By John Kenneth Galbraith
A popular economist provides an obtainable, far-reaching historical past of the century's economics from international warfare I and the Russian Revolution, throughout the melancholy and Keynesian idea, to colonialism's cave in and the increase of the 3rd international.
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Extra info for A Journey Through Economic Time: A Firsthand View
Just as with the beginnings of the new system in Britain, part of this development came from the simple, straightforward fact that goods and highly organized services such as transportation, communications and electricity can be supplied in far greater abundance at far lower cost and with ultimate economy of human effort by capitalist organization. Part, however, comes out of the basic dynamics of industrial production. At the outset, there was advantage for the older, more experienced, better organized, better capitalized industry.
Needless to say, the opposing tribal leaders fell into even more violent disrepute. The Kaiser went into permanent exile in Holland, which resisted his extradition for war crimes. The Hapsburgs, the ancient ruling family, were banned permanently from Vienna. The Czar, having suffered earlier defeat, was summarily shot, along with his wife and children. In the later experience of World War II, the now richly experienced Winston Churchill, the most dominant and successful of the wartime leaders, was promptly denied office once the war was over.
Nor was there in the United States. Capitalism, tempered by democratic process, was showing itself to be a relatively secure economic system; the vulnerability that Marx and Engels had fore- Page 22 seen did not materialize. The eventual threat it would face would be not from an angry, motivated proletariat but, as the later years would reveal, from its own internal tendency to inequality in economic reward and a pattern of speculative excess, followed by general economic deprivation and the inevitable political and social response.
A Journey Through Economic Time: A Firsthand View by John Kenneth Galbraith