Galbraith was a public intellectual of a generation that I
missed. I had previously read his book
on the crash of 1929 and enjoyed his clear, concise writing style which
sometimes rolled into figurative language when it seemed necessary. That same writing is on display here, but
this is a more troubling document in a couple of ways. Basically, Galbraith is making the argument
that the United States was over-everything: producing, consuming, and
working. In the time he was first
writing this, he sounds like the economic consequences of Keynes’ grandchildren
had come through, and affluence reigned.
It did, but then, as now it was unevenly distributed. My key takeaway was a feeling that the
minimum income is a thing whose time has long since come, but also that Galbraith
would sit so far left of conventional discourse these days that he would be a
marginal figure. He is the man who
invented the phrase, in this book, of “Conventional Wisdom,” but sadly his
wisdom would not be listened to today.
The second aspect that makes this a “troubling” book to read
is that it has gone through multiple editions where there was fairly heavy
editing. I’m used to a new edition just
having a amendatory preface and the text staying the same. I can’t really say how this changes any interpretation
of the work, but the edition I have is the 40th anniversary from
1998. I was expecting a book from 1958,
and I was thrown at the first mention of Nixon as president. I got used to the long time frame that Galbraith
used for references, but I wanted a first edition. I really wanted to have all the editions
together to see when and where his thinking shifted, but I was reading this for
pleasure and not for any sort of school assignment. I think it detracted from the work, but only
because I was aware of it.
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