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Political Economy and the Galbraithian Legacy

In: John Kenneth Galbraith

Author

Listed:
  • James Ronald Stanfield
  • Jacqueline Bloom Stanfield

Abstract

These epigraphs suggest the essential legacy of John Kenneth Galbraith and the challenge he has laid before progressive modern liberals: organization, institutional change, emancipation, subordination of making a living to a life worth living, explicit confrontation of the commodity-oriented, growth-is-all culture. Attention must be paid to large organizations, the power they deploy, and its consequences. In an era of ‘ rapid and powerful social and economic transformation… [t]he transforming influence is organization’ (Galbraith, 1982a, p. 5). This will require a self-consciously critical heterodox political economy. But criticism alone is not enough, political organization must be employed to challenge the configuration of power and promote institutional change. Institutions are the pathways of human existence; present institutional tendencies or biases must be understood, criticized, and judiciously redirected.

Suggested Citation

  • James Ronald Stanfield & Jacqueline Bloom Stanfield, 2011. "Political Economy and the Galbraithian Legacy," Great Thinkers in Economics, in: John Kenneth Galbraith, chapter 8, pages 200-232, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-0-230-30244-0_8
    DOI: 10.1057/9780230302440_8
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