The Economics of Innocent Fraud: Truth For Our Time

Kenneth Galbraith has been at the center of the American economy since before the First World War. In this his new book, he offers a distillation of these years in both the public and the private sectors, the academy and the government, and explains where we are and how we got there. Galbraith argues that inherent in our economic system is a continuing divergence between reality and "conventional wisdom," or as he puts it self-serving belief and contrived nonsense, or "fraud." He contends that we observe the current state of the nation in a cloud of myth, believing that stockholders and owners run our corporate world. In reality, it is the management of giant corporations that controls not only the private sector, but also the public sector, too, from politicians, to the Federal Reserve Bank, to the Pentagon.

In a work filled with provocative ideas that come from his years as an astute observer, Galbraith looks at today's economy and America's military actions in Iraq and sees that the gap between myth and reality has never been wider.

Fraud within the American Economy:
The myth of stockholder ownership
The myth of a market economy
The myth of the Federal Reserve System
The myth of two sectors; public and private
The myth that war is justifiable more

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ProductReviews83/100 (22 Reviews)

Recent Reviews

5/5: From: Amazon; Posted: Sep-10-2009; Prescient Overview; Galbraith's last book reviews the economic landscape of several years ago...before the meltdown. He's quite open about the failure of liberalism...i.e. the "countervailing power" of the state....to be a balancing force for the public...; read full review | report as inappropriate

5/5: From: Amazon; Posted: May-15-2009; Scathing analysis of fraud and corruption; This book by the great American economist John Kenneth Galbraith is a scathing critique of modern society. In it, he wittily demolishes the myths that the market and big business are benign, that minimal intervention, inequality and...; read full review | report as inappropriate

5/5: From: Amazon; Posted: May-09-2009; Galbraith shares his vast experience in commenting about the current state of the American society; Galbraith has long been one of the leading authorities on world economics; having served in several government positions all the way back to Franklin Roosevelt's New Deal. This book is his response to many of the events in the first...; read full review | report as inappropriate

2/5: From: Amazon; Posted: Dec-27-2008; unsatisfying; This is supposed to be 62 pages, but 5 of those are blank and several more are partially or almost totally blank. This is essentially a pamphlet, but with a hard cover. I don't think it's worth more than $4. The ideas probably needed...; read full review | report as inappropriate

Selected Reviews

5/5: From: Amazon; Posted: Sep-10-2009; Prescient Overview; Galbraith's last book reviews the economic landscape of several years ago...before the meltdown. He's quite open about the failure of liberalism...i.e. the "countervailing power" of the state....to be a balancing force for the public...; read full review | report as inappropriate

3/5: From: Amazon; Posted: Nov-07-2008; A Limited But Sobering Essay; Many science fiction books have put forth the notion that one day computers will take over the earth and run our lives. Many laugh at the notion of technology surpassing the grip of human control and yet on a lesser scale we are already...; read full review | report as inappropriate

2/5: From: Amazon; Posted: Dec-27-2008; unsatisfying; This is supposed to be 62 pages, but 5 of those are blank and several more are partially or almost totally blank. This is essentially a pamphlet, but with a hard cover. I don't think it's worth more than $4. The ideas probably needed...; read full review | report as inappropriate