This seems apropos to consider as world economies stumble, energy stocks dwindle, and politicians propose nothing of broad lasting value:
"We will find neither national purpose nor personal satisfaction in a mere continuation of economic progress, in an endless amassing of worldly goods. We cannot measure national spirit by the Dow Jones Average, nor national achievement by the Gross National Product. For the Gross National Product includes air pollution, and ambulances to clear our highways from carnage. It counts special locks for our doors and jails for the people who break them. The Gross National Product includes the destruction of the redwoods and the death of Lake Superior. It grows with the production of napalm and missles and nuclear warheads.... It includes... the broadcasting of television programs which glorify violence to sell goods to our children. "And if the Gross National Product includes all this, there is much that it does not comprehend. It does not allow for the health of our families, the quality of their education, or the joy of their play. It is indifferent to the decency of our factories and the safety of our streets alike. It does not include the beauty of our poetry, or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials... the Gross National Product measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country. It measures everything, in short, except that which makes life worthwhile, and it can tell us everything about America -- except whether we are proud to be Americans." -Robert F. Kennedy
Hat tip: TheOilDrum.com
One of the most outspoken and influential economists of the past century has died.
John Kenneth Galbraith was born in Ontario, experienced the Depression in Canada and, after completing his education in the United States, went on to advise five U.S. presidents and their administrations. Twice awarded that country’s highest civilian citation, the Presidential Medal of Honour, Galbraith is also an Officer of the Order of Canada.
The New York Times has published a comprehensive obituary on his life.
An imposing figure who stood six feet eight inches tall, Galbraith’s mind was active to the end. Over the course of his life his views were often controversial, and he was always willing to challenge conventional wisdom, a term now in popular use which he coined. His is a voice that has been too infrequently followed and it will be missed.
Despite his lifelong liberal leanings and his service to five Democratic presidents, he frequently challenged their decisions. As an outspoken critic of the Vietnam war he urged antiwar protesters to refrain from violent actions against the National Guard:
Just remember, they’re draft dodgers just like you are.
Galbraith was no fan of current president and former National Guardsman George W. Bush:
George Bush’s political, intellectual and other shortcomings cannot be restricted to a single sentence or two. He presides over a context far more complex and authoritative than he could possibly understand.
… nor the Iraq war:
It is my definite belief that it is the biggest military misadventure in US history. And I think in future the possibility of further military conflict will be a source of deep anxiety.
Asked in 2005 during a brief interview “Hasn’t [your] economic vision been eclipsed? Beginning with the Reagan administration and certainly now in the second Bush administration?”, he observed:
No question it’s been eclipsed by the people who have the money. There’s no question that this is a time when corporations have taken over the basic process of governing.
Galbraith not only lived through a tumultuous period of our history, but experienced, made, and saw history through a lens located close to the seat of power.
Over the course of his life he wrote extensively. I highly recommend two works as a starting point – The Age of Uncertainty, a companion book to a BBC television documentary series of the same name, and The Affluent Society. Harvard has a series of videos featuring Galbraith available on-line. Those close to home will find the Vancouver Public Library has 54 titles in its Galbraith collection.
Some have observed that the post-election conversion of David Emerson to Harper’s cabinet is an extension of the so-called ‘corporate rule’ that Galbraith has frequently commented on and warned of. One wonders if the passing of this distinguished Canadian will see the flags on Parliament Hill lowered, or his achievements marked by Prime Minister Harper.