The Economics of Innocent Fraud: Truth For Our Time

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Houghton Mifflin Harcourt, Apr 26, 2004 - Business & Economics - 80 pages
15 Reviews
John Kenneth Galbraith has long been at the center of American economics, in key positions of responsibility during the New Deal, World War II, and since, guiding policy and debate. His trenchant new book distills this lifetime of experience in the public and private sectors; it is a scathing critique of matters as they stand today.
Sounding the alarm about the increasing gap between reality and "conventional wisdom" -- a phrase he coined -- Galbraith tells, along with much else, how we have reached a point where the private sector has unprecedented control over the public sector. We have given ourselves over to self-serving belief and "contrived nonsense" or, more simply, fraud. This has come at the expense of the economy, effective government, and the business world.
Particularly noted is the central power of the corporation and the shift in authority from shareholders and board members to management. In an intense exercise of fraud, the pretense of shareholder power is still maintained, even with the immediate participants. In fact, because of the scale and complexity of the modern corporation, decisive power must go to management. From management and its own inevitable self-interest, power extends deeply into government -- the so-called public sector. This is particularly and dangerously the case in such matters as military policy, the environment, and, needless to say, taxation. Nevertheless, there remains the firm reference to the public sector.
How can fraud be innocent? In his inimitable style, Galbraith offers the answer. His taut, wry, and severe comment is essential reading for everyone who cares about America's future. This book is especially relevant in an election year, but it deeply concerns the much longer future.
 

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Review: The Economics of Innocent Fraud: Truth for Our Time

User Review  - James Igoe - Goodreads

A very short read, but insightful and extremely compact. Galbraith lays out in overview a critique of the concepts taught in finance and economics, which are in reality, false, and that many of the ... Read full review

Review: The Economics of Innocent Fraud: Truth for Our Time

User Review  - Federico Carballo - Goodreads

This is a must read book for anyone who wants to vote... Read full review

Contents

I The Nature of Innocent Fraud
1
II The Renaming of the System
3
III The Economics of Accommodation
11
IV The Specious World of Work
17
V The Corporation as Bureaucracy
23
VI The Corporate Power
29
VII The Myth of the Two Sectors
33
VIII The World of Finance
39
IX The Elegant Escape from Reality
43
X The End to Corporate Innocence
49
XI Foreign and Military Policy
53
XII The Last Word
57
Back Flap
63
Back Cover
64
Spine
65
Copyright

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About the author (2004)

John Kenneth Galbraith (1908-2006) was a critically acclaimed author and one of America's foremost economists. His most famous works include The Affluent Society, The Good Society, and The Great Crash. Galbraith was the receipient of the Order of Canada and the Robert F. Kennedy Book Award for Lifetime Achievement, and he was twice awarded the Presidential Medal of Freedom.

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