A Journey Through Economic Time: A Firsthand View by John Kenneth Galbraith

By John Kenneth Galbraith

A popular economist offers an obtainable, far-reaching heritage of the century's economics from international battle I and the Russian Revolution, in the course of the melancholy and Keynesian thought, to colonialism's cave in and the increase of the 3rd international.

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Marc Ferro, The Great War, 1914-1918 (London: Routledge and Kegan Paul, 1973), Table 4, p. 227. Page 20 3 The Roots Of Disorder In 1941, as I will later tell, I was placed in charge of price control (and for a time also of rationing) in the emerging defense program and, after Pearl Harbor, in the Second World War. Mine was by any calculation one of the three or four, maybe half-dozen, critical posts in the management of the wartime economy and was part of a larger task for which there was more than ample precedent.

In the highly prosperous city-states of Page 13 Singapore and Hong Kong, land has been shown to be wholly irrelevant. And in the larger world it came eventually to be realized that colonial territory was only marginally relevant to economic progress, if it was relevant at all. In the years after the Second War, Britain, France, Belgium and the Netherlands, as well as the United States, all shed their colonial possessions; scarcely a ripple was felt in their domestic economic well-being. The dissidence and revolt of the colonial peoples and a more civilized attitude by the colonial powers are often credited with bringing the colonial era to an end.

So also, and more markedly, had military power. Beneath this ruling caste came the ancient merchant class and the capitalists, who, as noted, had replaced the artisans of an earlier time with the mass production and distribution of goods and the provision of transportation services. 1. John Maynard Keynes, The General Theory of Employment Interest and Money (New York: Harcourt, Brace, 1936), p. 384. In the original title there were no commas, but commentators or their well-meaning editors have invariably added them.

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