The Culture of Contentment

by John Kenneth Galbraith

Book Overview

This book traces the course of America's current sense of contentment, stemming from the economic comfort achieved by the fortunate, politically dominant community during the Reagan-Bush era of the 1980s. Galbraith focuses on the results of this stasis, including short-term thinking and investment, government as a burden, and corporate sclerosis. The author also explores international issues, such as the parallels between the denial of trouble in...

• Format: Hardcover
• Language: English
• ISBN: 0395572282
• ISBN13: 9780395572283
• Release Date: January 1992
• Publisher: Houghton Mifflin
• Length: 195 Pages
• Weight: 0.05 lbs.
• Dimensions: 1.0" x 5.9" x 8.6"

Customer Reviews

Economics and Politics

I found "The Culture of Contentment" to be a timeless book on the economic and political aspects of American society. Galbraith's humor is present in the quote on page on 27 regarding the philosophy about cutting taxes for the rich being beneficial for the middle class and poor. "The doctrine that if the horse is fed amply with oats, some will pass through to the road for the sparrows." Central to the economics of contentment is the general commitment to laissez faire. If the market is left alone(unregulated) all will work out for the best in the end. The author defines laissez faire as an attitude and belief. On free enterprise Mr. Galbraith states- "The free enterprise system fully embraces the right to inflict limitless damage to itself." Some of Mr. Galbraith's observations on where corporate authority lies- with management rather than stockholders, is shared by David Cay Johnston in "Perfectly Legal", which I read recently. The author expands on that topic on page 55, "As managers have escaped the control of stockholders,they have come increasingly to maximize their own return." The Chapter "The License for Financial Devastation" reads like it could have been written about the recent financial crisis. The author brings up the point that pundits seldom discuss the critical view that Adam Smith held of corporations. History has repeated itself again lately. In the 80s it was the S & L bailout. Today it's the rescue of Wall Street. The authors assessment from more than 15 years ago holds true today; "A preventive role by government was not allowed; eventual government rescue was highly acceptable." I found his material on the Council of Foreign Relations intriguing. He was a member of the CFR and he viewed that organization and the Trilateral Commission as well as the Bilderberger group as "recreational" organizations with little actual power. "The more purely recreational or rhetorical activities of the foreign policy community count for little in terms of actual change or effect." He also touched on some of the membership and what the qualifications were for membership as well as the reason for founding the CFR. I enjoyed the book and found that the subject of economics and political aspects of the culture as written by John Kenneth Galbraith was a fast, lively,read. Great book!

Prescient insights!

After reading this book I was struck with the profound nature of both the "Economic Accommodation I/II" and "Military Nexus I/II" chapters with regard to the current tax cut proposals and the impending war with Iraq. As Galbraith asserts in Economic Accommodation concerning questionable supply-side tax policy, "it must be emphasized, the required doctrine need not be the subject of serious empirical proof." When, oh when, are we going to realize as an overall society that the 80's boom was a deficit spending trick and the late 90's boom was the product of massive business productivity gains from global expansion after communism, computer/telecom technology and increasing consumer debt (not "the maestro"). As Galbraith points out, the long-term implications of these macro-economic policies are scary, but our culture seems incapable of thinking long-term. The Military Nexus section also makes you wonder about the "War on Terror". A conventional military war on an invisible (or nearly invisible) enemy - Hmmm? Excellent book!

The author's practically vindicated by our times

I read this book when it was first published and I can confidently assert, after reading a very detailed Congressional Budget survey on income growth over the past 20 years, through both the Reagan And Clinton years, and a throrough reading of the culural trends of the past decade that the author stands virtually vindicated. I suppose only a fairly steep recession will persuade the masses, especially those people of whom Professor Galbraith writes of, something's seriously awry today in many spheres of everyday life and only then might prompt serious consideration to bring the regulatory state back in to remedy these glaring problems. So kudos to Professor Galbraith for an extremely prescient piece of social commentary. Only the most devout free market acolytes could miss the significance of its message!

Excellent

This and all of Galbraith's books are classic. I noticed his books sometimes have gotten rather negative reviews. These seem to come from the same people who will be voting for Pat Buchanan for president. Galbraith is very much a Democrat. His ideas are "liberal". That does not stop him from being one of the most brilliant Economists of the 20th century. The joy of reading his books goes beyond just Gabraith's ideas. In reading his books one gets to know him. He is the sort of writer who lets the reader into his world. Some people may not like what he says. It is hard to take a look at yourself sometimes. Others will cherish his writing.

Read it for yourselves!

It's was the lying, reactionary hot air of mindless regurgitating tools like "Kevalgyan" which prompted me to buy and read this book for myself. Galbraith clearly points out (with credible sources and accurate detail) how the immediate greed and the relentless bigger, better, faster drive for ever-higher profits by the economic elite system (which basically run the government and control the media) are planting the seeds of its own destruction. I implore all to read this book. Turn off the reactionary distortion and open your eyes!