the literary conventions of economics. He didn't express himself in math, he made sweeping generalizations about society (not always backed by strong evidence), and he freely drew on the insights of history, sociology, and politics, paying little heed to interdisciplinary boundaries. For that reason, many economists looked down their noses at him. And for that reason, his books are still in print and enjoyed by readers decades after they first appeared. Galbraith was more than an economist. He was a great social critic, a great debunker of cant, and a superb prose stylist. He was the Veblen of post-World War II America.
He was at the top of his powers when he wrote "The New Industrial State" in the 1960s. The book came as close as anything did to summarizing the Galbraithian "system." Parts of it are outdated, such as the assertion that financial markets have little influence on big corporations, or the strained argument that the American and Soviet economic systems were "converging." Other parts, however, are as relevant today as they were 40 years ago, such as the critique of advertising and consumerism, or the analysis of how our gigantic defense industry shapes policy and influences the Pentagon. In a time when the Federal Reserve is bailing out banks and scrambling to protect the economy from the miscalculations of the financial sector, it's good to be reminded that the private sector looks to government to keep the economy on a even keel, no matter what the official ideology of the private sector may be.
Most of all, "The New Industrial State" displayed Galbraith's genius for stepping back and asking big questions. These continue to haunt economics, even though textbook writers bury them in footnotes. Why DO we treat GDP is an adequate measure of social welfare? Why DO we choose to consume higher productivity in the form of goods rather than leisure? Why DOES our pedagogy emphasize "perfect competition" when the economy is dominated by big firms? Why DO we assume that workers and managers are motivated solely by pecuniary considerations? And on and on.
"The New Industrial State" is a trove of intellectual riches, expressed in masterful and witty prose. Every undergraduate economics student should read it. So should every educated citizen. It's a 20th century classic.
Customer Rating:
Summary: An excellent (if difficult) book
Comment: FROM THE PUBLISHER'S DESCRIPTION:
Is it possible to offer a single comprehensive view of modern economic life and of the changes that are shaping its future? Mr. Galbraith in this volume proves that it is. He begins with the world of advanced technology highly specialized manpower, and the five or six hundred giant corporations which bring these into use. He shows how these firms supply themselves with capital, how the men who comprise them are motivated, how organized intelligence has replaced ownership as the source of power in the modern enterprise. He shows how the market has declined as a guiding influence in economic life, to be replaced in substantial measure by planned decision as to what will be produced, at what prices and for whom.
Government in the industrial state, Mr. Galbraith makes clear can be understood only in light of the needs and goals of modern large-scale organization. And this profoundly shapes the prospect for trade unions, political parties, education and the larger culture itself. Only as we see the goals of the industrial system in a clear light will we avoid the danger of subordinating too much of life to their service. Only then will we exploit the opportunities inherent in well-being.
...
The publisher's description goes on to herald The New Industrial State as Galbraith's "most important book." The implicit comparison is with his earlier and immensely popular work, The Affluent Society. But the two books are quite closely related, as Galbraith mentions in the foreword: "I must again remind the reader that this book had its origins alongside The Affluent Society. It stands in relation to that book as a house to a window. This is the structure; the earlier book allowed the first glimpse inside."
And indeed, that is largely the truth. This book provides a framework for understanding Corporate America; its real and public purposes, its organization, history, strengths, and weaknesses. Surprisingly little of the book seems aged (of course the book exludes all mention of the last forty years, and the Soviet references seem a bit antiquated), and much of it, with minimal substitution (e.g. "War on Terror" for "Cold War" as the bogeyman for justifying the massive military outlays which feed the industrial system) is eerily applicable to the early 21st century.
All of that said, this book is not for everyone. It is quite dense (especially the first third), and most of us will need a dictionary close at hand. This is a book which requires hard thinking and more than one reading. But if your purpose is to understand the type of economy we really live in, your efforts will be richly rewarded.
With searing wit and incisive commentary, John Kenneth Galbraith redefined America's perception of itself in The New Industrial State, one of his landmark works. The United States is no longer a free-enterprise society, Galbraith argues, but a structured state controlled by the largest companies. Advertising is the means by which these companies manage demand and create consumer "need" where none previously existed. Multinational corporations are the continuation of this power system on an international level. The goal of these companies is not the betterment of society, but immortality through an uninterrupted stream of earnings. First published in 1967, The New Industrial State continues to resonate today.
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