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The Economics of Innocent Fraud: Truth for Our Time #2020

The Economics of Innocent Fraud Truth for Our Time John Kenneth Galbraith has long been at the center of American economics in key positions of responsibility during the New Deal World War II and since guiding policy and debate His trenchant new b

  • Title: The Economics of Innocent Fraud: Truth for Our Time
  • Author: John Kenneth Galbraith
  • ISBN: 9780618013241
  • Page: 275
  • Format: Hardcover
  • The Economics of Innocent Fraud: Truth for Our Time By John Kenneth Galbraith, John Kenneth Galbraith has long been at the center of American economics, in key positions of responsibility during the New Deal, World War II, and since, guiding policy and debate His trenchant new book distills this lifetime of experience in the public and private sectors it is a scathing critique of matters as they stand today.Sounding the alarm about the increasing gJohn Kenneth Galbraith has long been at the center of American economics, in key positions of responsibility during the New Deal, World War II, and since, guiding policy and debate His trenchant new book distills this lifetime of experience in the public and private sectors it is a scathing critique of matters as they stand today.Sounding the alarm about the increasing gap between reality and conventional wisdom a phrase he coined Galbraith tells, along with much else, how we have reached a point where the private sector has unprecedented control over the public sector We have given ourselves over to self serving belief and contrived nonsense or, simply, fraud This has come at the expense of the economy, effective government, and the business world.Particularly noted is the central power of the corporation and the shift in authority from shareholders and board members to management In an intense exercise of fraud, the pretense of shareholder power is still maintained, even with the immediate participants In fact, because of the scale and complexity of the modern corporation, decisive power must go to management From management and its own inevitable self interest, power extends deeply into government the so called public sector This is particularly and dangerously the case in such matters as military policy, the environment, and, needless to say, taxation Nevertheless, there remains the firm reference to the public sector.How can fraud be innocent In his inimitable style, Galbraith offers the answer His taut, wry, and severe comment is essential reading for everyone who cares about America s future This book is especially relevant in an election year, but it deeply concerns the much longer future.

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    1 thought on “The Economics of Innocent Fraud: Truth for Our Time

    1. The general idea of addressing innocent frauds in the modern world is quite interesting He challenges the distinctions between corporate management bureaucracies, capitalism corporatism, public private sectors, shift of power from shareholders to managers and their self compensation among the others One main flaw is the focus on the side effects or dark sides in the existence of the main pillars of current political and economic systems, without enough elaboration on their raison d etre except f [...]

    2. The attitude toward economics and it s applied methods in different communities provided by the author here,is similar in my opinion with the common trend of the non monetary economy in some ways the economy based on fraud and lies and measuring the progress of societies depending on the physical measurement using the currency and converting the international economics and politics into a form of colonialism This is consistent to a large extent, from another angle, with orientation of restructur [...]

    3. John Kenneth Galbraith offers his profound insights into how the U.S economy functions today, notably the dominant influence of large corporate interests in the process of public decision making specifically, in military and environment In a very concise yet stringent manner, he makes readers think about the prospects of both innocent and not so innocent fraudulent cases Unlike the prominent U.S capitalists such as Carnegie, Rockefeller and Duke in the nineteenth century, modern corporations enj [...]

    4. You can read this short book in an hour, but you ll be thinking about it for much longer Galbraith, a man of impeccable credentials, points out some of the unspoken by mainstream culture truths of our times The free market system is the meaningless replacement term for what capitalism has become, and what should truthfully be called the corporate system We hide a deep social injustice by referring to two entirely separate things with same word work Work is used for both the painful life sapping [...]

    5. A concise book, little than a pamphlet, but with heavy arguments and a forceful intellect.Galbraith argues that in modern economies, big business unashamedly and openly conducts fraud and much of the narrative of modern business is a fallacy In particular he believes that the conventional understanding of a company being run by its shareholders has been untrue for some time In reality, management are only vaguely accountable to the shareholders and use this autonomy to award themselves larcenou [...]

    6. This tract by Galbraith was an excellent foray into economics This respected economist attempts to debunk some common misconceptions about modern economics and it s perceived as well are overlooked flaws In the process he reveals why he thinks the Fed is irrelevant, why the private sector is not at all separate from the public sector, why management is by far the most powerful force in corporate economics, and why economic forecasting is by nature a flawed practice All of his arguments are worth [...]

    7. Galbraith wrote this book in 2004 at age 96 or so, so don t expect the fiery wit and rapid fire social observation of his middle age But what you will find is a deep moral awareness of all that has gone wrong in the present economic scene, with a startingly prescient prediction of our current subprime mess There s also a great rationale for being a big tipper Those who most enjoy work are all but universally the best paid This is accepted Low wage scales are for those in repetitive, tedious, pa [...]

    8. This book is 62 pages long and it is brilliant When I read this a couple of years ago I gave it to a number of people who call themeselves progressives None of them were willing to discuss it with me I don t know if they didn t read it or what But here is one of the most influential and certainly one of the most broadly educated men of the 2nd half of the 20th century who is very clearly exposing the destructive nature of capitalism in the west His book is disconcerting because it pretty much sa [...]

    9. This book, apparently written espescially for publication in the Pocket Penguin 70s set, deserves reading and rereading Galbraith s views, especially about the Federal Reserve Bank s lack of influence in the economy, and the stark difference between economic theory and economic reality, could not have made him a popular figure in the economic sphere And his controversial statements just keep stacking up When, in the last two pages, he states Mass slaughter has become the ultimate civilized achie [...]

    10. I love reading JK Galbraith I heard him speak once when I was at university He was well into his 80 s by then and completely deaf so the question and answer session was a bit of a shambles When he was speaking however he was witty, forthright, compassionate and provocative Whether you agree with this book or not it is really enjoyable For those on the left of politics it is a succinct summary of that is wrong in our current capitalist system Those on the right will find it provocative but I d ar [...]

    11. I can think of no higher praise than to say that I read this book on economics during a night shift and it did not send me to sleep

    12. The contrast between corporations and citizens in influencing government is looked at in this timely book.

    13. Six ans apr s, et le crash de 2008 derri re nous, ce petit livre se r v le encore plus visionnaire En d non ant les mensonges du syst me conomique actuel, le capitalisme de fa ade qui a retir le pouvoir aux actionnaires pour le donner aux dirigeants, le pouvoir du complexe militaro industriel qui a pratiquement privatis la d fense, l impuissance construite de la FED, l absolue pr dominance du financier sur le productif, et le culte du PIB mat riel aux d pends des valeurs humanistes, il d finit l [...]

    14. Galbraith, the celebrated Harvard economist, expands upon his concept of conventional wisdom to show other ways which most of us accept what isn t true and are blind to reality He does it in 60 pages of somewhat whimsical text It is his last testament as he died shortly after its publication.Naturally his theme is economic distortions that we accept as inevitable because we have come to believe the conventional wisdom rather than the myths of democracy and the hold that corporate managers have o [...]

    15. I think I understood what Galbraith was trying to convey Capitalism bad, Socialism bad, everything bad It took less than 80 pages to get that across to the reader, which was a plus Making even 20 on 80 pages of incoherent rambling, a less than innocent fraud Maybe this wasn t the best paper for me to start with Maybe Galbraith was wiser 40 years ago Now Not so much.

    16. Galbraith s essay explores the essence of Man s predilection toward self justification and self deception in his personal and corporate pursuit of gain Very appropriate in this era of bursting financial bubbles.

    17. More of a polemic than a thoroughly argued work on economics this is Galbraith the economic mastodon, calling bullshit on the convenient lies, evasions and oversimplification of his profession.

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