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

By John Kenneth Galbraith

A well known economist provides an available, far-reaching heritage of the century's economics from global conflict I and the Russian Revolution, during the melancholy and Keynesian thought, to colonialism's cave in and the increase of the 3rd international.

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Figures assembled in 1924 by the United States War Department, as it then was, put the total of mobilized forces from all countries at 65 million. 7 million were taken prisoner or were missing. For those in uniform during the war, the chance of undamaged survival was well under 50 percent. Here clearly the human cost of ignorance. That the landed territory of the United States did not suffer any physical damage in the First World War, as again in World War II, has been often remarked. Also the American participation in the First Wara year and a halfwas relatively brief.

This change, too, must loom large in any view of the economic world in the twentieth century. So it does here. We should not, however, be too extreme in our view. In recent years, and in consequence, in no slight measure, of the collapse of Communism just mentioned, the name of Karl Marx, which was once a symbol of fear, has now become an object of disdain. It would be unfortunate were this carried too far. In large part, we owe to Marx the concept of economic determinism, an understanding of the powerful and even decisive role of economic forces in the shaping of human history.

The Reagan Achievement 210 23. The Great Implosion 219 24. The Uncertain Miracle 228 25. The Last Chapter 238 Index 247 Page xi Introduction As this book appears, it is sixty-one years since I began teaching economics. During this time, nearly two-thirds of the twentieth century, I have also been a more than occasional participant in economic policymaking, a fairly frequent commentator on and interpreter of economic life and, over all this time, an actively concerned observer. From that background comes this book.

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