Galbraith, << GAL brayth, >> John Kenneth (1908-2006), was an American economist whose skillfully written books sparked widespread interest in economic issues. In American Capitalism (1952), Galbraith stated that Americans must adjust to new patterns of competition among big industry, big labor, and big government. He argued that strong labor unions and strong buyers, such as chain stores, restrain the power of large producers.
In The Affluent Society (1958), Galbraith said that the American economy needs more public goods, such as highways and educational facilities. The public goods that he supported complement, but also come at the expense of, some private goods. Good highways, for example, are necessary for new cars, but the tax money spent on highways leaves less money for people to buy new cars. The New Industrial State (1967) analyzes the relationships between industry, the state, and the individual. The Age of Uncertainty (1977) traces the history of economic thought. Galbraith also wrote a book of memoirs, A Life in Our Times (1981).
Galbraith was born on Oct. 15, 1908, in the Canadian city of Iona Station, near London, Ontario. He became a U.S. citizen in 1937. He became a professor of economics at Harvard University in 1949. Galbraith interrupted his scholarly career to serve from 1961 to 1963 as U.S. ambassador to India. He retired from Harvard in 1975. Galbraith died on April 29, 2006.
