By John Kenneth Galbraith
A well known economist provides an obtainable, far-reaching background of the century's economics from international conflict I and the Russian Revolution, in the course of the melancholy and Keynesian concept, to colonialism's cave in and the increase of the 3rd global.
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Extra info for A Journey Through Economic Time: A Firsthand View
This will be a major theme in the pages that follow. The movement of basic or traditional industry from the older country to the new does not, of course, leave the former economically bereft; other economic activity survives and flourishes. There is continuing advantage in high and innovative technology. And after people are amply supplied with the physical objects of consumption, they move on to visual enjoyments and to entertainment. The reality is, however, that the latterbetter design, better architecture, theatrical and television productions, fashion, art, intellectual pursuitsdo not have the same aspect of economic substance as do steel mills or automobile factories.
The aristocratic and landed tradition was, indeed, a nearly perfect design for ensuring that both government and the armed forces would be in the hands of leaders of minimal competence. Selection was by inheritance, not by intelligence. As noted, even the intellectually most impaired individuals, if otherwise qualified by birth and bearing, could ascend to major positions of civil and military power. And they did. Russia was, without doubt, the extreme case. "'3 The Imperial Russian Minister of War, Vladimir Sukhomlinov, was indolent, unintelligent and known to conserve his energy more or less exclusively for the sexual demands of his very young wife.
It was to be one of the modern and more welcome triumphs of capitalist attitude and achievement to diminish this acquisitive need for more land. In the highly prosperous city-states of Page 13 Singapore and Hong Kong, land has been shown to be wholly irrelevant. And in the larger world it came eventually to be realized that colonial territory was only marginally relevant to economic progress, if it was relevant at all. In the years after the Second War, Britain, France, Belgium and the Netherlands, as well as the United States, all shed their colonial possessions; scarcely a ripple was felt in their domestic economic well-being.
A Journey Through Economic Time: A Firsthand View by John Kenneth Galbraith