BBC NEWS | Americas | Liberal thinker JK Galbraith dies — One of the last “liberals” who actually made sense. Living to 97, he must have been doing something right. His basic philosophy was that the government should actually do something postitive for its citizens as a whole.
JK Galbraith taught at Harvard University from 1948 until his retirement in 1975, but continued to publish books on socio-economic issues.
An advocate of government action to solve social problems, he focused on issues such as the distribution of wealth in society.
He was awarded the Medal of Freedom twice, by President Truman in 1946 and President Clinton in 2000.
I have enjoyed reading some of his books. He was from an era when Liberals were Liberals and Conservatives were Conservatives.
Thre are two separate issued to address though:
1) what might make economic sense.
2) what the Constitution grants the government the power to do.
These two are not necessarily aligned with each other.
One of the Unknown facts about Galbraith was that he was Canadian.
As for conservative economics, I think by now it is well established that economic capitalism is an utter failure. Its fundamental error is presuming that a small body of people, however forward thinking and benevolent they may be, will be able to divine the “the greater economic good” and will always act in an unselfish manner.
At the peoples demand, governments have constantly had to rein in lassaiz faire economics to equalize the excesses of unrestrained capitalists. From Republicans like Teddy Roosevelt and Eisenhower to Democrats like Franklin Roosevelt Truman, Presidents have had to deal with monopolies and unfair competition by those who are also known as the Robber Barons.
Nate, I knew that.