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Was Galbraith Right?


  • Stephen Dunn


As the United States and the rest of the developed world lurch toward austerity economics—spending cuts—to deal with the latest financial crises of 2011 and surely 2012, Stephen Dunn says John Kenneth Galbraith offered us one of the most cogent warnings—that these events do repeat—always believing that financial markets were inherently unstable. His lessons went unheeded for the past few decades, but now, the same arguments these nations were given in the 1930s are being repeated. How can this be? We need a good history. Galbraith wrote one.

Suggested Citation

  • Stephen Dunn, 2011. "Was Galbraith Right?," Challenge, Taylor & Francis Journals, vol. 54(6), pages 41-60.
  • Handle: RePEc:mes:challe:v:54:y:2011:i:6:p:41-60
    DOI: 10.2753/0577-5132540604

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    References listed on IDEAS

    1. L. Wray, 2007. "A Post Keynesian view of central bank independence, policy targets, and the rules versus discretion debate," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 30(1), pages 119-141.
    2. Paul Davidson, 2008. "How To Solve The U.S. Housing Problem And Avoid A Recession: A Revived HOLC And RTC," SCEPA policy note series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2008-021, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    3. Charles Leathers & J. Patrick Raines, 2008. "John Kenneth Galbraith's Contributions to the Theory and Analysis of Speculative Financial Markets," Review of Political Economy, Taylor & Francis Journals, vol. 20(4), pages 551-568.
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