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EBOOK or PDF American Capitalism The Concept of Countervailing Power

Writing in 1952 Galbraith argues that the prior 20 years the reat depression and Ameria s WW2 driven recovery proves that we must reconsider a fundamental years

"The Great Depression And Ameria "
great depression and Ameria WW2 driven recovery proves that we must reconsider a fundamental assumption Namely that perfect competition does not exist in the US economy and that there is enough consolidation of businesses in most industries that companies do indeed have control over prices This in turn limits optimal market efficiency and is different only in degree and precision of a single firm monopoly Galbraith oes on to argue that the most important power dynamic to study in American economics is therefore not how competitors interact to optimize prices but how customers and suppliers interact to split profits Instead of competition he calls this countervailing power Namely when one industry consolidates say the US Steel industry the important dynamic to understand is how labor organizes one of the key vendors of US Steel is its employees or how customers organize eg the auto industry Galbraith then points out that the US Government plays a critical role in establishing countervailing power where there wasn t before through laws and reforms like the minimum wage or workers safety regulation Obviously this role for the US Government is controversial in practiceIncreasingly in our time we may expect domestic political differences to turn on the uestion of supporting or not supporting efforts to develop countervailing power Liberalism will be identified with the buttressing of weak bargaining positions in the economy conservatism and this is its proper function will be identified with the protection of positions of original power There will be a debate over whether weak positions have been unduly strengthenedGalbraith oes on to say where and In his new introduction to this classic text on political economy Galbraith reasserts the validity of the core thesis of American Capitalism The best and est. American Capitalism The Concept of Countervailing PowerNtly by misallocating resources and spending wastefully on advertisements Moreover as companies continue to merge and accumulate larger proportions of the market share these companies will undoubtedly be able to affect price and form a monopoly In such monopolistic position companies will be able to charge almost as much as they want and will have large power over the workforce As such Galbraith finds there are countermeasures what he calls countervailing have large power over the
"Workforce As Such Galbraith Finds "
As such Galbraith finds are countermeasures what he calls countervailing which will balance th A Classic Very interesting to see the role of competition as an element from a Macroeconomics perspective The author emphasizes the role of countervailing POWER IN A CONCENTRATED ECONOMY AS A DISCIPLINARY FACTOR in a concentrated economy as a disciplinary factor restrain abuse in prices to consumers and reduction in wages what competition would do in less concentrated markets This is true when there is no inflation otherwise both supplier and buyer tend to ally themselves to extract the most income possible from consumers The author recognizes that there would be a lack of resources for the economic agents to invest and innovate in overly pulverized markets The author also comments on the eternal debate between liberals and conservatives on the best economics policy recognizing that Keynesian ideas may have practical importance in times of economic depression He doesn t mention land rent Henry George or single tax Sobre poder y democracia citado en La idea de justiciaThere is today much anxiety about the positional power of large multinational corporations but this is not new A concern with the dominance of modern corporations led John Kenneth Galbraith in his1952 book American Capitalism to explore the notion of the countervailing power of workers and consumer Heads of the Colored People groups Ineuality P99. Is the best answer to the market power of big food companies This work remains an essential uidepost of American s as well as that as of the American econo. ,

John Kenneth Galbraith ¹ 3 read

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Hy overnment intervention in the economy to establish countervailing power is important but the conclusions to me ultimately feel pretty obvious Galbraith s criticisms are valid and elouent but his solutions are broad and largely undefined The text are valid and elouent but his solutions are broad and largely undefined The text certainly an interesting read for anyone who feels discontented with American Capitalism but don t expect anything radically new or invigorating Much too brief a study of its seminal thesis containing neither a thorough theoretical analysis nor a historical study of countervailing power Even so the concept that market institutions will develop occasionally with state support that check the excess power of other market institutions remains compelling today The labor unions which Galbraith cites as a paradigmatic countervailing power have largely withered away albeit in part through THE WITHDRAWAL OF STATE SUPPORT VIA withdrawal of state support via t This book ave me some exposure and insight into the Keynesian economic theory and how the Depression helped mold the American perspective and policies on our economy both at home and within our foreign policies This work has aged but the point is still a fair one Monopolies are dangerous for the health of the economy I this along with several other Galbraith books for the Capitalism Democracy Socialism class taught the Philosophy Department at Loyola University Chicago during the first semester of 198182 It is one of Galbraith s weaker texts and one of his earliest being effectively the first volume of a series including The New Industrial State and Economics and the Public Purpose Curious it seems why Galbraith was as popular and celebrated as he was In this book American Capitalism Galbraith argues how companies functions inefficie. Ablished answer to economic power is the building of countervailing power The trade union remains an eualizing force in the labor markets and the chain store. .
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