Volume 28, Number 13 · August 13, 1981
Up from Monetarism and Other Wishful Thinking
By John Kenneth Galbraith
A case can readily be made that the English-speaking countries, the United Kingdom and the United States in particular, are currently getting the economic policy that they deserve. Theology, wishful thinking, and a modest resort to necromancy have extensively replaced practical judgment on both sides of the Atlantic. The results are in keeping. The British experiment along these lines is more advanced than that in the United States, so the economic consequences in England are much worse. But the administration in Washington has come to office with a powerful promise that it will repeat the British error. It agrees that government should not in these days take instruction from experience—its own or that of others. I do, of course, wish to be even-handed in these sordid matters; there is little to be said for the alternative policies so far being advanced by most of those now out of office.
Feature, 4063 words
To read the full text of this piece, please choose one of the following options:
|
If you are already a subscriber to the Review's electronic edition, please sign in: |
To subscribe to the electronic edition, please press the button below. |
To purchase access to this article for $3, please press the button below. |