Volume 35, Number 18 · November 24, 1988
From Stupidity to Cupidity
By John Kenneth Galbraith
The Predators' Ball: The Junk-Bond Raiders and the Man Who Staked Them
by Connie Bruck
The American Lawyer/Simon and Schuster, 385 pp., $19.95
Securities and Exchange Commission v. Drexel Burnham Lambert Incorporated, Drexel Burnham Lambert Group Incorporated, Michael Milken, Lowell Milken, Cary Maultasch, Pamela Monzert, Victor Posner, Steven Posner and Pennsylvania Engineering Corporation Securities and Exchange Commission, Litigation Release No. 11859, September 7, 1988
United States District Court for the Southern District of New York.
One of the less celebrated of the convergent tendencies of modern capitalism and communism, free enterprise and comprehensive socialism, is the way both are put at risk by their best rewarded and most ardent partisans. This is now superbly evident in the Soviet Union in the current resistance to the Gorbachev—or any serious—reforms by the comfortable and often privileged bureaucracy. It is from there that comes the strongest affirmation of so-called socialist principles and the need for stolid adherence thereto at whatever cost. Inherent in this huge bureaucracy is the economic stultification that manifests itself in low economic growth and irrelevant response to consumer wants and needs.
Review, 3657 words
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