John Kenneth Galbraith is a very radical economist whose biggest impact took place during the 1950s as the rebound of the Second World War left the United States penniless. Born in Canada but practices in the U.S., John Kenneth Galbraith is one of the most influential economists the United Sates has ever seen. Galbraith's most significant theories were those of Anti-Inflation policy, and the theory of Countervailing Power. Both theories led to the rediscovery of Socialism.
The first main theory that contributed to the anti-inflation idea was that of Galbraith's Price Control theory. Galbraith argued that the main issue is that during the depression, corporations took control of prices and employment in America and sent them out of control where prices were too high and employment was too low. Galbraith's ideas began to gain support with the realization that the Great Depression could have been avoided if prices were in the hands of the consumers and employers allowed to set their own regulations regarding their employees.
This idea of taking price controls away from the capitalists and putting them into the hands of consumers is a socialist attribute. The domino effect commenced when prices became too high and people could not afford the bare necessities. This, along side the sky-high unemployment rate, led the poor to become poorer and eventually Black Tuesday, October 29, 1929, became inevitable.
Tags: John Kenneth Galbraith, Anti-Inflation policy,Price Control theory.
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