John Kenneth Galbraith: His Life, His Politics, His Economics

This exceptional work is not only a biography of a dynamic, influential figure of 20th century history, but a metaphor for the 20th century itself. Through the family, education and worldview of JKG we have a narrator of history, from someone who was at the nexus of power and decisions. Through war, economic calamity, boom and bust, the fools, the corrupt, the wise and the villains, while history was made, JKG was in the room. Parker's work follows this great individual who sought through his intellect to make the world a better place, to identify through economics the flaws and consequences of policy failures. Today we live in a world still enduring and struggling with the decisions of ignorant and corrupt public officials; JKG was of a breed in ever diminishing numbers, perhaps facing extinction, to speak truth to power, a conviction of morality and intellect, of backbone and fortitude, to use his gifts for the advancement of mankind.

John Kenneth Galbraith is the personification of Liberalism. And if you want a detailed insight into what the enduring essence of Liberalism is, not as it is defined by its political enemies, but by its greatest exponent in America, this lengthy, detailed, and highly readable biography of Galbraith is for you. Ambitious in its scope and breadth, this book is far more than a "life" of Galbraith. You get three books for the price of one here. You get, of course, a biography of Galbraith, a man of considerable brilliance who led a fascinating life. You get a history of American polity, particularly in economics, from the Depression to the close of the Twentieth Century. And perhaps most important, you get the story of how Galbraith's central ideal, the ideal of an intelligent public policy exercised by democratically elected government has fared in America during this period. Central to Galbraith's economics is the belief that representative government can be a powerful force for good, and (to use Galbraith's term) an essential "countervailing power" to private interest. Starting with Galbraith's career as an agricultural economist in the New Deal, and going to the end of the Clinton administration, Parker's book follows Galbraith's responses to, and in some cases impact upon, the key events and political and economic controversies of the times. Along the way the reader gains a detailed insight into how the post-WWII American consensus of a partnership between government, business, and labor, committed to the common good, began to break down in the 1970s and 1980s, and how we arrived at today's "conventional wisdom" (another term that Galbraith coined) that cynically practices the self-fulfilling prophecy that nothing beneficial can emanate from the public sector. For those who are particularly interested in academic economics, this biography gives a fascinating account of Galbraith's long battle against the rise of a brand of mathematical microeconomics uninterested in any so-called "exogenous" factors such as observable facts and real-world issues, and which had nothing to offer in social policy beyond, as Parker writes, "a future of endless consumption of endlessly more goods." As an alternative to the metric of "allocational efficiency" (for example, "just in time" practices, outsourcing jobs to cut costs) Galbraith proposed an alternative metric he called "the minimization of social tension." Although Galbraith is often now considered marginalized by his political and intellectual opponents, this book makes a powerful case for revisiting his approach to economics as being inseparably linked to institutional, political, and even psychological issues. As Parker writes, Galbraith's approach to economics is concerned above all with "the fundamental issue of how societies and civilizations work". Now more than ever this book is a necessary reminder of why Galbraith's voice is of continuing relevance. Parker, himself an eminent econ

Richard Parker's John Kenneth Galbraith is an exceedingly well written and assiduously researched biography. Perhaps most impressive it the ease with which Parker weaves JKB's life, economic theories and beliefs, the development of Keynesian economics and virtually all post-WWI US history. While there is little doubt this work is about JKB and his influence on economic theory and policy, his extraordinary busy life, and political connections made initially at Harvard as an instuctor (and, later, as a tenured professor) Parker does a superb job integrating a prodigous amount of US history and policy in a very well annoted fashion and with a marvelous economy of prose. Galbraith, always a controversial scholar, never could be accused of hiding any political agenda. A true believer in the New Deal and a Great Society, he obviously believed in a coordinated, but not limitless, goverenment role in a capitalistic society. Those who have studied economics to any degree have the Latin phase drilled in their heads, ceterus paribus - other things equal. Galbraith thought this analysis and seemingly erudite and complex other mathematical formulas pure rubbish. As an undergrad in the late 70's I distinctly remember a terrific professor of mine "catching" me reading An Affluent Society. He teased me about my "leftist leanings". But Galbraith always challenged my assumptions, and, obviously millions of others. Parker perhaps should be accused of a positive bias toward his subject. That said, he makes his arguments quite cogent and exceeding well annoted. While I think this book is a must read for those interested in 20th century economic thought, policy or history I would certainly encourage ALL to read the antepenultimate chapter, Joy Fades. It is the finest 24 pages I have ever read on "conservative" vs. "liberal" economic beliefs and policy. Richard Parker's John Kenneth Galbraith is a real winner. It should be read and on the book shelves of all US historians and economists. It is one terrific read on a truly remarkable intellectual.

I have long been an admirer of Ken Galbraith, and on occasion, have labored in the same vineyard. We are indeed fortunate to have the talented Mr. Parker present us with this well documented, well scripted review of Ken Galbraith's life. The fact that Parker is himself well steeped in economics and shares with Galbraith the capacity to translate what can be viewed as arcane aspects of that science in language that lay persons can cope with makes this book even better than a simple retelling of aspects of a fascinating life, Galbraiths's intellectual growth and his towering role in public events make for an exciting story, and Parker tells it very well. Every "liberal" should love it; every conservative could benefit from it.

Paul Samuelson was one third correct about JKG. As Samuelson notes, Galbraith was an "economist for non-economists". But as an economist myself, JKG was also an economist for economists and for thinking people everywhere. He revolutionised and demystified economics within its political and social contexts for millions. Parker does an excellent job in capturing the genius of his thought and impact. Teaching economics, as I do, is so much more a pleasure now that Galbraith's perspectives can be added to the conventional wisdom. I'm afraid most of his critics have lacked the ability to generate an original thought, so Galbraith provides an easy target since he has produced so many of them.

This colorful and anecdotal biography of Galbraith stretches across almost the whole of the twentieth century and in the telling leaves behind a cogent history of economics and American government, stretching from the Keynsian revolution to the breaking up of the classic liberalism of the Roosevelt era beginning with Nixon. Galbraith's life puts a lens to the fine grain of virtually all the significant developments since the decade of the thirties and the Depression and leaves behind a lot of insightful asides about the interaction of economists with politicians. The record of clear-headed advice given, but not always taken, has some grimmer moments, such as the repeated cautions and warnings from Galbraith about Vietnam, even as Kennedy was overtaken by events. The picture of the high-tide of Keynesianism is refreshing after two decades of economic sophistry from the post-Reagan generation. You would think that Republicans could manage economies, but the record shows a great fall, as the crackpots with their fancy models and the rest of the looters took over. We could use some the common sense and economic basics that Galbraith once provided (and he wasn't a kneejerk Keynsian). Instead we may be undone by the voodoo artists and their laffer curves, nothing to laugh at anymore as the American public gets swindled one more time. Superb double history, the man, and the American scene.