Power, Market and Techno-Structure in John Kenneth Galbraith’s Thought

Adem LEVENT

Abstract


Abstract. In this study, the economic thoughts of John Kenneth Galbraith are examined who is one of the most influential economists of the 20th century. For this purpose, Galbraith’s economic thought is dealt with in the context of two heterodox schools for economics which are called as the Institutional Economics and Post Keynesian Economics. Furthermore, the notions of  modern company, techno-structure, power, countervailing power, affluent society, dependence effect and consumption culture which are formed Galbraith’s economic thought with reference to economists as Thorstein Veblen, John Maynard Keynes, Joseph Schumpeter and Milton Friedman is analyzed. Galbraith tries to understand the US’s economic, social, and politic changes after World War II with the given notions.

Keywords. Modern Company, Countervailing Power, Affluent Society, Techno-Structure, Conventional Wisdom, Planning System, Market System.

JEL. D92, E20, F43, N10, O16.

Keywords


Modern company; Countervailing power; Affluent society; Techno-Structure; Conventional wisdom; Planning system; Market system.

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DOI: http://dx.doi.org/10.1453/jsas.v3i2.895

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